Предложение Aave привязать Ethena USDE к USDT вызывает недовольство сообщества

cryptonews.ruPublicado em 2023-09-06Última atualização em 2025-01-06

Новое предложение на Aave предлагает жестко закодировать цену Ethena (USDe), чтобы она соответствовала Tether (USDT) в ценовых лентах Aave.

Предложение, совместно разработанное Chaos Labs и LlamaRisk, было представлено 3 января и направлено на защиту пользователей Aave от воздействия колебаний вторичного рынка. В частности, LlamaRisk является частью комитета по рискам Ethena. Предложение гласит:

«Связывая стоимость USDe напрямую с USDt, мы согласовываем оракул sUSDe с ценообразованием USDt, обеспечивая бесшовную интеграцию и избегая сбоев, вызванных временными колебаниями цен в USDe».

Aave (AAVE) — крупнейший протокол кредитования децентрализованных финансов (DeFi) с общей заблокированной стоимостью в 37 миллиардов долларов, позволяющий пользователям занимать и давать в долг криптовалюты без посредников. Пользователи могут вносить активы в пулы ликвидности Aave и получать проценты или занимать, используя криптовалюту в качестве залога.

Ethena USD (USDE), созданный Ethena, — это синтетический долларовый стейблкоин, обеспеченный активами и деривативами на блокчейне, в отличие от USDT, который опирается на фиатные резервы. USDE сейчас занимает третье место по величине среди стейблкоинов. Его рыночная капитализация составляет 5,85 миллиарда долларов, уступая Tether (USDT) и USD Coin (USDC), согласно CoinGecko.

Зачем привязывать USDE к USDT?

В настоящее время Aave использует ценовой поток USDe/US Dollar от Chainlink (LINK) для стекинга USDe (sUSDe), стейкинговой версии USDE.

Согласно предложению, падение цены USDE на 5% может подвергнуть риску ликвидации обеспеченные USDE кредиты на сумму более 300 миллионов долларов на Aave. Это может спровоцировать распродажу залога для покрытия непогашенной задолженности.

«Чтобы снизить риск, связанный с событием привязки USDe, мы предлагаем жестко привязать цену USDe к USDT», — заявили авторы.

Реакция сообщества

Предложение вызвало скептицизм у пользователей Aave, которые сомневаются, что этот подход решает фундаментальные риски.

Фрагмент отзыва сообщества о предложении Aave жестко закодировать цену USDE к USDT. Источник: Форум управления Aave.

«Жесткое кодирование цены USDe к цене USDT звучит немного рискованно, учитывая, что USDe на самом деле не предназначен для того, чтобы быть стейблкоином, — отметил пользователь Hazbobo. — Каковы риски пограничного случая? Каков наихудший сценарий?»

Другой участник сообщества, ElliotNess, раскритиковал предложение за то, что оно не учитывает основные факторы риска:

«Это разочаровывающе низкокачественный ARFC от двух поставщиков услуг, не вникающих в какие-либо потенциальные конфликты… Честно говоря, это можно сказать о каждом не жестко закодированном активе, перечисленном в протоколе Aave», — отметил он.

ElliotNess поставил под сомнение обоснованность привязки USDE к USDT, предположив, что если Aave планирует жестко закодировать цену USDe, то она могла бы также напрямую привязать ее к 1,00 доллару, чтобы полностью избежать отклонений цен на вторичном рынке.

Предложение находится на ранней стадии обсуждения, и формальное голосование пока не запланировано.

На момент публикации AAVE торговался по 340 долларов, увеличившись на 7% за последние 24 часа и на 230% за последний год.

Рост Aave в 2024 году был обусловлен выходом на новые рынки, включая BNB Chain, Scroll, ZKsync Era и Ether.fi. Протокол также рассматривает дальнейшие интеграции в 2025 году с потенциальными дополнениями, такими как Sonic, Mantle, Ethereum layer 2 Linea, Bitcoin layer 2 BOB, Spider Chain и Aptos, ожидающими одобрения сообщества.

Дорожная карта Ethena на 2025 год

Ethena (ENA) выросла на 17% после выпуска дорожной карты на 2025 год, в которой подробно описаны планы по интеграции с Telegram и запуску нового продукта для сбережений в долларах.

Дорожная карта от 3 января представила iUSDe, обернутую версию sUSDe, которая в настоящее время предлагает доходность 10%. Ethena объявила о планах по интеграции sUSDe в Telegram, надеясь привлечь 900 миллионов пользователей мессенжера. Интеграция представит приложение для платежей и сбережений на основе sUSDe, нацеленное на предоставление «опыта необанка» в платформе обмена сообщениями.

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