借贷限额与抵押率齐飞，MakerDAO通过紧急治理提案意欲何为？

Odaily星球日报2025-02-20 tarihinde yayınlandı2025-02-20 tarihinde güncellendi

Özet

该“通过调整LSE-MKR-A风险参数与缩短GSM Pause Delay来加强协议安全与应变速度”的提案不仅大幅提高了MKR代币的借贷上限，还显著降低了抵押要求。

原文作者：Three Sigma & PaperImperium

原文编译：Shenzhen, PANews

MakerDAO 近期出现了一项突如其来的“紧急治理提案”，在没有任何预警的情况下，提案迅速进入投票流程，并已通过（但尚处于时间锁定阶段）。这项提案不仅大幅提高了 MKR 代币的借贷上限，还显著降低了抵押要求，引发了社区对治理透明度与公平性的广泛质疑。

提案要点：从债务上限到抵押率的全面调整

根据论坛公布的 LSE-MKR-A 风险参数变更，该提案的核心内容包括：

• 最大债务上限 (line)

从 2500 万 USDS 提升至 4500 万 USDS

• 目标可用债务 (gap)

从 500 万 USDS 一次性提高到 4500 万 USDS

• 债务上限增加冷却时间 (ttl)

从 36 小时缩短为 20 小时

• 稳定费率 (Stability Fee)

从 12% 上调至 20% 

• 清算比率 (Liquidation Ratio)

从 200% 大幅降低至 125% 

• 清算罚金 (Liquidation Penalty)

从 5% 下调至 0% 

此外，提案还将 GSM Pause Delay（暂停延迟）从原先的 30 小时减少到 18 小时，意味着未来在治理层面，针对合约执行的反应时间将进一步缩短。

这些参数调整，实质上是让 MKR 代币作为抵押物时，可以获得更高的借贷额度（超过此前的 2 倍），并允许更高的杠杆（抵押率从 200% 降至 125% ）。同时，清算罚金也被降至 0% ，显著降低了被清算的成本。

官方说法：防范治理攻击，真的存在吗？

防御型理由 VS. 模糊的攻击向量

无论是提案发起方还是部分官方渠道，都将此提案的紧迫性归结于“为了防范潜在的治理攻击”。然而，包括 PaperImperium 在内的多位社区成员指出，并未发现任何已知的、正在发生的具体攻击行为。对此次提案能否真正抵御所谓的“治理攻击”，以及是否存在更深层次的动机，社区仍存在诸多疑虑。

质疑者遭到封禁

最具争议的是，投票期间，多位持反对或质疑立场的用户和机构（如 GFX Labs）在 Discord、论坛等官方渠道的账号相继被禁言或封禁。PaperImperium 表示，其个人 Discord 账户以及 GFX Labs 的论坛账号也在此期间遭遇了禁言处理，质疑声音一度难以在官方渠道继续发酵。

多方视角：谁在受益，谁在质疑？

短期受益者：高杠杆与高流动性

• 大户或机构

借助此次提案，大额持有 MKR 的用户可更轻松地从 Maker 协议中借出更多 USDS，同时抵押率的降低也让他们能以更少的资本获得更高的杠杆。

• 高风险投机者

对于愿意承担更高风险的交易者而言，较低的清算罚金和更高的杠杆空间无疑提供了更多操作余地。

长期风险：治理与金融安全的潜在冲击

• 治理集中度与透明度

在缺乏明确攻击证据的前提下，绕过常规流程并且快速通过提案，难免让人质疑少数利益群体是否在行使超额权力。

• 系统性风险上升

大幅降低清算比率并提高债务上限，意味着系统在市场波动时更容易出现高杠杆下的连锁反应。

• 社区信任动摇

质疑者被禁言、缺乏对紧急措施的充分论证，这些都将对 MakerDAO 的去中心化治理声誉造成潜在打击。

紧急提案背后的多重动机

PaperImperium 指出，一些 MKR 持有者近期对 MakerDAO 的发展方向、利润来源以及社区治理方式不满，呼吁进行改革。此次提案能否与这些内部诉求产生关联，仍是值得探讨的重点。

内部改革诉求

在“成长乏力、利润下滑”的背景下，部分 MKR 持有者希望推动协议变革，提高资金利用效率。

治理派系之争

不同利益团体在治理层面有不同诉求，利用紧急提案迅速推进某些改动，可能是争夺协议走向的一种手段。

外部防御或内部操作

“治理攻击”的说法在 DeFi 圈并不罕见，但实际落地常常需要明显的链上证据；而本次缺乏确凿证据，也引发对“内部操纵”可能性的警惕。

未来展望：MakerDAO 何去何从？

MakerDAO 此次紧急治理提案所带来的影响绝不局限于参数调整本身，更深远的意义在于对去中心化治理模式的拷问。当前，社区对于以下问题格外关注：

1. 治理流程的完善

如何确保后续的重大提案遵循更透明、更民主的流程，而非以“紧急”之名绕过社区共识？

2. 信息披露与监督

对“潜在攻击”具体细节的披露、对被禁言用户的解释和处理，能否给出合理的说法，以维持社区对治理的信任？

3. 去中心化与效率的平衡

去中心化治理往往效率较低，但过于集中的决策模式又可能导致滥用权力。如何在两者之间找到最佳平衡点，将成为 MakerDAO 的核心挑战。

结语：警惕治理黑箱，回归社区共识

“紧急治理提案”宛如一面照妖镜，让我们看到了 DeFi 生态中最需要被关注的一面：当外在或内在的压力出现时，治理机制是否能够真正经受考验？MakerDAO 作为 DeFi 领域的先行者，此次风波所带来的思考，对于整个行业都具有警示意义。

或许正如社区批评者所言，若没有清晰透明的治理流程、公开可验证的攻击证据，任何“紧急”都可能沦为少数人的权力工具。只有确保社区对话渠道畅通、建立完善的治理机制，才能让 MakerDAO 真正走向健康、持续的发展之路。

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