MakerDAO 透過全面措施保護 DAI 免受中心化穩定幣風險

在最近銀行倒閉後，DAI 穩定幣的發行人 MakerDAO 已實施緊急治理措施，以減少其對 USDC 穩定幣的曝險。這些變化於週六獲得通過，包括將支持USDC 的四個Uniswap 金庫的債務上限降低至0，將Paxos 的USDP 穩定幣的債務上限提高至1B，以及將Gemini 的GUSD 穩定幣的每日鑄幣限額降低至1000 萬Dai。

MakerDAO Takes Sweeping Measures to Shield DAI from Centralized Stablecoin Risks

MakerDAO 採取全面措施保護 DAI 免受中心化穩定幣風險

In a swift response to recent bank failures that have exposed the vulnerabilities of centralized stablecoins, MakerDAO, the governing body behind the decentralized stablecoin DAI, has swiftly implemented a series of emergency governance measures to mitigate the protocol's exposure to such assets.

為了迅速應對最近暴露出中心化穩定幣漏洞的銀行倒閉事件，去中心化穩定幣 DAI 背後的管理機構 MakerDAO 迅速實施了一系列緊急治理措施，以減輕該協議對此類資產的風險。

USDC Depeg Prompts Urgent Action

USDC Depeg 提示採取緊急行動

The catalyst for MakerDAO's decisive action was the recent depegging of USDC, a leading centralized stablecoin backed by Circle. The depeg occurred after Circle disclosed that approximately 8% of USDC's underlying assets were held at Silicon Valley Bank, which collapsed on Friday.

MakerDAO 採取果斷行動的催化劑是 USDC（Circle 支持的領先中心化穩定幣）最近的脫鉤。這次脫鉤是在 Circle 披露約 8% 的 USDC 基礎資產由矽谷銀行持有之後發生的，該銀行於週五倒閉。

Circuit Breaker Feature and Reduced Debt Ceilings

斷路器功能和降低債務上限

In response to this incident, MakerDAO has introduced a "circuit breaker" feature that will enable the protocol to slash the debt ceiling for USDC to 0 in the future. Additionally, the governance proposal behind these changes has been passed, with the aim of limiting Maker's exposure to potentially impaired stablecoins and other risky collaterals.

針對這一事件，MakerDAO 引入了「熔斷」功能，該功能將使該協議能夠在未來將 USDC 的債務上限削減至 0。此外，這些變更背後的治理提案已獲得通過，旨在限制 Maker 對可能受損的穩定幣和其他風險抵押品的風險敞口。

As an immediate measure, MakerDAO has reduced the debt ceiling for four Uniswap vaults supporting USDC to 0. This move effectively reduces the amount of USDC that can be used to collateralize DAI.

作為一項直接措施，MakerDAO 已將支援 USDC 的四個 Uniswap 金庫的債務上限降低至 0。此舉有效減少了可用於抵押 DAI 的 USDC 數量。

Expanding Paxos Support, Reducing GUSD Exposure

擴大 Paxos 支持，減少 GUSD 風險

While reducing USDC exposure, MakerDAO has also increased its support for Paxos' USDP stablecoin. The debt ceiling for USDP has been increased from 450M to 1B, while fees for USDP to DAI swaps have been reduced from 0.2% to 0%.

在減少 USDC 曝險的同時，MakerDAO 也增加了對 Paxos 的 USDP 穩定幣的支援。 USDP 的債務上限從 4.5 億提高到 1B，而 USDP 到 DAI 的掉期費用從 0.2% 降低到 0%。

This expansion is based on the assessment that Paxos has stronger reserves compared to other centralized stablecoins, with a significant portion of its assets held in US treasury bills, reverse repurchase agreements collateralized by US treasury bonds, and insured bank deposits.

此次擴張是基於這樣的評估：與其他中心化穩定幣相比，Paxos 擁有更強的儲備，其很大一部分資產持有美國國債、美國國債抵押的逆回購協議以及受保銀行存款。

On the other hand, MakerDAO is reducing its exposure to Gemini's stablecoin, GUSD. The proposal argues that Gemini has "large uninsured bank deposit exposure which potentially could be associated with at risk institutions." To limit potential losses, Maker is reducing the daily mint limit for GUSD to 10M DAI from 50M DAI.

另一方面，MakerDAO 正在減少對 Gemini 穩定幣 GUSD 的投資。該提案認為，雙子座擁有「大量未投保的銀行存款風險，這可能與面臨風險的機構有關」。為了限制潛在損失，Maker 將 GUSD 的每日鑄幣限額從 5,000 萬個 DAI 降低至 1,000 萬個 DAI。

Additional Measures

額外措施

Additional measures implemented by MakerDAO include reducing the daily mint limit for DAI to 250M from 950M, and increasing fees for swapping USDC to 1% from 0%. These measures are intended to limit the potential for DAI to trade above its peg.

MakerDAO 實施的其他措施包括將 DAI 的每日鑄幣限額從 9.5 億減少到 2.5 億，並將 USDC 兌換費用從 0% 提高到 1%。這些措施旨在限制 DAI 高於其錨定匯率進行交易的可能性。

Finally, MakerDAO has also moved to temporarily withdraw all funds from Aave and Compound, in an effort to further reduce overall risk.

最後，MakerDAO 也暫時撤回了 Aave 和Compound 的所有資金，以進一步降低整體風險。

Conclusion

結論

MakerDAO's prompt actions highlight the importance of mitigating risks associated with centralized stablecoins. By implementing a circuit breaker feature and reducing debt ceilings for USDC, MakerDAO has taken decisive steps to protect the stability of DAI and the broader decentralized finance ecosystem.

MakerDAO 的迅速行動凸顯了降低與中心化穩定幣相關風險的重要性。透過實施熔斷功能並降低 USDC 的債務上限，MakerDAO 已採取果斷措施來保護 DAI 和更廣泛的去中心化金融生態系統的穩定性。