MakerDAO 的 Spark 協議接近 DAI 債務上限，引發去中心化穩定幣市場競爭

MakerDAO 的 Spark 協議是一個去中心化的貨幣市場，在不到兩週的時間內就面臨著 DAI 債務上限的增加，而利用率高達 99%。 MakerDAO 的 DSR 率提高後，活動激增，推動了 Spark 的 TVL 成長以及與 crvUSD 和 GHO 等去中心化穩定幣的競爭。

MakerDAO's Spark Protocol Approaches DAI Debt Limit, Sparking Competition in the Decentralized Stablecoin Market

MakerDAO 的 Spark 協議接近 DAI 債務上限，引發去中心化穩定幣市場競爭

MakerDAO, a decentralized autonomous organization (DAO) governing the development of the DAI stablecoin, recently faced a rapid surge in demand for DAI loans on its Spark Protocol money market, leading to a nearing of its DAI debt ceiling.

MakerDAO 是一個管理 DAI 穩定幣開發的去中心化自治組織 (DAO)，最近其 Spark 協議貨幣市場上的 DAI 貸款需求迅速激增，導致其 DAI 債務上限接近。

Launched in June 2023, Spark Protocol experienced a swift uptake in borrowing activity, with users swiftly utilizing $180 million DAI within eight days, according to data from Blockanalitica. The protocol's utilization currently stands at an impressive 99%.

根據 Blockanalitica 的數據，Spark Protocol 於 2023 年 6 月推出，借貸活動迅速成長，用戶在八天內迅速使用了 1.8 億美元的 DAI。目前協議的利用率高達 99%，令人印象深刻。

This surge in activity coincides with escalating competition in the decentralized stablecoin market. MakerDAO is actively seeking to safeguard DAI's market share against emerging DeFi-native stablecoins issued by Curve Finance and Aave.

這種活動的激增與去中心化穩定幣市場的競爭不斷升級同時發生。 MakerDAO 正在積極尋求保護 DAI 的市場份額，對抗 Curve Finance 和 Aave 發行的新興 DeFi 原生穩定幣。

In an attempt to bolster Spark Protocol's adoption, MakerDAO increased its DAI Savings Rate (DSR) from 3.3% to 8% in early August. This move proved highly effective, catalyzing a parabolic rise in Spark's total value locked (TVL), which surged by 674% from $58 million to $449 million within six days. Data from Dune Analytics indicates that the DSR's TVL has also experienced significant growth, currently exceeding $1.39 billion.

為了促進 Spark 協議的採用，MakerDAO 在 8 月初將其 DAI 儲蓄率 (DSR) 從 3.3% 提高到 8%。事實證明，這一舉措非常有效，促進了 Spark 鎖定總價值 (TVL) 的拋物線式增長，在六天內從 5800 萬美元飆升至 4.49 億美元，增長了 674%。 Dune Analytics 的數據表明，DSR 的 TVL 也經歷了顯著成長，目前超過 13.9 億美元。

Spark Protocol's genesis lies in the June 2023 fork of Aave v3, the prominent DeFi lending protocol, by MakerDAO team members.

Spark 協議的起源在於 MakerDAO 團隊成員於 2023 年 6 月對著名的 DeFi 借貸協議 Aave v3 進行了分叉。

crvUSD's Resurgence and GHO's Momentum

crvUSD 的復興和 GHO 的勢頭

Amidst this heightened competition, Curve Finance's stablecoin, crvUSD, has also witnessed a resurgence in activity. On August 16, crvUSD's supply reached an all-time high, with users borrowing over $107 million crvUSD against collateral assets deposited on Curve.

在這場激烈的競爭中，Curve Finance 的穩定幣 crvUSD 也見證了活動的復甦。 8 月 16 日，crvUSD 的供應量達到歷史最高水平，用戶以存入 Curve 的抵押資產借入超過 1.07 億美元的 crvUSD。

This upswing follows a brief decline in crvUSD utilization, sparked by a temporary loss of confidence in the Curve protocol after an exploit targeting Vyper, the smart contract programming language used by Curve, resulted in hackers draining approximately $25 million from Curve's liquidity pools. The majority of the stolen assets were eventually recovered.

此次上漲是在crvUSD 使用率短暫下降之後發生的，原因是針對Curve 使用的智能合約程式語言Vyper 的攻擊導致駭客從Curve 的流動性池中抽走了約2500 萬美元，從而引發了對Curve 協議的暫時失去信心。大部分被盜資產最終被追回。

Meanwhile, Aave has entered the decentralized stablecoin fray with the launch of GHO one month ago. Despite its relatively recent deployment, Aave users have rapidly minted 22.4 million GHO tokens, eclipsing the initial growth rates of both crvUSD and Spark.

同時，隨著一個月前 GHO 的推出，Aave 也加入了去中心化穩定幣的競爭。儘管部署相對較新，但 Aave 用戶已迅速鑄造了 2,240 萬個 GHO 代幣，超過了 crvUSD 和 Spark 的初始成長率。

However, GHO has encountered challenges in maintaining its peg to the U.S. dollar, with its price exhibiting a persistent downward trend since its launch. According to Token Logic, GHO's average price over the past 24 hours has hovered around $0.967.

然而，GHO在維持與美元掛鉤方面遇到了挑戰，自推出以來其價格呈現持續下跌趨勢。根據 Token Logic 統計，過去 24 小時 GHO 的均價徘徊在 0.967 美元左右。

Implications for the Stablecoin Landscape

對穩定幣格局的影響

The rapid growth of Spark Protocol and the resurgence of crvUSD underscore the intensifying competition within the decentralized stablecoin market. MakerDAO, Curve Finance, and Aave are all vying for market dominance, each offering unique advantages and incentives to users.

Spark Protocol 的快速成長和 crvUSD 的復甦凸顯了去中心化穩定幣市場競爭的加劇。 MakerDAO、Curve Finance 和 Aave 都在爭奪市場主導地位，各自為用戶提供獨特的優勢和激勵措施。

As these protocols continue to evolve and innovate, the stablecoin landscape is poised to undergo significant transformation. The competitive dynamics and technological advancements shaping this space will undoubtedly have far-reaching implications for the broader cryptocurrency ecosystem and its users.

隨著這些協議的不斷發展和創新，穩定幣格局將發生重大轉變。塑造這一領域的競爭動態和技術進步無疑將對更廣泛的加密貨幣生態系統及其用戶產生深遠的影響。