Polygon上穩定幣儲備的戰略部署

Pre-Polygon 改進提案 (Pre-PIP) 是與 Web3 風險供應商 Allez Labs 以及 DeFi 平台 Morpho 和 Yearn 合作開發的，反映了

Polygon is considering a plan to deploy around $1.3 billion worth of stablecoins from the Polygon PoS Bridge to yield-generating protocols.

Polygon 正在考慮一項計劃，將 Polygon PoS Bridge 中價值約 13 億美元的穩定幣部署到產生收益的協議中。

The reserves of DAI, USDC, and USDT currently sit idle, while they could accrue an annual interest of about $70 million. The goal is to stimulate activity growth within the Polygon ecosystem and the rest of AggLayer through smart and efficient capital allocation.

DAI、USDC 和 USDT 的儲備目前閒置，但每年可產生約 7,000 萬美元的利息。目標是透過智慧、高效的資本配置刺激 Polygon 生態系統和 AggLayer 其餘部分內的活動成長。

The Pre-Polygon Improvement Proposal (Pre-PIP), developed in cooperation with Web3 risk provider Allez Labs and DeFi platforms Morpho and Yearn, reflects a plan to allocate stablecoin reserves to the specific ERC-4626 vaults best suited to the kind of asset they are designed for. In the proposal, the DAI reserve will be deployed through Maker’s sUSDS vault and yield generation for USDC and USDT in Morpho Vaults.

Pre-Polygon 改進提案(Pre-PIP) 是與Web3 風險供應商Allez Labs 以及DeFi 平台Morpho 和Yearn 合作開發的，反映了一項將穩定幣儲備分配到最適合其資產類型的特定ERC-4626 金庫的計劃。在該提案中，DAI 儲備將透過 Maker 的 sUSDS 金庫進行部署，並在 Morpho Vault 中為 USDC 和 USDT 產生收益。

The proposed structure incorporates a risk-managed journey guided by Allez Labs. The process will be gradual and, to minimize risk, certain decision parameters, including anything that can impact the market cap or introduce a new market, will be locked in for 72 hours. A protector model still gives the Polygon Protocol Governance Council (PPGC) veto power.

建議的結構包含由 Allez Labs 指導的風險管理旅程。這個過程將是漸進的，為了最大限度地降低風險，某些決策參數（包括任何可能影響市值或引入新市場的因素）將被鎖定 72 小時。保護者模式仍然賦予 Polygon 協議治理委員會 (PPGC) 否決權。

The plan also involves partnering with Yearn to establish a Polygon Ecosystem Incentives Program. The yield from the deployed assets is expected to finance three new Polygon Ecosystem Vaults, which are focused on encouraging more DeFi activities across the Polygon PoS and AggLayer. Subsequent governance proposals will further elaborate on the asset deployment plan and rewards provided in this program.

該計劃還涉及與 Yearn 合作建立 Polygon 生態系統激勵計劃。部署資產的收益預計將為三個新的 Polygon 生態系統金庫提供資金，這些金庫的重點是鼓勵跨 Polygon PoS 和 AggLayer 進行更多 DeFi 活動。後續治理提案將進一步細化本計畫的資產部署方案和提供的獎勵。

The Polygon PoS Bridge has large reserve balances, which are among the biggest on-chain stablecoin reserves. As the proposal authors stated, new DeFi protocols have all the necessary characteristics to allow safe profit obtaining.

Polygon PoS Bridge 擁有大量儲備餘額，是最大的鏈上穩定幣儲備之一。正如提案作者所述，新的 DeFi 協議具有安全獲取利潤的所有必要特徵。

In a recent feature request session, the community showed strong interest in optimizing the bridge reserves. As such, the proposed deployment is in tune with this feedback, where the risks are kept to a minimum and the ecosystems are expanded. By working on well-known platforms such as Maker and Morpho and with further guidance from Allez Labs, the plan focuses on yield generation but also pays much attention to making the assets secure enough.

在最近的一次功能請求會議中，社區對優化橋樑儲備表現出了濃厚的興趣。因此，擬議的部署與這種反饋相一致，將風險保持在最低限度，並擴大了生態系統。透過與 Maker 和 Morpho 等知名平台合作，並在 Allez Labs 的進一步指導下，該計劃在關注收益產生的同時，也非常注重確保資產足夠安全。

Every asset in the program would be enabled using individual Polygon Improvement Proposals (PIPs) with clear deployment specifications. The initial markets that are proposed are Superstate’s USTB, Maker’s sUSDS, and Angle’s sUSD. Allez Labs will establish measures to assess risk levels associated with each asset before reporting to the community and the PPGC.

計劃中的每項資產都將使用具有明確部署規範的單獨多邊形改進提案 (PIP) 來啟用。提議的初始市場是 Superstate 的 USTB、Maker 的 sUSDS 和 Angle 的 sUSD。 Allez Labs 將制定措施，在向社區和 PPGC 報告之前評估與每項資產相關的風險等級。

The program’s list of requirements includes measures to prevent specific situations, such as a lack of liquidity. For example, withdrawal will be allowed using ERC-4626 vault tokens, which can be exchanged directly for the bridge’s objects, thus causing minimal interference with its key operations. Thus, through formal debates and consensus building, the governance process would enable transparency and involve the community.

該計劃的要求清單包括防止特定情況（例如缺乏流動性）的措施。例如，將允許使用ERC-4626金庫代幣進行提現，這些代幣可以直接兌換橋的對象，從而對其關鍵操作造成最小的干擾。因此，透過正式辯論和建立共識，治理流程將實現透明度並讓社區參與其中。

Yearn also manages the rewards program, and it rightfully has more responsibility. One could use Yearn ecosystem vaults for USDC, USDT, and DAI to guarantee the yield generated from the deposited reserves towards Polygon PoS and AggLayer DeFi initiatives.

Yearn 也管理獎勵計劃，它理所當然地承擔更多的責任。人們可以使用 USDC、USDT 和 DAI 的 Yearn 生態系統金庫來保證 Polygon PoS 和 AggLayer DeFi 計劃的存入儲備所產生的收益。

The Pre-PIP is expected to receive significant debate on the Polygon community forum and the PPGC. Based on the feedback from these discussions, more specifics concerning the deployment plan for each stablecoin will be added to the ultimate PIP submissions. Therefore, the idea remains open to the community for their suggestions to meet approval of the ecosystem goals.

Pre-PIP 預計將在 Polygon 社區論壇和 PPGC 上引起激烈辯論。根據這些討論的反饋，有關每種穩定幣部署計劃的更多細節將添加到最終的 PIP 提交中。因此，這個想法仍然向社區開放，並徵求他們的建議，以滿足生態系統目標的批准。

As the Polygon network continues to grow, using its stablecoin reserves to create flexible revenue could be an example for other blockchain networks. It is also worth noting that the proposal’s implementation approach regarding deployment, risk management, and governance is reasonable and enhances the use of on-chain resources.

隨著 Polygon 網路的不斷發展，利用其穩定幣儲備創造靈活的收入可能成為其他區塊鏈網路的一個例子。另外值得注意的是，該提案在部署、風險管理和治理方面的實施方式是合理的，並且提高了鏈上資源的使用率。

The PoS bridge may also select less productive reserves for lending to transform them into productive capital assets that increase the Polygon’s economic efficiency and stimulate more extensive adoption of DeFi products and services.

PoS 橋還可以選擇生產性較低的儲備進行貸款，將其轉化為生產性資本資產，從而提高 Polygon 的經濟效率並刺激 DeFi 產品和服務的更廣泛採用。