MakerDAO 通过全面措施保护 DAI 免受中心化稳定币风险

在最近银行倒闭后，DAI 稳定币的发行人 MakerDAO 已实施紧急治理措施，以减少其对 USDC 稳定币的敞口。这些变化于周六获得通过，包括将支持 USDC 的四个 Uniswap 金库的债务上限降低至 0，将 Paxos 的 USDP 稳定币的债务上限提高至 1B，以及将 Gemini 的 GUSD 稳定币的每日铸币限额降低至 1000 万 Dai。

MakerDAO Takes Sweeping Measures to Shield DAI from Centralized Stablecoin Risks

MakerDAO 采取全面措施保护 DAI 免受中心化稳定币风险

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.

为了迅速应对最近暴露出中心化稳定币漏洞的银行倒闭事件，去中心化稳定币 DAI 背后的管理机构 MakerDAO 迅速实施了一系列紧急治理措施，以减轻该协议对此类资产的风险。

USDC Depeg Prompts Urgent Action

USDC Depeg 提示采取紧急行动

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 采取果断行动的催化剂是 USDC（Circle 支持的领先中心化稳定币）最近的脱钩。此次脱钩是在 Circle 披露约 8% 的 USDC 基础资产由硅谷银行持有之后发生的，该银行于周五倒闭。

Circuit Breaker Feature and Reduced Debt Ceilings

断路器功能和降低债务上限

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.

针对这一事件，MakerDAO 引入了“熔断”功能，该功能将使该协议能够在未来将 USDC 的债务上限削减至 0。此外，这些变更背后的治理提案已获得通过，旨在限制 Maker 对可能受损的稳定币和其他风险抵押品的风险敞口。

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.

作为一项直接措施，MakerDAO 已将支持 USDC 的四个 Uniswap 金库的债务上限降低至 0。此举有效减少了可用于抵押 DAI 的 USDC 数量。

Expanding Paxos Support, Reducing GUSD Exposure

扩大 Paxos 支持，减少 GUSD 风险

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%.

在减少 USDC 敞口的同时，MakerDAO 还增加了对 Paxos 的 USDP 稳定币的支持。 USDP 的债务上限从 4.5 亿提高到 1B，而 USDP 到 DAI 的掉期费用从 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.

此次扩张是基于这样的评估：与其他中心化稳定币相比，Paxos 拥有更强的储备，其很大一部分资产持有美国国债、美国国债抵押的逆回购协议以及受保银行存款。

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 正在减少对 Gemini 稳定币 GUSD 的投资。该提案认为，双子座拥有“大量未投保的银行存款风险，这可能与面临风险的机构有关”。为了限制潜在损失，Maker 将 GUSD 的每日铸币限额从 5000 万个 DAI 降低至 1000 万个 DAI。

Additional Measures

额外措施

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 实施的其他措施包括将 DAI 的每日铸币限额从 9.5 亿减少到 2.5 亿，并将 USDC 兑换费用从 0% 提高到 1%。这些措施旨在限制 DAI 高于其锚定汇率进行交易的可能性。

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

最后，MakerDAO 还暂时撤回了 Aave 和Compound 的所有资金，以进一步降低整体风险。

Conclusion

结论

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 的迅速行动凸显了降低与中心化稳定币相关风险的重要性。通过实施熔断功能并降低 USDC 的债务上限，MakerDAO 已采取果断措施来保护 DAI 和更广泛的去中心化金融生态系统的稳定性。