Aave's New Horizon Proposal Faces Opposition, Who Holds the Reins: Founders or Community?
周末的 Aave 不太平静。3 月 13 日,Aave 联创 Stani 在近期宣布推出 RWA 产品 Horizon,但暗示可能会推出 Horizon 代币。消息一出,这一做法立刻遭受社区的质疑,掀起了激烈的讨论。

Aave 进军 RWA 的新计划
Horizon 计划的核心目标是通过允许机构使用代币化的货币市场基金(MMF)作为抵押品,借入 USDC 和 GHO 等稳定币,从而释放流动性并推动机构采用 DeFi。这一计划将在 Aave V3 的许可实例下运行,并计划未来迁移至 Aave V4。Aave Labs 希望借此填补其在 RWA 领域的空白,顺应代币化资产市场的高速增长趋势——预计未来十年,链上 RWA 规模可能达到 16 万亿美元。
Aave 协议的无许可设计是其核心优势。然而,集成许可的 RWA 带来了超越智能合约开发的挑战,需要链下法律结构、监管协调和主动监督——这些功能在 Aave DAO 基础设施中并不容易获得。为在保持 Aave 中立性和可组合性的同时扩展 DeFi 中的 RWA 采用,Horizon 的 RWA 产品将作为 Aave V3 的许可实例推出,保持与 Aave DAO 的一致性。
Horizon 通过使机构能够访问无许可的稳定币流动性同时满足发行人要求来弥合这一差距。代币化资产发行人将能够在代币级别强制执行转移限制并保持资产级别控制,同时保留 DeFi 的可组合性。经 RWA 发行人许可的合格用户将能够借入 USDC 和 GHO。在 Aave DAO 批准后,单独的 GHO Facilitator 将支持使用 RWA 抵押品铸造 GHO,提供为机构优化的可预测借款利率。这增强了 DeFi 中 RWA 的安全性、可扩展性和机构采用。
为推动计划实施,Horizon 设计了一套利润分享机制:第一年将 50% 的收入分配给 Aave DAO,此后逐年递减至第四年及以后的 10%。
此外,若发行新代币,仅 15% 将分配给 Aave DAO(10% 进入资金池,3% 用于生态激励,2% 空投给 stkAAVE 持有者)。
相关阅读:《Aave 推出 Horizon 计划,借贷协议如何将 RWA 作为收益来源?》
社区争议焦点:新代币利润分配机制
听起来是一项顺应发展又能拓宽盈利来源的提案,为什么在社区引起如此之大的反对意见?社区认为,新的代币和品牌会带走 Aave 的价值,以及不明确的利润分配机制。
L1D 投资合伙人 0xLouisT 对于推出 Horizon 有些气愤,直接发文表示:为新业务线推出新代币是一种骗局。

利润分配机制的设计受到的批评声最多,尤其是利润分享比例从首年的 50% 逐年递减至 10% 的安排。@defiwhale 指出,初期收入可能有限,而在业务成熟、收入增加时,Aave DAO 的分成却大幅减少,损害了长期持有者的利益。
其次,社区成员普遍担忧是新代币的引入会稀释 AAVE 代币的价值和治理权。用户 @cryptoenthusiast 有点气愤:「为什么要稀释 AAVE?如果需要新代币,应与 AAVE 保持 1:1 的比例分配给持有者。」
此外,部分成员对 Aave Labs 的动机提出质疑,认为 Horizon 计划更像是团队为自身利益打造的新实体,而非为社区服务。用户 @skeptictrader 评论道:「这像是团队为自身利益打造新实体,而不是为社区服务。」
社区回顾了历史教训,提及 MakerDAO 等案例,担心新代币的推出可能导致价格下跌和市场混乱。还有社区成员回顾 Aave Arc,认为类似计划难以兑现承诺,加剧了对 Horizon 的怀疑。@aaveholder 回忆道:「还记得 Aave Arc 吗?承诺很多,但结果呢?这次会不一样吗?」
还有成员批评 Aave Labs 在推出计划时未充分沟通,导致误解和不满。用户 @communityfirst 抱怨:「Labs 应该先和我们商量,而不是直接抛出计划。」有用户表示:「Aave Labs 提出如此离谱的方案,令人怀疑其对社区的忠诚。」与此同时,技术和监管方面的隐忧也加剧了社区的不安,尤其是 Horizon 的混合系统设计可能带来安全漏洞和监管压力。
创始人 Stani:对社区意愿妥协
一片骂声中,创始人 Stani Kulechov 本人于 3 月 14 日在治理论坛内声明:Horizon 计划旨在填补 Aave 当前在 RWA 业务板块的空白,并有望在五年后实现对 Aave 现有业务线的收入反超。然而,由于该计划更适合以中心化模式运作,因此与 Aave 当前的 DAO 结构并不完全契合。尽管如此,Aave DAO 不会因 Horizon 计划承担任何成本。为了推动业务发展,Horizon 计划需要引入一个独立的代币。最关键的是,明确相关数字和细节,以确保 Aave DAO 能够对计划的推进充满信心,并为其解锁更多收入来源。
《AAVE 提出新计划 Horizon 遭抵制:社区质疑新代币及利润分配机制》
但显然,这份声明并没有放弃要单独发币的计划,社区依旧不买账。3 月 16 日,Stani 再次回应了社区的种种质疑和争论。他最终妥协并澄清道,「Aave DAO 的总体共识对其他代币不感兴趣,共识将得到尊重;会找到正确的方式进行 RWA 探索;只有 AAVE 代币」。

这场围绕 Horizon 计划的风波,从 3 月 13 日首次宣布到 3 月 16 日最终妥协,仅短短数日便在 Aave 社区掀起了轩然大波。在持续的反对压力下,Stani 最终选择搁置新代币计划,承诺以更符合社区期待的方式继续探索 RWA。
面对链上 RWA 市场规模可能高达 16 万亿美元的潜力,Aave 会怎样平衡机构需求与社区利益,或许将成为其下一阶段发展的关键命题。未来,Aave Labs 是否能找到一条既能推动业务增长又能赢得社区信任的路径?社区又将在这一进程中扮演怎样的角色?这些问题的答案,或许只有时间能揭晓。让我们拭目以待。
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