Aave v4 的一些思考：是否每个大协议都应该发条链？

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动态风险参数配置

Chen Mo, the founder of the report, summarized some important changes and plans, some of which have already been improved, but there are also some plans that seem to adhere to the old route. Among them, we can't help but ask whether each large-scale agreement should have its own chain, unified liquidity management, and centralized management of all funds supply and lending to ensure that liquidity will not be dispersed in different modules, allowing agreements to easily add or remove functional modules in the future without moving liquidity, which has facilitated long-term expansion. The biggest advantage is that there is no need to switch tabs back and forth between them, and there is no need to manually transfer funds from to fuzzy control interest rate function when upgrading. It is proposed to adopt automatic interest rate to adjust the slope of interest rate curve. The current setting is controlled by governance mechanism, which increases the governance burden and reduces the capital efficiency. The fuzzy interest rate design aims to actively control the turning point of interest rate curve so that it can dynamically adjust the basic interest rate according to market conditions, so as to optimize suppliers and suppliers. The borrower's interest rate, which should have been optimized a long time ago, is a cumbersome interest rate model and a lengthy governance process, which has made it hard to control the interest rate by algorithm in the event of malicious short selling before. The healthier loan liquidity premium mechanism introduces the concept of liquidity premium, and dynamically adjusts the loan interest rate according to the risk status of mortgaged assets, such as centralization, market risk, etc. In the face of higher-risk collateral, the cost of borrowing is relatively higher, and vice versa. Lower borrowing cost is helpful to reduce borrowing cost, which is a pretty good risk management function. Many shanzhai coins still need to borrow in the chain. Risk classification is a reasonable strategy. Introducing smart accounts and vaults has greatly improved the user experience, allowing users to manage multiple positions through a single wallet. Smart accounts have solved a major user experience problem. When using or isolating assets, they need to use multiple wallets to manage positions. After introducing smart accounts, users can create more than one wallet. The sub-account greatly simplifies the interaction with the agreement, and the smart account also meets the high demand of users for the vault function. Users can mortgage assets, loans and collateral in the smart account, but they will not enter the liquidity pool, thus reducing the risk. This is also a very good experience upgrade. It is long overdue for dynamic risk parameter configuration. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

支持为单个资产创建独立的风险配置，降低清算风险。引入自动化资产下架机制，简化治理流程。

• V3 的风险参数调整 ( 尤其是清算阈值 ) 影响所有用户，降低阈值可能引发不必要的清算，治理成本高。
• V4 引入动态配置功能，新的借款使用新配置，已有用户仍使用原有配置。
• 配套推出自动化资产下架机制，治理层触发后，系统逐步调低资产的清算阈值直至归零，效果相当于该资产无法再完成借贷业务，等同于人工下架但简化了治理流程。

引入超额债务保护机制，防止不良债务扩散

共享流动性模型的一个弊端是资产积累超额债务会传染，V4 引入新机制追踪资不抵债头寸，自动核算累积的超额债务，当超额债务超过既定阈值，相关资产自动失去借款能力，防止坏账扩散。

提供与 GHO 稳定币的原生集成

• 支持在流动性层原生铸造 GHO。
• 引入 GHO「软清算」AMM，仿照 crvUSD。
• 引入 GHO 紧急赎回机制，应对极端脱锚情况。
• 允许存款人选择以 GHO 形式获取利息，协议将利息转换为 GHO 的抵押品，增强 GHO 稳定性。

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