最新报道：According to DL News on August 5th, Chaos Labs, Aave's risk advisory firm, posted on the Aave governance forum that the increasing amount of USDE deposited into the Aave protocol could threaten Aave's resilience and trigger a liquidity crunch. USDE holders are depositing large amounts of tokens into Aave, while its issuer, Ethena, is lending the stablecoins backing it, posing a significant risk. Ethena must avoid depositing excessive stablecoin reserves into Aave, self-limiting this exposure to help maintain the integrity of its redemption mechanism and market stability. Ethena has deposited $580 million worth of USDE-backed assets into Aave, a strategy known as rehypothecation. Furthermore, Aave currently holds $4.70 billion worth of USDE-backed assets, including PT and sUSDe, representing over 55% of the total USDE supply. Chaos Labs stated, "Serving as a dual-role backing asset, serving as both redemption capital and liquidity for Aave, this vulnerability could exacerbate stress on both protocols during deleveraging events." Because USDe's backing mechanism has growth and contraction cycles, redemptions by USDe holders could pose problems during bear markets if the backing asset is lent out. Its redemption strategy exacerbates this risk, potentially tightening Aave's liquidity and raising lending rates, triggering a chain reaction. However, there's no immediate reason for concern, as unwinding redemption positions during a contraction could offset any surge in utilization. However, this could change as USDe grows or rehypothecation increases. Chaos Labs is developing new risk prediction tools to adjust interest rates and ensure orderly redemptions during periods of market stress.