Aave governance proposal plans to link Ethena’s USDe to USDT, causing community concerns

PANews reported on January 6 that according to Protos, the Aave Governance Forum recently put forward a proposal to link USDe to Tether’s USDT at a 1:1 ratio. This proposal has raised concerns about potential conflicts of interest, especially Consider the difference in decoupling risks between the two. The proposal, currently in the solicitation stage, aims to replace the existing Chainlink USDe/USD oracles by hardcoding the USDe price to match the USDT price in the Aave pricing feed, ensuring seamless integration and reducing the risk of USDe price fluctuations. The interruption comes.

However, two of the proposal's co-authors are from Ethena-affiliated risk management firms ChaosLabs and LlamaRisk, prompting MakerDAO community member "ImperiumPaper" to question conflicts of interest, likening it to a real estate agent representing both buyers and sellers. . Additionally, Tether is (ostensibly) fully backed by off-chain assets, ensuring the ability to exchange USDT for USD off-chain at a 1:1 ratio. In contrast, USDe, which is backed by a delta-neutral balance of long and short positions, faces the risk of “persistent negative funding rates,” which could occur if market sentiment turns bearish. One user likened the move to an "aggressive growth proposal", while another criticized the circular logic of acknowledging different risks and then treating assets as having the same value, rather than taking appropriate action .

In response, Ethena founder Guy Young denied any conflict of interest and highlighted the risk committee established by the project to "provide external discipline and accountability regarding the ongoing management of the product."