Responses:
• Monitor stETH liquidity and respond with parameter changes, increasing Stability Fee or Liquidation Ratio if necessary.
• Monitor competitive rates using ETH collateral across DeFi lending protocols.
16/

回应：
• 监控stETH 流动性并根据参数变化做出响应，必要时增加稳定费或清算比率。
• 使用跨 DeFi 借贷协议的 ETH 抵押品监控有竞争力的利率。
16/

Impacts for Maker:
• Possible increase in stETH liquidity risk and downside volatility.
• stETH discount incentivizing leveraged staking behavior, which would increase risk of negative price gaps while raising ETH supply rates on lending protocols.
15/

对 Maker 的影响：
• stETH 流动性风险和下行波动性可能增加。
• stETH 折扣激励杠杆质押行为，这将增加负价格差距的风险，同时提高借贷协议的 ETH 供应率。
15/

An increasing stETH discount could incentivize leveraged staking activity among those with a low expectation of PoW fork token value.
This would tend to raise ETH deposit rates on lending protocols while further increasing liquidity tail risks.
14/

越来越多的 stETH 折扣可能会激励那些对 PoW 分叉代币价值期望较低的人进行杠杆质押活动。
这往往会提高借贷协议的 ETH 存款利率，同时进一步增加流动性尾部风险。
14/

If the expected value of a PoW fork token is high, this could lead to significant illiquidity risks for stETH as most decentralized exchange's assets are held within stableswap pools that concentrate liquidity around 1:1 price ratio with ETH.
13/

如果 PoW 分叉代币的预期价值很高，这可能会导致 stETH 出现重大的流动性风险，因为大多数去中心化交易所的资产都保存在稳定交换池中，这些池的流动性与 ETH 的价格比率约为 1:1。
13/

As a result, the market price of liquid staking assets may decline based on the expected value of a PoW forked ETH.
This could occur from direct sales of stETH for ETH, or leveraged short positions.
12/

因此，流动性质押资产的市场价格可能会基于 PoW 分叉 ETH 的预期价值而下降。
这可能发生在直接出售 stETH 换取 ETH 或杠杆空头头寸中。
12/

2️⃣ stETH Discount
stETH is likely to become worthless on any PoW Ethereum fork.
This is because further chain upgrades would be required to unlock staked ETH from the deposit contract, and there is arguably little economic incentive for the fork chain to accommodate this
11/

2️⃣ stETH 折扣
stETH 很可能在任何 PoW 以太坊分叉上变得一文不值。
这是因为需要进一步的链升级才能从存款合约中解锁质押的 ETH，并且可以说分叉链几乎没有经济激励来适应这种情况
11/

Responses:
• Maintain competitive rates to avoid losing too much volume to futures contracts.
10/

回应：
• 保持有竞争力的价格以避免期货合约损失太多交易量。
10/

• Users who consider implied fork tokens value to be too high are incentivized to leverage on futures, while those considering implied value too low may prefer leveraging with Maker Vaults, where the vault owner will still receive any potential fork tokens.
9/

• 认为隐含分叉代币价值过高的用户被激励利用期货，而那些认为隐含价值过低的用户可能更喜欢利用Maker Vaults，其中保险库所有者仍将收到任何潜在的分叉代币。
9/

Impacts for Maker:
• Nominal cost of leverage through futures contracts (excluding potential fork tokens value) declines, creating competitive pressure on Maker Vaults.
8/

对 Maker 的影响：
• 期货合约的名义杠杆成本（不包括潜在的分叉代币价值）下降，给 Maker Vaults 带来竞争压力。
8/

Considering the capital pursuing this trade, this may lead to important selling pressure on any PoW forks immediately after launch.
Alternatively, if the prospect of PoW fork tokens declines, we may see the value of futures contracts increase back towards parity with spot.
7/

考虑到进行这项交易的资金，这可能会在任何 PoW 分叉发布后立即导致重大的抛售压力。
或者，如果 PoW 分叉代币的前景下降，我们可能会看到期货合约的价值回升至与现货持平。
7/

In practice, market participants can purchase spot ETH and then sell an equivalent amount of ETH futures to wager on fork value while remaining delta neutral.
6/

在实践中，市场参与者可以购买现货 ETH，然后卖出等量的 ETH 期货来押注分叉价值，同时保持 delta 中性。
6/

Assuming efficient markets, after the merge date, quarterly futures should begin to trade at an additional discount with respect to spot ETH, based on the expected value of PoW fork tokens.
5/

假设市场有效，在合并日期之后，基于 PoW 分叉代币的预期价值，季度期货应该开始以相对于现货 ETH 的额外折扣进行交易。
5/

1️⃣ Futures Backwardation & Negative Funding.
Spot ETH would receive PoW forked tokens, while exposure to ETH quarterly futures or perpetual contracts would not.
4/

1️⃣期货反向

This thread is focused on the following potential fork risks that could impact Maker:
1️⃣ Futures Backwardation & Negative Funding
2️⃣ stETH Discount
3️⃣ External Asset Fork Choice
3/

该线程专注于以下可能影响 Maker 的潜在分叉风险：
1️⃣期货反向

This post is the first part of a recap of the recent Risk Core Unit's publication called "Merge Risks and Market Impacts"
We always encourage you to read the original post on the Maker Forum:
https://forum.makerdao.com/t/m...
2/

这篇文章是对近期风险核心部门出版物“合并风险和市场影响”的回顾的第一部分
我们始终鼓励您阅读 Maker 论坛上的原始帖子：
https://forum.makerdao.com/t/m.. .
2/

Recently, there has been an increasing focus on conceivable post-merge PoW Ethereum forks.
If those forks do take place, what are the potential risks Maker faces?
🧵
1/

最近，人们越来越关注可想象的合并后 PoW 以太坊分叉。
如果确实发生了这些分叉，Maker 面临的潜在风险是什么？
🧵
1/

Recognized Delegates @CruzerDefi and @schuppi airdropped a new episode of the Delegate Happy Hour featuring @raphbaph from @flipsidecrypto, who also serves as a Recognized Delegate in MakerDAO!
Enjoy it!
👇
https://youtu.be/nX2jYbL7Kkw

受认可的代表@CruzerDefi 和@schuppi 空投了代表欢乐时光的新一集，其中包括来自@flipsidecrypto 的@raphbaph，他也是MakerDAO 的受认可代表！
好好享受！
👇
https://youtu.be/nX2jYbL7Kkw

Now the focus is on improving scalability and interconnection between layers.
Fast withdrawals will allow almost instant transfers from L2 to L1.
Maker Teleport will allow L2 to L2 teleportation.
We build this because we believe in the future of scalability. https://t.co/JavQVWlHef

现在的重点是提高层之间的可扩展性和互连。
快速提款将允许从 L2 到 L1 的几乎即时转账。
Maker Teleport 将允许 L2 到 L2 的传送。
我们建立这个是因为我们相信可扩展性的未来。 https://t.co/JavQVWlHef

Throughout this year, Maker Governance and Core Units worked together to deploy simple bridges across Optimism, Arbitrum, and StarkNet.
These simple bridges enabled for the first time a Maker-issued Canonical DAI to exist in these Layer 2s https://t.co/yj1rS45LWD

在这一年中，Maker Governance 和 Core Units 共同努力，在 Optimism、Arbitrum 和 StarkNet 之间搭建了简单的桥梁。
这些简单的桥梁首次使 Maker 发行的规范 DAI 存在于这些第 2 层 https://t.co/yj1rS45LWD

The mentioned vote approved the implementation of this feature on StarkNet as one of the first steps in the full deployment of Maker Teleport across major Layer 2s.
An initial Debt Ceiling of 1 million DAI for this StarkNet deployment has also been approved by this vote. https://t.co/I60eJKhbcn

上述投票批准了在 StarkNet 上实施此功能，作为跨主要第 2 层全面部署 Maker Teleport 的第一步。
此次投票还批准了此次 StarkNet 部署的 100 万 DAI 的初始债务上限。 https://t.co/I60eJKhbcn