Responses:
• Confirm centralized exchange plans with respect to PoW fork listing, tickers, and API changes.
• Encourage industry players to adopt alternative ticker for any PoW forked ETH, avoid collisions, and ensure continuity of mainnet Ethereum data.
14/

回应：
• 确认关于 PoW 分叉列表、代码和 API 更改的集中交换计划。
• 鼓励行业参与者为任何 PoW 分叉的 ETH 采用替代代码，避免冲突，并确保主网以太坊数据的连续性。
14/

Impacts for Maker:
• Increased possibility of bad data delivered to oracle networks.
• Possibility of market disruption due to bad price data incorporated in third party oracles or perpetual indices.
13/

对 Maker 的影响：
• 将不良数据传送到预言机网络的可能性增加。
• 由于第三方预言机或永续指数中包含的不良价格数据可能导致市场中断。
13/

If an oracle network continues to reference mainnet ETH and other asset prices, even for transactions that are replayed on the fork, that would cause inmediate losses for apps that rely on accurate pricing data on the forked chain.
12/

如果预言机网络继续参考主网 ETH 和其他资产价格，即​​使是在分叉上重放的交易，也会给依赖分叉链上准确定价数据的应用程序造成间接损失。
12/

This has the potential to cause a wave of liquidations, forced selling, and funding rate increases.
Additionally, users of oracle data on the forked chain may be served mainnet data, which could cause further issues and insolvency in DeFi protocols on the forked chain
11/

这有可能导致一波清算、强制抛售和资金费率上涨。
此外，可能会为分叉链上的预言机数据的用户提供主网数据，这可能会导致分叉链上的 DeFi 协议进一步出现问题和资不抵债
11/

2️⃣ Oracle Networks and Indices
If a key exchange lists PoW forked ETH without appropiate ticker or API changes, it could result in forked ETH price being delivered to oracle networks instead of mainnet ETH.
10/

2️⃣ Oracle 网络和索引
如果密钥交换在没有适当的代码或 API 更改的情况下列出 PoW 分叉的 ETH，则可能导致分叉的 ETH 价格被传送到预言机网络而不是主网 ETH。
10/

Responses:
• Monitor user behavior and maintain competitive rates to facilitate any potential migrations.
• Monitor stETH leverage positions and ETH lending utilization on Aave, Euler.
• Monitor exchange liquidity and consider parameter changes if needed.
9/

回应：
• 监控用户行为并保持有竞争力的价格以促进任何潜在的迁移。
• 在Aave、Euler 上监控stETH 杠杆头寸和ETH 借贷利用率。
• 监控交易所流动性并在需要时考虑更改参数。
9/

Impacts for Maker:
• Possible migration of users from external lending protocols to Maker Vaults.
• Possible pressure on stETH.
• Near the merge, potential for decline in decentralized exchange liquidity for ETH pairings.
8/

对 Maker 的影响：
• 用户可能从外部借贷协议迁移到 Maker Vaults。
• stETH 可能面临的压力。
• 在合并附近，ETH 配对的去中心化交易所流动性可能下降。
8/

In the DEX case, the majority of non-ETH tokens would become worthless on a PoW forked chain, causing LPs to lose any potential value from forked ETH held in liquidity pools.
This could incentivize users to pull liquidity near the merge.
7/

在 DEX 案例中，大多数非 ETH 代币在 PoW 分叉链上将变得毫无价值，导致 LP 失去流动性池中持有的分叉 ETH 的任何潜在价值。
这可能会激励用户在合并附近拉动流动性。
7/

ETH withdrawals from liquidity protocols could cause a spike in ETH borrowing costs that would put pressure on leveraged stETH positions and impact the price parity with ETH.
6/

从流动性协议中提取 ETH 可能会导致 ETH 借贷成本飙升，这将对杠杆 stETH 头寸施加压力并影响与 ETH 的价格平价。
6/

1️⃣ Liquidity Pool Protocols.
A significant subset of assets would become worthless in the hypothetical forked chain.
This could cause insolvency in lending markets, and incentivize users to borrow all available ETH as the asset most likely to retain some post-fork value.
4/

1️⃣ 流动资金池协议。
在假设的分叉链中，重要的资产子集将变得毫无价值。
这可能导致借贷市场破产，并激励用户借入所有可用的 ETH，作为最有可能保留一些分叉后价值的资产。
4/

To the extent that users believe the PoW ETH will retain some significant value, they should tend to prefer vault-style lending mechanisms instead of liquidity pools, where they are unlikely to be able to withdraw their PoW fork ETH due to insolvency.
5/

如果用户认为 PoW ETH 将保留一些重要价值，他们应该倾向于选择金库式的借贷机制而不是流动性池，因为在流动性池中，他们不太可能因无力偿债而撤回其 PoW 分叉 ETH。
5/

This thread is focused on the following potential fork risks that could impact Maker:
1️⃣ Liquidity Pool Protocols.
2️⃣ Oracle Networks and Indices.
3️⃣ Network Downtime.
4️⃣ Replay Attacks.
3/

该线程专注于以下可能影响 Maker 的潜在分叉风险：
1️⃣ 流动资金池协议。
2️⃣ Oracle 网络和指数。
3️⃣ 网络停机。
4️⃣ 重放攻击。
3/

This is the second part of a recap of the recent Risk Core Unit's publication called "Merge Risks and Market Impacts."
We encourage you to read the original post:
https://forum.makerdao.com/t/m...
Also, you can read the first part of this recap here:
https://twitter.com/MakerDAO/s...
2/

这是对近期风险核心部门出版物“合并风险和市场影响”的回顾的第二部分。
我们鼓励您阅读原帖：
https://forum.makerdao.com/t/m.. .
此外，您可以在此处阅读此回顾的第一部分：

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/

The Merge is coming up and an Ethereum PoW fork is a real possibility.
What are the potential risks Maker faces in the event of an Ethereum PoW fork?
🧵
1/

合并即将到来，以太坊 PoW 分叉是一个真正的可能性。
如果发生以太坊 PoW 分叉，Maker 面临哪些潜在风险？
🧵
1/

Responses:
• Confirm merge support from key external asset providers that interact with the Maker Protocol and services bridging DAI out to other chains.
22/

回应：
• 确认与 Maker 协议交互的主要外部资产提供商的合并支持以及将 DAI 连接到其他链的服务。
22/

Impacts for Maker:
• Minimal impact if all externally backed asset issuers support merge upgrade.
• If one or more issuer supports the PoW fork, this could cause a significant impact to DEX liquidity pools and other protocols accepting the asset as collateral.
21/

对 Maker 的影响：
• 如果所有外部支持的资产发行人都支持合并升级，则影响最小。
• 如果一个或多个发行人支持 PoW 分叉，这可能会对 DEX 流动性池和其他接受资产作为抵押品的协议造成重大影响。
21/

Assets bridged out of Ethereum would be backed on the PoW chain, so would also face a significant risk of becoming worthless.
20/

从以太坊桥接出来的资产将在 PoW 链上得到支持，因此也将面临变得毫无价值的重大风险。
20/

There is some level of risk that one or more external issuers could recognize a PoW fork.
This could render assets bridged into mainnet Ethereum worthless (they would only be backed on the PoW fork).
19/

一个或多个外部发行人识别 PoW 分叉存在一定程度的风险。
这可能会使桥接到以太坊主网的资产一文不值（它们只会在 PoW 分叉上得到支持）。
19/

These assets are backed by extrinsic collateral, and they can only be fully collateralized on a single chain at a time.
This means that, during a fork, the issuers will need to recognize one chain as canonical.
18/

这些资产由外部抵押品支持，一次只能在一条链上完全抵押。
这意味着，在分叉期间，发行人需要将一条链识别为规范链。
18/

3️⃣ External Asset Fork Choice
Ethereum hosts a broad variety of externally backed assets.
This includes cross-chain bridges, centralized stablecoins, and real-world assets.
17/

3️⃣ 外部资产分叉选择
以太坊拥有各种各样的外部支持资产。
这包括跨链桥、中心化稳定币和现实世界的资产。
17/