Aave DAO &#273;ang chu&#7849;n b&#7883; cho m&#7897;t cu&#7897;c c&#7843;i t&#7893; l&#7899;n b&#7857;ng c&aacute;ch &#273;&oacute;ng c&#7917;a h&#417;n 50% c&aacute;c phi&ecirc;n b&#7843;n L2 ho&#7841;t &#273;&#7897;ng k&eacute;m hi&#7879;u qu&#7843;. &#272;&#7891;ng th&#7901;i, h&#7885; c&#361;ng t&aacute;i c&#7845;u tr&uacute;c khung qu&#7843;n tr&#7883; v&agrave; tri&#7875;n khai h&#417;n 100 tri&#7879;u USD &#273;&#7875; th&uacute;c &#273;&#7849;y GHO.
&#272;&acirc;y c&oacute; th&#7875; l&agrave; m&#7897;t th&#7901;i &#273;i&#7875;m quan tr&#7885;ng &#273;&#432;a Aave tr&#7903; l&#7841;i v&#7883; tr&iacute; h&agrave;ng &#273;&#7847;u trong l&#297;nh v&#7921;c cho vay tr&ecirc;n chu&#7895;i ho&#7863;c g&acirc;y ra tranh c&atilde;i ch&#432;a t&#7915;ng c&oacute; trong c&#7897;ng &#273;&#7891;ng DeFi.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-aci-proposes-shutting-down-50-of-l2s">ACI &#273;&#7873; xu&#7845;t &#273;&oacute;ng c&#7917;a 50% L2s</h2>

B&aacute;o c&aacute;o &ldquo;<a href="https://governance.aave.com/t/aave-dao-s-state-of-the-union-by-aci/23124" target="_blank" rel="noreferrer noopener">State of the Union</a>&rdquo; c&#7911;a Aave Chan Initiative (ACI) v&#7869; ra m&#7897;t b&#7913;c tranh th&#7859;ng th&#7855;n. Sau m&#7897;t giai &#273;o&#7841;n bi&#7871;n &#273;&#7897;ng trong th&#7883; tr&#432;&#7901;ng DeFi v&agrave; nh&#7919;ng th&aacute;ch th&#7913;c n&#7897;i b&#7897;, Aave (AAVE) hi&#7879;n d&#7851;n &#273;&#7847;u v&#7873; c&aacute;c ch&#7881; s&#7889; quan tr&#7885;ng: TVL, doanh thu, th&#7883; ph&#7847;n v&agrave; kh&#7889;i l&#432;&#7907;ng vay. Doanh thu h&agrave;ng n&#259;m c&#7911;a Aave &#273;&#7841;t 130 tri&#7879;u USD, v&#432;&#7907;t qua t&#7893;ng d&#7921; tr&#7919; ti&#7873;n m&#7863;t c&#7911;a c&aacute;c &#273;&#7889;i th&#7911; c&#7841;nh tranh. Nh&#7919;ng c&#7843;i ti&#7871;n v&#7873; tokenomics v&agrave; ch&#432;&#417;ng tr&igrave;nh mua l&#7841;i token AAVE c&#361;ng &#273;&atilde; &#273;&oacute;ng g&oacute;p v&agrave;o s&#7921; ph&aacute;t tri&#7875;n c&#7911;a h&#7879; sinh th&aacute;i.
<img style="height:400px;width:640px;" decoding="async" alt="Aave global metrics. Source: Aave" class="wp-image-742872 lazy" loading="lazy" src="https://assets.beincrypto.com/img/eZJmElDQEBUOcHtnqrGQYdS23vs=/smart/57c954f8ffda4f62b67b8ae571122e3c">C&aacute;c ch&#7881; s&#7889; to&agrave;n c&#7847;u c&#7911;a Aave. Ngu&#7891;n: <a href="https://governance.aave.com/t/aave-dao-s-state-of-the-union-by-aci/23124" target="_blank" rel="noreferrer noopener nofollow">Aave</a>

Tuy nhi&ecirc;n, b&aacute;o c&aacute;o c&#7911;a ACI c&#361;ng n&ecirc;u b&#7853;t m&#7897;t s&#7889; &#273;i&#7875;m &#273;au &#273;&#7847;u.
&#272;&#7847;u ti&ecirc;n, v&#7873; chi&#7871;n l&#432;&#7907;c <a href="https://beincrypto.com/learn/layer-1-vs-layer-2/" target="_blank" rel="noreferrer noopener">Layer-2</a> (L2). M&#7863;c d&ugrave; chi&#7871;n l&#432;&#7907;c L2 c&#7911;a Aave t&#7915;ng l&agrave; &#273;&#7897;ng l&#7921;c ch&iacute;nh c&#7911;a th&agrave;nh c&ocirc;ng, nh&#432;ng gi&#7901; &#273;&acirc;y kh&ocirc;ng c&ograve;n ph&ugrave; h&#7907;p. H&#417;n m&#7897;t n&#7917;a c&aacute;c phi&ecirc;n b&#7843;n c&#7911;a Aave tr&ecirc;n L2 v&agrave; alt-L1 kh&ocirc;ng c&ograve;n kh&#7843; thi v&#7873; m&#7863;t kinh t&#7871;. D&#7921;a tr&ecirc;n d&#7919; li&#7879;u t&#7915; &#273;&#7847;u n&#259;m &#273;&#7871;n nay, h&#417;n 86.6% doanh thu c&#7911;a Aave &#273;&#7871;n t&#7915; mainnet, cho th&#7845;y m&#7885;i th&#7913; kh&aacute;c ch&#7881; l&agrave; nhi&#7879;m v&#7909; ph&#7909;.
Tr&ecirc;n c&#417; s&#7903; n&agrave;y, ACI &#273;&#7873; xu&#7845;t &#273;&oacute;ng c&#7917;a c&aacute;c m&#7841;ng l&#432;&#7899;i ho&#7841;t &#273;&#7897;ng k&eacute;m hi&#7879;u qu&#7843;. DAO n&ecirc;n &#273;&#7847;u t&#432; v&agrave;o c&aacute;c m&#7841;ng l&#432;&#7899;i ch&iacute;nh c&oacute; s&#7921; kh&aacute;c bi&#7879;t &#273;&aacute;ng k&#7875;.
Th&#7913; hai, ACI &#273;ang th&uacute;c &#273;&#7849;y m&#7897;t cu&#7897;c c&#7843;i t&#7893; ho&agrave;n to&agrave;n khung &ldquo;friendly fork&rdquo;, v&igrave; h&#7847;u h&#7871;t kh&ocirc;ng &#7845;n t&#432;&#7907;ng v&#7873; TVL v&agrave; doanh thu. Trong m&#7897;t s&#7889; tr&#432;&#7901;ng h&#7907;p, k&#7867; t&#7845;n c&ocirc;ng &#273;&atilde; l&#7907;i d&#7909;ng ch&uacute;ng g&acirc;y thi&#7879;t h&#7841;i cho Aave, nh&#432; &#273;&atilde; th&#7845;y v&#7899;i Spark.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;M&ocirc; h&igrave;nh friendly fork c&oacute; &yacute; &#273;&#7883;nh t&#7889;t nh&#432;ng th&#7921;c hi&#7879;n k&eacute;m, n&#417;i DAO qu&aacute; th&acirc;n thi&#7879;n v&#7899;i c&aacute;c fork n&agrave;y, ch&#7881; cho ph&eacute;p DAO c&oacute; &iacute;t l&#7907;i &iacute;ch,&rdquo; b&aacute;o c&aacute;o <a href="https://governance.aave.com/t/aave-dao-s-state-of-the-union-by-aci/23124" target="_blank" rel="noreferrer noopener nofollow">n&ecirc;u r&otilde;</a>.
</blockquote>

Th&#7913; ba, m&ocirc; h&igrave;nh instance, t&#7915;ng l&agrave; m&#7897;t s&aacute;ng ki&#7871;n th&ocirc;ng minh trong c&aacute;c phi&ecirc;n b&#7843;n &#273;&#7847;u, &#273;&atilde; tr&#7903; n&ecirc;n l&#7895;i th&#7901;i trong c&aacute;c phi&ecirc;n b&#7843;n m&#7899;i c&#7911;a m&atilde; ngu&#7891;n Aave V3 do chi ph&iacute; cao. Do &#273;&oacute;, ACI &#273;&#7873; xu&#7845;t kh&ocirc;ng ph&aacute;t tri&#7875;n ho&#7863;c n&#7895; l&#7921;c t&#259;ng tr&#432;&#7903;ng n&agrave;o &#273;&#432;&#7907;c ph&acirc;n b&#7893; cho c&aacute;c instance trong t&#432;&#417;ng lai, ngo&#7841;i tr&#7915; instance Prime.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-reasonable-but-risky-decision">Quy&#7871;t &#273;&#7883;nh h&#7907;p l&yacute; nh&#432;ng r&#7911;i ro</h2>

L&yacute; do c&#7911;a ACI l&agrave; h&#7907;p l&yacute; trong b&#7889;i c&#7843;nh hi&#7879;n t&#7841;i. Cho vay tr&ecirc;n chu&#7895;i l&agrave; m&#7897;t ng&agrave;nh kinh doanh c&oacute; bi&ecirc;n l&#7907;i nhu&#7853;n th&#7845;p. TVL ph&acirc;n t&aacute;n tr&ecirc;n nhi&#7873;u chu&#7895;i g&acirc;y ra chi ph&iacute; lao &#273;&#7897;ng v&agrave; khuy&#7871;n kh&iacute;ch cao, trong khi ph&#7847;n l&#7899;n doanh thu v&#7851;n &#273;&#432;&#7907;c t&#7841;o ra tr&ecirc;n mainnet. Tinh gi&#7843;n ho&#7841;t &#273;&#7897;ng s&#7869; c&#7843;i thi&#7879;n hi&#7879;u su&#7845;t kinh doanh b&#7857;ng c&aacute;ch t&#7853;p trung ngu&#7891;n l&#7921;c v&agrave;o c&aacute;c m&#7841;ng l&#432;&#7899;i c&oacute; l&#7907;i th&#7871; c&#7909; th&#7875;. C&aacute;ch ti&#7871;p c&#7853;n n&agrave;y c&#361;ng s&#7869; gi&#7843;m hi&#7879;u qu&#7843; chi ph&iacute; ho&#7841;t &#273;&#7897;ng.
Tuy nhi&ecirc;n, quy&#7871;t &#273;&#7883;nh &ldquo;&#273;&oacute;ng c&#7917;a&rdquo; n&agrave;y mang theo r&#7911;i ro ch&iacute;nh tr&#7883; v&agrave; c&#7897;ng &#273;&#7891;ng. C&aacute;c h&#7879; sinh th&aacute;i/&#273;&#7889;i t&aacute;c L2 c&oacute; th&#7875; ph&#7843;n &#273;&#7889;i, ng&#432;&#7901;i d&ugrave;ng tr&ecirc;n c&aacute;c chu&#7895;i &#273;&oacute; c&oacute; th&#7875; r&#7901;i &#273;i, v&agrave; TVL c&oacute; th&#7875; t&#7841;m th&#7901;i gi&#7843;m. Do &#273;&oacute;, c&#7847;n c&acirc;n nh&#7855;c k&#7929; l&#432;&#7905;ng trong l&#7897; tr&igrave;nh tri&#7875;n khai.
M&#7897;t h&#432;&#7899;ng &#273;i &#273;&#7863;c bi&#7879;t &#273;&aacute;ng ch&uacute; &yacute; trong b&aacute;o c&aacute;o l&agrave; ACI t&#7853;p trung &#273;&#7863;t <a href="https://beincrypto.com/learn/gho-token-guide/" target="_blank" rel="noreferrer noopener">GHO stablecoin</a> l&agrave;m trung t&acirc;m c&#7911;a chi&#7871;n l&#432;&#7907;c t&#259;ng tr&#432;&#7903;ng. ACI &#432;u ti&ecirc;n ph&aacute;t tri&#7875;n GHO b&#7857;ng c&aacute;ch duy tr&igrave; ch&#432;&#417;ng tr&igrave;nh mua l&#7841;i AAVE. Ch&#432;&#417;ng tr&igrave;nh n&agrave;y s&#7869; bao g&#7891;m vi&#7879;c mua h&agrave;ng tu&#7847;n kho&#7843;ng 500,000 USD &#273;&#7871;n 1 tri&#7879;u USD trong 18 th&aacute;ng t&#7899;i. ACI s&#7869; tri&#7875;n khai h&#417;n 100 tri&#7879;u USD trong d&#7921; tr&#7919; cho c&aacute;c ch&#432;&#417;ng tr&igrave;nh h&#7907;p t&aacute;c v&agrave; k&iacute;ch ho&#7841;t m&#7897;t d&ograve;ng t&iacute;n d&#7909;ng GHO &#273;&#432;&#7907;c th&#7871; ch&#7845;p b&#7857;ng BTC/ETH/AAVE.
M&#7909;c ti&ecirc;u r&otilde; r&agrave;ng: bi&#7871;n GHO th&agrave;nh &#273;&#7897;ng l&#7921;c t&#7841;o ra bi&ecirc;n l&#7907;i nhu&#7853;n cao h&#417;n cho DAO. S&#7921; chuy&#7875;n &#273;&#7893;i n&agrave;y s&#7869; chuy&#7875;n t&#7915; m&ocirc; h&igrave;nh cho vay bi&ecirc;n l&#7907;i nhu&#7853;n th&#7845;p sang m&ocirc; h&igrave;nh bi&ecirc;n l&#7907;i nhu&#7853;n cao h&#417;n th&ocirc;ng qua stablecoin CDP. N&#7871;u th&#7921;c hi&#7879;n hi&#7879;u qu&#7843;, &#273;i&#7873;u n&agrave;y c&oacute; th&#7875; t&#259;ng &#273;&aacute;ng k&#7875; doanh thu c&#7911;a DAO v&agrave; h&#7895; tr&#7907; &#273;&#7883;nh gi&aacute; AAVE.
Aave &#273;ang &#7903; v&#7883; tr&iacute; t&#7889;t v&#7899;i n&#7873;n t&#7843;ng t&agrave;i ch&iacute;nh v&#7919;ng ch&#7855;c v&agrave; s&#7921; th&#7889;ng tr&#7883; trong l&#297;nh v&#7921;c cho vay tr&ecirc;n chu&#7895;i. Ti&#7873;m n&#259;ng to l&#7899;n c&#7911;a GHO c&agrave;ng &#273;&#7863;t n&oacute; v&agrave;o c&#417; h&#7897;i l&#7883;ch s&#7917; &#273;&#7875; &#273;&#7883;nh h&igrave;nh t&#432;&#417;ng lai c&#7911;a t&agrave;i ch&iacute;nh phi t&#7853;p trung. Tuy nhi&ecirc;n, r&#7911;i ro ng&#7855;n h&#7841;n v&#7873; gi&#7843;m TVL ho&#7863;c ph&#7843;n &#7913;ng t&#7915; c&#7897;ng &#273;&#7891;ng v&#7851;n c&oacute; th&#7875; x&#7843;y ra.

Aave tái cấu trúc: Đóng cửa L2 và đẩy mạnh 100 triệu USD GHO gây tranh cãi

Aave DAO &#273;ang chu&#7849;n b&#7883; cho m&#7897;t cu&#7897;c c&#7843;i t&#7893; l&#7899;n b&#7857;ng c&aacute;ch &#273;&oacute;ng c&#7917;a h&#417;n 50% c&aacute;c phi&ecirc;n b&#7843;n L2 ho&#7841;t &#273;&#7897;ng k&eacute;m hi&#7879;u qu&#7843;. &#272;&#7891;ng th&#7901;i, h&#7885; c&#361;ng t&aacute;i c&#7845;u tr&uacute;c khung qu&#7843;n tr&#7883; v&agrave; tri&#7875;n khai h&#417;n 100 tri&#7879;u USD &#273;&#7875; th&uacute;c &#273;&#7849;y GHO.
&#272;&acirc;y c&oacute; th&#7875; l&agrave; m&#7897;t th&#7901;i &#273;i&#7875;m quan tr&#7885;ng &#273;&#432;a Aave tr&#7903; l&#7841;i v&#7883; tr&iacute; h&agrave;ng &#273;&#7847;u trong l&#297;nh v&#7921;c cho vay tr&ecirc;n chu&#7895;i ho&#7863;c g&acirc;y ra tranh c&atilde;i ch&#432;a t&#7915;ng c&oacute; trong c&#7897;ng &#273;&#7891;ng DeFi.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-aci-proposes-shutting-down-50-of-l2s">ACI &#273;&#7873; xu&#7845;t &#273;&oacute;ng c&#7917;a 50% L2s</h2>

B&aacute;o c&aacute;o &ldquo;<a href="https://governance.aave.com/t/aave-dao-s-state-of-the-union-by-aci/23124" target="_blank" rel="noreferrer noopener">State of the Union</a>&rdquo; c&#7911;a Aave Chan Initiative (ACI) v&#7869; ra m&#7897;t b&#7913;c tranh th&#7859;ng th&#7855;n. Sau m&#7897;t giai &#273;o&#7841;n bi&#7871;n &#273;&#7897;ng trong th&#7883; tr&#432;&#7901;ng DeFi v&agrave; nh&#7919;ng th&aacute;ch th&#7913;c n&#7897;i b&#7897;, Aave (AAVE) hi&#7879;n d&#7851;n &#273;&#7847;u v&#7873; c&aacute;c ch&#7881; s&#7889; quan tr&#7885;ng: TVL, doanh thu, th&#7883; ph&#7847;n v&agrave; kh&#7889;i l&#432;&#7907;ng vay. Doanh thu h&agrave;ng n&#259;m c&#7911;a Aave &#273;&#7841;t 130 tri&#7879;u USD, v&#432;&#7907;t qua t&#7893;ng d&#7921; tr&#7919; ti&#7873;n m&#7863;t c&#7911;a c&aacute;c &#273;&#7889;i th&#7911; c&#7841;nh tranh. Nh&#7919;ng c&#7843;i ti&#7871;n v&#7873; tokenomics v&agrave; ch&#432;&#417;ng tr&igrave;nh mua l&#7841;i token AAVE c&#361;ng &#273;&atilde; &#273;&oacute;ng g&oacute;p v&agrave;o s&#7921; ph&aacute;t tri&#7875;n c&#7911;a h&#7879; sinh th&aacute;i.
<img style="height:400px;width:640px;"decoding="async" alt="Aave global metrics. Source: Aave" class="wp-image-742872 lazy" loading="lazy" src="https://assets.beincrypto.com/img/eZJmElDQEBUOcHtnqrGQYdS23vs=/smart/57c954f8ffda4f62b67b8ae571122e3c">C&aacute;c ch&#7881; s&#7889; to&agrave;n c&#7847;u c&#7911;a Aave. Ngu&#7891;n: <a href="https://governance.aave.com/t/aave-dao-s-state-of-the-union-by-aci/23124" target="_blank" rel="noreferrer noopener nofollow">Aave</a>

Tuy nhi&ecirc;n, b&aacute;o c&aacute;o c&#7911;a ACI c&#361;ng n&ecirc;u b&#7853;t m&#7897;t s&#7889; &#273;i&#7875;m &#273;au &#273;&#7847;u.
&#272;&#7847;u ti&ecirc;n, v&#7873; chi&#7871;n l&#432;&#7907;c <a href="https://beincrypto.com/learn/layer-1-vs-layer-2/" target="_blank" rel="noreferrer noopener">Layer-2</a> (L2). M&#7863;c d&ugrave; chi&#7871;n l&#432;&#7907;c L2 c&#7911;a Aave t&#7915;ng l&agrave; &#273;&#7897;ng l&#7921;c ch&iacute;nh c&#7911;a th&agrave;nh c&ocirc;ng, nh&#432;ng gi&#7901; &#273;&acirc;y kh&ocirc;ng c&ograve;n ph&ugrave; h&#7907;p. H&#417;n m&#7897;t n&#7917;a c&aacute;c phi&ecirc;n b&#7843;n c&#7911;a Aave tr&ecirc;n L2 v&agrave; alt-L1 kh&ocirc;ng c&ograve;n kh&#7843; thi v&#7873; m&#7863;t kinh t&#7871;. D&#7921;a tr&ecirc;n d&#7919; li&#7879;u t&#7915; &#273;&#7847;u n&#259;m &#273;&#7871;n nay, h&#417;n 86.6% doanh thu c&#7911;a Aave &#273;&#7871;n t&#7915; mainnet, cho th&#7845;y m&#7885;i th&#7913; kh&aacute;c ch&#7881; l&agrave; nhi&#7879;m v&#7909; ph&#7909;.
Tr&ecirc;n c&#417; s&#7903; n&agrave;y, ACI &#273;&#7873; xu&#7845;t &#273;&oacute;ng c&#7917;a c&aacute;c m&#7841;ng l&#432;&#7899;i ho&#7841;t &#273;&#7897;ng k&eacute;m hi&#7879;u qu&#7843;. DAO n&ecirc;n &#273;&#7847;u t&#432; v&agrave;o c&aacute;c m&#7841;ng l&#432;&#7899;i ch&iacute;nh c&oacute; s&#7921; kh&aacute;c bi&#7879;t &#273;&aacute;ng k&#7875;.
Th&#7913; hai, ACI &#273;ang th&uacute;c &#273;&#7849;y m&#7897;t cu&#7897;c c&#7843;i t&#7893; ho&agrave;n to&agrave;n khung &ldquo;friendly fork&rdquo;, v&igrave; h&#7847;u h&#7871;t kh&ocirc;ng &#7845;n t&#432;&#7907;ng v&#7873; TVL v&agrave; doanh thu. Trong m&#7897;t s&#7889; tr&#432;&#7901;ng h&#7907;p, k&#7867; t&#7845;n c&ocirc;ng &#273;&atilde; l&#7907;i d&#7909;ng ch&uacute;ng g&acirc;y thi&#7879;t h&#7841;i cho Aave, nh&#432; &#273;&atilde; th&#7845;y v&#7899;i Spark.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;M&ocirc; h&igrave;nh friendly fork c&oacute; &yacute; &#273;&#7883;nh t&#7889;t nh&#432;ng th&#7921;c hi&#7879;n k&eacute;m, n&#417;i DAO qu&aacute; th&acirc;n thi&#7879;n v&#7899;i c&aacute;c fork n&agrave;y, ch&#7881; cho ph&eacute;p DAO c&oacute; &iacute;t l&#7907;i &iacute;ch,&rdquo; b&aacute;o c&aacute;o <a href="https://governance.aave.com/t/aave-dao-s-state-of-the-union-by-aci/23124" target="_blank" rel="noreferrer noopener nofollow">n&ecirc;u r&otilde;</a>.
</blockquote>

Th&#7913; ba, m&ocirc; h&igrave;nh instance, t&#7915;ng l&agrave; m&#7897;t s&aacute;ng ki&#7871;n th&ocirc;ng minh trong c&aacute;c phi&ecirc;n b&#7843;n &#273;&#7847;u, &#273;&atilde; tr&#7903; n&ecirc;n l&#7895;i th&#7901;i trong c&aacute;c phi&ecirc;n b&#7843;n m&#7899;i c&#7911;a m&atilde; ngu&#7891;n Aave V3 do chi ph&iacute; cao. Do &#273;&oacute;, ACI &#273;&#7873; xu&#7845;t kh&ocirc;ng ph&aacute;t tri&#7875;n ho&#7863;c n&#7895; l&#7921;c t&#259;ng tr&#432;&#7903;ng n&agrave;o &#273;&#432;&#7907;c ph&acirc;n b&#7893; cho c&aacute;c instance trong t&#432;&#417;ng lai, ngo&#7841;i tr&#7915; instance Prime.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-reasonable-but-risky-decision">Quy&#7871;t &#273;&#7883;nh h&#7907;p l&yacute; nh&#432;ng r&#7911;i ro</h2>

L&yacute; do c&#7911;a ACI l&agrave; h&#7907;p l&yacute; trong b&#7889;i c&#7843;nh hi&#7879;n t&#7841;i. Cho vay tr&ecirc;n chu&#7895;i l&agrave; m&#7897;t ng&agrave;nh kinh doanh c&oacute; bi&ecirc;n l&#7907;i nhu&#7853;n th&#7845;p. TVL ph&acirc;n t&aacute;n tr&ecirc;n nhi&#7873;u chu&#7895;i g&acirc;y ra chi ph&iacute; lao &#273;&#7897;ng v&agrave; khuy&#7871;n kh&iacute;ch cao, trong khi ph&#7847;n l&#7899;n doanh thu v&#7851;n &#273;&#432;&#7907;c t&#7841;o ra tr&ecirc;n mainnet. Tinh gi&#7843;n ho&#7841;t &#273;&#7897;ng s&#7869; c&#7843;i thi&#7879;n hi&#7879;u su&#7845;t kinh doanh b&#7857;ng c&aacute;ch t&#7853;p trung ngu&#7891;n l&#7921;c v&agrave;o c&aacute;c m&#7841;ng l&#432;&#7899;i c&oacute; l&#7907;i th&#7871; c&#7909; th&#7875;. C&aacute;ch ti&#7871;p c&#7853;n n&agrave;y c&#361;ng s&#7869; gi&#7843;m hi&#7879;u qu&#7843; chi ph&iacute; ho&#7841;t &#273;&#7897;ng.
Tuy nhi&ecirc;n, quy&#7871;t &#273;&#7883;nh &ldquo;&#273;&oacute;ng c&#7917;a&rdquo; n&agrave;y mang theo r&#7911;i ro ch&iacute;nh tr&#7883; v&agrave; c&#7897;ng &#273;&#7891;ng. C&aacute;c h&#7879; sinh th&aacute;i/&#273;&#7889;i t&aacute;c L2 c&oacute; th&#7875; ph&#7843;n &#273;&#7889;i, ng&#432;&#7901;i d&ugrave;ng tr&ecirc;n c&aacute;c chu&#7895;i &#273;&oacute; c&oacute; th&#7875; r&#7901;i &#273;i, v&agrave; TVL c&oacute; th&#7875; t&#7841;m th&#7901;i gi&#7843;m. Do &#273;&oacute;, c&#7847;n c&acirc;n nh&#7855;c k&#7929; l&#432;&#7905;ng trong l&#7897; tr&igrave;nh tri&#7875;n khai.
M&#7897;t h&#432;&#7899;ng &#273;i &#273;&#7863;c bi&#7879;t &#273;&aacute;ng ch&uacute; &yacute; trong b&aacute;o c&aacute;o l&agrave; ACI t&#7853;p trung &#273;&#7863;t <a href="https://beincrypto.com/learn/gho-token-guide/" target="_blank" rel="noreferrer noopener">GHO stablecoin</a> l&agrave;m trung t&acirc;m c&#7911;a chi&#7871;n l&#432;&#7907;c t&#259;ng tr&#432;&#7903;ng. ACI &#432;u ti&ecirc;n ph&aacute;t tri&#7875;n GHO b&#7857;ng c&aacute;ch duy tr&igrave; ch&#432;&#417;ng tr&igrave;nh mua l&#7841;i AAVE. Ch&#432;&#417;ng tr&igrave;nh n&agrave;y s&#7869; bao g&#7891;m vi&#7879;c mua h&agrave;ng tu&#7847;n kho&#7843;ng 500,000 USD &#273;&#7871;n 1 tri&#7879;u USD trong 18 th&aacute;ng t&#7899;i. ACI s&#7869; tri&#7875;n khai h&#417;n 100 tri&#7879;u USD trong d&#7921; tr&#7919; cho c&aacute;c ch&#432;&#417;ng tr&igrave;nh h&#7907;p t&aacute;c v&agrave; k&iacute;ch ho&#7841;t m&#7897;t d&ograve;ng t&iacute;n d&#7909;ng GHO &#273;&#432;&#7907;c th&#7871; ch&#7845;p b&#7857;ng BTC/ETH/AAVE.
M&#7909;c ti&ecirc;u r&otilde; r&agrave;ng: bi&#7871;n GHO th&agrave;nh &#273;&#7897;ng l&#7921;c t&#7841;o ra bi&ecirc;n l&#7907;i nhu&#7853;n cao h&#417;n cho DAO. S&#7921; chuy&#7875;n &#273;&#7893;i n&agrave;y s&#7869; chuy&#7875;n t&#7915; m&ocirc; h&igrave;nh cho vay bi&ecirc;n l&#7907;i nhu&#7853;n th&#7845;p sang m&ocirc; h&igrave;nh bi&ecirc;n l&#7907;i nhu&#7853;n cao h&#417;n th&ocirc;ng qua stablecoin CDP. N&#7871;u th&#7921;c hi&#7879;n hi&#7879;u qu&#7843;, &#273;i&#7873;u n&agrave;y c&oacute; th&#7875; t&#259;ng &#273;&aacute;ng k&#7875; doanh thu c&#7911;a DAO v&agrave; h&#7895; tr&#7907; &#273;&#7883;nh gi&aacute; AAVE.
Aave &#273;ang &#7903; v&#7883; tr&iacute; t&#7889;t v&#7899;i n&#7873;n t&#7843;ng t&agrave;i ch&iacute;nh v&#7919;ng ch&#7855;c v&agrave; s&#7921; th&#7889;ng tr&#7883; trong l&#297;nh v&#7921;c cho vay tr&ecirc;n chu&#7895;i. Ti&#7873;m n&#259;ng to l&#7899;n c&#7911;a GHO c&agrave;ng &#273;&#7863;t n&oacute; v&agrave;o c&#417; h&#7897;i l&#7883;ch s&#7917; &#273;&#7875; &#273;&#7883;nh h&igrave;nh t&#432;&#417;ng lai c&#7911;a t&agrave;i ch&iacute;nh phi t&#7853;p trung. Tuy nhi&ecirc;n, r&#7911;i ro ng&#7855;n h&#7841;n v&#7873; gi&#7843;m TVL ho&#7863;c ph&#7843;n &#7913;ng t&#7915; c&#7897;ng &#273;&#7891;ng v&#7851;n c&oacute; th&#7875; x&#7843;y ra.