Aave V4提案：将DAO资金置于坏账处理首位

New Aave V4 proposal: DAO funds will serve as the first line of defense for bad debt absorption

A new Aave V4 proposal submitted on September 11, 2026 proposes to put Aave DAO funds first in absorbing bad debt. This means that deficit offsets funded by the DAO will serve as an initial loss layer before Umbrella insurers launch coverage of the three core markets on Ethereum.

According to the governance thread, DAO service provider TokenLogic released the Aave V4 proposal at 14:29 Coordinated Universal Time (UTC), using it as an ARFC (Aave requested comment), recommending the establishment of a common Umbrella market for the three core markets: Core WETH, Core USDC and Core USDT. It should be emphasized that this is a released proposal, not an approved or deployed change; no votes, executed transactions, or funded balances have been confirmed. For relevant background information, please refer to Federal Reserve Chairman Walsh's reaffirmation of the 2% inflation target under pressure from U.S. debt.

Proposed priorities and conditional effects

• Proposed priorities: Designated DAO funds will be at the top of the loss cascades in the three core markets.
• Conditional impact: If losses occur and the proposal takes effect, these funds will absorb bad debts first before Umbrella insurers.
• Things to be confirmed: Governance status is still open;ARFC has not yet shown that it has passed the vote or implemented on-chain deployment.

Changes in the bad debt absorption mechanism

DAO 资金作为拟议的首要损失吸收源

在该框架下，由 DAO 资助的赤字抵销将在承保商覆盖之前形成第一损失层。TokenLogic 提议为 Core WETH 提供 33 ETH，为 Core USDC 提供 15,000 USDC，为 Core USDT 提供 15,000 USDT 的抵销额度。正如作者所言：“赤字抵销在 Umbrella 覆盖之前构成第一损失层。”

拟议的 DAO 首损抵销额度

33 ETH · 15,000 USDC · 15,000 USDT

TokenLogic 分别为 Core WETH、Core USDC 和 Core USDT 提出上述由 DAO 资助的抵销额度，旨在 Umbrella 承保商吸收损失之前发挥作用。每个抵销额度仅适用于其各自的 Hub（中心枢纽）和资产。来源：TokenLogic，Aave 治理，2026年9月11日；批准和激活情况未经核实。

该范围具有局限性。覆盖范围和抵销额度按 Hub 和资产分别适用，因此投入一个 Hub 资产的资本无法消除另一个 Hub 中的赤字；例如，Core USDC 的覆盖范围不会延伸至其他 Hub 中持有的 USDC。

本提案中“坏账”的定义

当清算没收了所有抵押品但留下了未偿还债务时，即视为出现赤字。赤字消除是一个单独的操作，需燃烧调用者自己提供的 Hub 份额，而承保资本在投入使用前赚取供应收益。每个拟议的市场将覆盖所有借用受保护储备的 Spokes（分支节点），包括那些抵押品位于其他 Hub 中的 Spokes 的信贷额度提取。

Aave 官方 Umbrella 指南指出，质押资产在冷却期间仍面临被削减的风险，同时继续获得奖励。这是现有的 Umbrella 背景信息，并不证明 V4 已激活。该机制呼应了早期压力事件的教训，包括桥接漏洞导致 Aave 面临的 1.95 亿美元坏账。

率先吸收坏账对 DAO 的意义

坏账覆盖如何影响可用 DAO 资金

如果提案生效且坏账发生，指定的 DAO 资金将被首先动用，在承保商吸收任何损失之前减少特定的抵销余额。排在第一位并不意味着无限期的覆盖；抵销额度是每市场的固定金额，而非针对损失的全面担保。

在 DAO 层之后，TokenLogic 瞄准的承保流动性目标为 800 ETH、400,000 USDC 和 400,000 USDT，规模设定为满足预期增长六至八周的需求。这些都是拟议的目标，而非已验证的已注资余额。

拟议的承保流动性目标

800 ETH·400,000 USDC·400,000 USDT

Targets for Core WETH, Core USDC and Core USDT respectively, and the scale is set to meet expected growth in six to eight weeks. These are proposed underwriting goals rather than verified capitalized balances or DAO first-loss offsets. Source: TokenLogic, Aave Governance, September 11, 2026.

Importance of the order of allocation of residual losses

To attract insurers, the proposal sets maximum annual emissions of 20.8 ETH, 12,800 USDC and 12,800 USDT, The APY (annualized rate of return) of emissions under target liquidity is 2.6% of WETH and 3.2% of each stablecoin, respectively. These are proposed incentive yields superimposed on variable supply returns rather than guaranteed total returns, and the distribution will end 12 months after launch with matching Collector licenses.

The pledger is exposed to actual risks. Each market has proposed a 20-day cooling-off period and a 2-day un-locked window, and pledged capital may still be reduced during the cooling-off period. The fetched proposal does not elaborate on how lenders, borrowers and holders are treated outside the pledger clause and should not be assumed.

Details of proposals still to be confirmed

Funding scope, restrictions and activation conditions

TokenLogic does not recommend providing initial universal coverage for Core USDG or Core frxUSD due to its reliance on incentives and limited effective risk transfer;frxUSD also has a centralized, issuer linked supplier base. The plan is to monitor coverage markets after activation and rerun the framework three months later.

Governance status and implementation timing

Completed voting, execution transactions or real-time fund balances have not been verified. These three markets should not be described as activated or capitalized. Aave has been actively reshaping its footprint elsewhere, including withdrawing support for six low-income blockchains and liquidating weak markets such as the USDT0 pool on Monad.

AAVE was trading at $130.38, up 2.85% in 24 hours, giving it a market value of nearly $2.01 billion; this change is background information at the time of the search and is not a reaction to the proposal. The next milestone to watch is whether the ARFC will go to a formal vote and, if approved, whether the chain will inject capital into offsets and underwriting targets.

Disclaimer : This article is for information purposes only and does not constitute financial or investment advice. There are significant risks in the cryptocurrency and digital asset markets. Before making a decision, be sure to study it yourself.