ChainCatcher message, according to Protos reports, the Aave governance forum recently proposed a plan to peg Ethena's USDe to USDT at a 1:1 ratio, raising community concerns about potential conflicts of interest. The proposal suggests replacing the current Chainlink USDe/USD oracle with the USDT price to avoid adverse debts caused by liquidation.
Notably, the two authors of the proposal, ChaosLabs and LlamaRisk, have collaborated with Ethena. MakerDAO community member ImperiumPaper expressed concerns, likening it to "a real estate agent representing both buyers and sellers at the same time."
Critics point out that USDT is fully backed by off-chain assets, while USDe relies on a delta-neutral strategy of ETH long and short positions, facing the risk of negative funding rates when market sentiment turns. Meanwhile, Ethena founder Guy Young denies any conflicts of interest, emphasizing that the company has established a risk committee to ensure external oversight of product management.
