{
    "id": 66416,
    "date": "2026-03-30T09:19:42",
    "date_gmt": "2026-03-30T02:19:42",
    "guid": {
        "rendered": "https:\/\/hbbgroup.net\/inside-aaves-governance-battle-as-defi-giant-prepares-for-upgrade\/"
    },
    "modified": "2026-03-30T11:49:35",
    "modified_gmt": "2026-03-30T04:49:35",
    "slug": "inside-aaves-governance-battle-as-defi-giant-prepares-for-upgrade",
    "status": "publish",
    "type": "post",
    "link": "https:\/\/hbbgroup.net\/en_us\/inside-aaves-governance-battle-as-defi-giant-prepares-for-upgrade\/",
    "title": {
        "rendered": "B\u00ean trong cu\u1ed9c chi\u1ebfn qu\u1ea3n tr\u1ecb t\u1ea1i Aave khi g\u00e3 kh\u1ed5ng l\u1ed3 DeFi chu\u1ea9n b\u1ecb cho \u0111\u1ee3t n\u00e2ng c\u1ea5p."
    },
    "content": {
        "rendered": "<div data-module-name=\"article-header\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>Trong cu\u1ed9c ph\u1ecfng v\u1ea5n v\u1edbi CoinDesk, CEO <strong>Aave Labs<\/strong> l\u00e0 <strong>Stani Kulechov<\/strong> \u0111\u00e3 chia s\u1ebb g\u00f3c nh\u00ecn v\u1ec1 c\u00e1c cu\u1ed9c tranh lu\u1eadn qu\u1ea3n tr\u1ecb trong h\u1ec7 sinh th\u00e1i <strong>Aave<\/strong>, \u0111\u1ed3ng th\u1eddi \u0111\u1ec1 c\u1eadp \u0111\u1ebfn nh\u1eefng g\u00ec \u0111ang ch\u1edd \u0111\u1ee3i m\u1ea1ng l\u01b0\u1edbi n\u00e0y \u1edf ph\u00eda tr\u01b0\u1edbc.<\/p>\n<p><a href=\"https:\/\/www.google.com\/preferences\/source?q=coindesk.com\" target=\"_blank\" rel=\"noopener\">Make preferred on <\/a><\/p>\n<\/div>\n<div data-module-name=\"article-body\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>Trong nhi\u1ec1u th\u00e1ng qua, <strong>Aave<\/strong>, m\u1ed9t trong nh\u1eefng giao th\u1ee9c cho vay l\u1edbn nh\u1ea5t trong l\u0129nh v\u1ef1c <strong>t\u00e0i ch\u00ednh phi t\u1eadp trung (DeFi)<\/strong>, \u0111\u00e3 tr\u1edf th\u00e0nh t\u00e2m \u0111i\u1ec3m c\u1ee7a m\u1ed9t cu\u1ed9c tranh lu\u1eadn c\u00f4ng khai v\u1ec1 vi\u1ec7c r\u1ed1t cu\u1ed9c n\u00f3 n\u00ean l\u00e0 g\u00ec.<\/p>\n<p>V\u1ec1 c\u1ed1t l\u00f5i, ph\u1ea7n l\u1edbn c\u1ed9ng \u0111\u1ed3ng mu\u1ed1n m\u1ea1ng l\u01b0\u1edbi n\u00e0y tr\u1edf th\u00e0nh m\u1ed9t <strong>l\u1edbp h\u1ea1 t\u1ea7ng t\u00e0i ch\u00ednh phi t\u1eadp trung<\/strong> \u0111\u01b0\u1ee3c qu\u1ea3n tr\u1ecb b\u1edfi <strong>nh\u1eefng ng\u01b0\u1eddi n\u1eafm gi\u1eef token<\/strong>, trong khi m\u1ed9t b\u1ed9 ph\u1eadn kh\u00e1c l\u1ea1i c\u1ea3nh b\u00e1o r\u1eb1ng n\u00f3 \u0111ang d\u1ea7n chuy\u1ec3n sang m\u1ed9t m\u00f4 h\u00ecnh ph\u1ed1i h\u1ee3p ch\u1eb7t ch\u1ebd h\u01a1n, \u0111\u01b0\u1ee3c \u0111\u1ecbnh h\u00ecnh b\u1edfi c\u00e1c b\u00ean \u0111\u00f3ng g\u00f3p l\u1edbn.<\/p>\n<p>N\u00f3i \u0111\u01a1n gi\u1ea3n, cu\u1ed9c tranh lu\u1eadn xoay quanh vi\u1ec7c li\u1ec7u <strong>Aave<\/strong> n\u00ean ti\u1ebfp t\u1ee5c l\u00e0 m\u1ed9t n\u1ec1n t\u1ea3ng <strong>trung l\u1eadp, m\u1edf, n\u01a1i b\u1ea5t k\u1ef3 ai c\u0169ng c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng<\/strong>, hay s\u1ebd chuy\u1ec3n sang m\u1ed9t m\u00f4 h\u00ecnh c\u00f3 c\u1ea5u tr\u00fac h\u01a1n, trong \u0111\u00f3 c\u00e1c b\u00ean \u0111\u00f3ng g\u00f3p ch\u1ee7 ch\u1ed1t gi\u1eef vai tr\u00f2 l\u1edbn h\u01a1n trong vi\u1ec7c \u0111\u1ecbnh h\u00ecnh s\u1ea3n ph\u1ea9m v\u00e0 thu v\u1ec1 doanh thu \u2014 m\u1ed9t s\u1ef1 d\u1ecbch chuy\u1ec3n c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn m\u1ee9c \u0111\u1ed9 phi t\u1eadp trung c\u1ee7a giao th\u1ee9c c\u0169ng nh\u01b0 vi\u1ec7c ai l\u00e0 ng\u01b0\u1eddi \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i t\u1eeb t\u0103ng tr\u01b0\u1edfng c\u1ee7a n\u00f3.<\/p>\n<p>Sau m\u1ed9t giai \u0111o\u1ea1n \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng v\u1edbi c\u00e1c tranh ch\u1ea5p qu\u1ea3n tr\u1ecb, s\u1ef1 r\u00fat lui c\u1ee7a c\u00e1c b\u00ean \u0111\u00f3ng g\u00f3p v\u00e0 m\u1ed9t cu\u1ed9c t\u00e1i c\u1ea5u tr\u00fac chi\u1ebfn l\u01b0\u1ee3c tr\u00ean di\u1ec7n r\u1ed9ng, nh\u00e0 s\u00e1ng l\u1eadp c\u00f4ng ty ph\u00e1t tri\u1ec3n ch\u00ednh \u0111ang h\u1ed7 tr\u1ee3 m\u1ea1ng l\u01b0\u1edbi, <strong>Stani Kulechov<\/strong>, cho r\u1eb1ng \u0111\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 d\u1ea5u hi\u1ec7u \u0111\u1ed5 v\u1ee1, m\u00e0 l\u00e0 m\u1ed9t b\u01b0\u1edbc ti\u1ebfn h\u00f3a c\u1ea7n thi\u1ebft.<\/p>\n<p>\u201cCh\u00fang t\u00f4i \u0111\u00e3 l\u00e0m \u0111i\u1ec1u n\u00e0y g\u1ea7n m\u1ed9t th\u1eadp k\u1ef7 r\u1ed3i,\u201d nh\u00e0 s\u00e1ng l\u1eadp <strong>Aave Labs<\/strong> chia s\u1ebb v\u1edbi CoinDesk. \u201cT\u00e0i ch\u00ednh l\u00e0 m\u1ed9t h\u1ec7 th\u1ed1ng h\u1ea1 t\u1ea7ng r\u1ea5t l\u1edbn\u2026 c\u1ea7n th\u1eddi gian \u0111\u1ec3 thay th\u1ebf.\u201d<\/p>\n<p><strong>Cu\u1ed9c tranh lu\u1eadn b\u1eaft \u0111\u1ea7u t\u1eeb ph\u00ed giao di\u1ec7n<\/strong><\/p>\n<p>Ch\u01b0\u01a1ng m\u1edbi nh\u1ea5t c\u1ee7a c\u00e2u chuy\u1ec7n b\u1eaft \u0111\u1ea7u v\u00e0o cu\u1ed1i n\u0103m ngo\u00e1i t\u1eeb \u0111i\u1ec1u t\u01b0\u1edfng nh\u01b0 ch\u1ec9 l\u00e0 m\u1ed9t v\u1ea5n \u0111\u1ec1 k\u1ef9 thu\u1eadt: <strong>ph\u00ed giao di\u1ec7n (interface fees)<\/strong>.<\/p>\n<p>V\u00e0o th\u00e1ng 12\/2025, c\u00e1c cu\u1ed9c th\u1ea3o lu\u1eadn xoay quanh vi\u1ec7c li\u1ec7u doanh thu t\u1ea1o ra t\u1eeb c\u00e1c <strong>giao di\u1ec7n front-end c\u1ee7a Aave<\/strong> c\u00f3 n\u00ean \u0111\u01b0\u1ee3c chuy\u1ec3n v\u1ec1 <strong>DAO<\/strong> \u2014 t\u1ee9c <strong>t\u1ed5 ch\u1ee9c t\u1ef1 tr\u1ecb phi t\u1eadp trung<\/strong> ph\u1ee5 tr\u00e1ch qu\u1ea3n tr\u1ecb v\u00e0 kho b\u1ea1c c\u1ee7a Aave \u2014 \u0111\u00e3 l\u00e0m l\u1ed9 ra nh\u1eefng b\u1ea5t \u0111\u1ed3ng s\u00e2u s\u1eafc h\u01a1n v\u1ec1 c\u00e1ch <strong>n\u1eafm b\u1eaft gi\u00e1 tr\u1ecb<\/strong> trong h\u1ec7 sinh th\u00e1i. DAO \u0111\u00e3 ph\u1ea3n \u0111\u1ed1i c\u00e1c \u0111\u1ec1 xu\u1ea5t mu\u1ed1n chuy\u1ec3n h\u01b0\u1edbng d\u00f2ng ph\u00ed ra kh\u1ecfi kho b\u1ea1c c\u1ee7a m\u00ecnh, qua \u0111\u00f3 ph\u01a1i b\u00e0y nh\u1eefng c\u0103ng th\u1eb3ng v\u1ec1 <strong>\u0111\u1ed9ng l\u1ef1c l\u1ee3i \u00edch<\/strong> v\u00e0 <strong>quy\u1ec1n ki\u1ec3m so\u00e1t<\/strong> v\u1ed1n \u0111\u00e3 t\u00edch t\u1ee5 su\u1ed1t nhi\u1ec1u n\u0103m.<\/p>\n<p>Nh\u1eefng c\u0103ng th\u1eb3ng n\u00e0y leo thang v\u00e0o th\u00e1ng 2 khi <strong>Aave Labs<\/strong> \u0111\u01b0a ra m\u1ed9t \u0111\u1ec1 xu\u1ea5t mang t\u00ean <strong>\u201cAave Will Win.\u201d<\/strong><\/p>\n<p>V\u1ec1 b\u1ea3n ch\u1ea5t, \u0111\u1ec1 xu\u1ea5t n\u00e0y xoay quanh m\u1ed9t \u00fd t\u01b0\u1edfng \u0111\u01a1n gi\u1ea3n: to\u00e0n b\u1ed9 doanh thu t\u1ea1o ra t\u1eeb c\u00e1c s\u1ea3n ph\u1ea9m mang th\u01b0\u01a1ng hi\u1ec7u Aave cu\u1ed1i c\u00f9ng n\u00ean ch\u1ea3y v\u1ec1 l\u1ea1i <strong>DAO<\/strong>. \u0110\u1ec1 xu\u1ea5t n\u00e0y nghi\u00eang v\u1ec1 m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn ph\u1ed1i h\u1ee3p h\u01a1n gi\u1eefa <strong>giao th\u1ee9c<\/strong> v\u00e0 c\u00e1c <strong>s\u1ea3n ph\u1ea9m \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng xung quanh n\u00f3<\/strong>. \u201cCh\u00fang t\u00f4i \u0111ang tr\u1edf n\u00ean l\u1ea5y token l\u00e0m trung t\u00e2m h\u01a1n\u2026 nh\u01b0ng ch\u00fang t\u00f4i c\u0169ng nh\u1eadn ra r\u1eb1ng gi\u00e1 tr\u1ecb \u0111\u1ebfn t\u1eeb c\u1ea3 l\u1edbp giao th\u1ee9c l\u1eabn l\u1edbp s\u1ea3n ph\u1ea9m,\u201d Kulechov n\u00f3i.<\/p>\n<p>Aave Labs l\u00e0 m\u1ed9t b\u00ean \u0111\u00f3ng g\u00f3p ph\u00e1t tri\u1ec3n quan tr\u1ecdng nh\u01b0ng kh\u00f4ng ki\u1ec3m so\u00e1t DAO, b\u1edfi DAO \u0111\u01b0\u1ee3c qu\u1ea3n tr\u1ecb b\u1edfi nh\u1eefng ng\u01b0\u1eddi n\u1eafm gi\u1eef token. Tuy nhi\u00ean, c\u00e1c \u0111\u1ec1 xu\u1ea5t v\u00e0 s\u1ea3n ph\u1ea9m c\u1ee7a c\u00f4ng ty v\u1eabn c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng t\u1edbi c\u00e1ch gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 trong h\u1ec7 sinh th\u00e1i, bao g\u1ed3m c\u1ea3 d\u00f2ng doanh thu ch\u1ea3y v\u00e0o kho b\u1ea1c DAO.<\/p>\n<p>Thay v\u00ec xoa d\u1ecbu c\u0103ng th\u1eb3ng, \u0111\u1ec1 xu\u1ea5t n\u00e0y l\u1ea1i khi\u1ebfn m\u00e2u thu\u1eabn b\u00f9ng l\u00ean m\u1ea1nh h\u01a1n.<\/p>\n<p>\u0110\u1ea7u th\u00e1ng 3, <strong>Aave Chain Initiative (ACI)<\/strong>, m\u1ed9t trong nh\u1eefng nh\u00f3m qu\u1ea3n tr\u1ecb ho\u1ea1t \u0111\u1ed9ng t\u00edch c\u1ef1c nh\u1ea5t c\u1ee7a DAO, tuy\u00ean b\u1ed1 s\u1ebd gi\u1ea3i th\u1ec3 sau khi x\u1ea3y ra xung \u0111\u1ed9t v\u1edbi <strong>Aave Labs<\/strong> v\u1ec1 k\u1ebf ho\u1ea1ch n\u00e0y. Nh\u00f3m n\u00e0y t\u1eebng th\u00fac \u0111\u1ea9y ph\u1ea7n l\u1edbn ho\u1ea1t \u0111\u1ed9ng qu\u1ea3n tr\u1ecb trong v\u00e0i n\u0103m qua, n\u00ean vi\u1ec7c h\u1ecd r\u1eddi \u0111i mang \u00fd ngh\u0129a \u0111\u1eb7c bi\u1ec7t \u0111\u00e1ng ch\u00fa \u00fd.<\/p>\n<p>Tranh ch\u1ea5p t\u1eadp trung v\u00e0o lo ng\u1ea1i r\u1eb1ng \u0111\u1ec1 xu\u1ea5t tr\u00ean \u0111\u00e3 l\u00e0m m\u1edd ranh gi\u1edbi gi\u1eefa <strong>qu\u1ea3n tr\u1ecb DAO \u0111\u1ed9c l\u1eadp<\/strong> v\u00e0 <strong>\u1ea3nh h\u01b0\u1edfng c\u1ee7a c\u00e1c b\u00ean \u0111\u00f3ng g\u00f3p l\u1edbn<\/strong>. M\u1ed9t s\u1ed1 \u00fd ki\u1ebfn ch\u1ec9 tr\u00edch cho r\u1eb1ng quy tr\u00ecnh b\u1ecf phi\u1ebfu \u0111\u00e3 \u0111\u1eb7t ra c\u00e2u h\u1ecfi v\u1ec1 vi\u1ec7c <strong>qu\u00e1 tr\u00ecnh ra quy\u1ebft \u0111\u1ecbnh c\u00f3 th\u1ef1c s\u1ef1 phi t\u1eadp trung hay kh\u00f4ng<\/strong> trong th\u1ef1c t\u1ebf v\u1eadn h\u00e0nh.<\/p>\n<p>S\u1ef1 r\u00fat lui c\u1ee7a ACI di\u1ec5n ra sau vi\u1ec7c <strong>BGD Labs<\/strong>, m\u1ed9t \u0111\u01a1n v\u1ecb \u0111\u00f3ng g\u00f3p k\u1ef9 thu\u1eadt ch\u1ee7 ch\u1ed1t \u0111\u1ee9ng sau <strong>Aave v3<\/strong>, tr\u01b0\u1edbc \u0111\u00f3 c\u0169ng \u0111\u00e3 r\u1eddi \u0111i v\u00ec b\u1ea5t \u0111\u1ed3ng chi\u1ebfn l\u01b0\u1ee3c. G\u1ed9p l\u1ea1i, nh\u1eefng \u0111\u1ed9ng th\u00e1i n\u00e0y l\u00e0m n\u1ed5i b\u1eadt m\u1ed9t c\u0103ng th\u1eb3ng l\u1eb7p \u0111i l\u1eb7p l\u1ea1i trong c\u00e1c h\u1ec7 th\u1ed1ng phi t\u1eadp trung: d\u00f9 giao th\u1ee9c \u0111\u01b0\u1ee3c qu\u1ea3n tr\u1ecb <strong>on-chain<\/strong>, ph\u1ea7n l\u1edbn ho\u1ea1t \u0111\u1ed9ng ph\u00e1t tri\u1ec3n v\u00e0 \u0111i\u1ec1u ph\u1ed1i v\u1eabn ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ed9t nh\u00f3m t\u01b0\u01a1ng \u0111\u1ed1i nh\u1ecf c\u00e1c b\u00ean \u0111\u00f3ng g\u00f3p.<\/p>\n<p>Tuy nhi\u00ean, Kulechov l\u1ea1i xem nh\u1eefng bi\u1ebfn \u0111\u1ed9ng \u0111\u00f3 l\u00e0 m\u1ed9t ph\u1ea7n c\u1ee7a chu k\u1ef3 b\u00ecnh th\u01b0\u1eddng.<\/p>\n<p>\u201cT\u00f4i kh\u00f4ng ngh\u0129 \u0111i\u1ec1u \u0111\u00f3 thay \u0111\u1ed5i qu\u00e1 nhi\u1ec1u\u2026 \u0111\u00e2y l\u00e0 \u0111i\u1ec1u r\u1ea5t b\u00ecnh th\u01b0\u1eddng,\u201d \u00f4ng n\u00f3i, \u0111\u1ed3ng th\u1eddi ch\u1ec9 ra r\u1eb1ng nh\u1eefng giai \u0111o\u1ea1n chuy\u1ec3n \u0111\u1ed5i t\u01b0\u01a1ng t\u1ef1 \u0111\u00e3 t\u1eebng xu\u1ea5t hi\u1ec7n nhi\u1ec1u l\u1ea7n trong su\u1ed1t l\u1ecbch s\u1eed ph\u00e1t tri\u1ec3n c\u1ee7a Aave.<\/p>\n<p><strong>M\u1ed9t \u0111\u1ee3t n\u00e2ng c\u1ea5p k\u1ef9 thu\u1eadt \u0111ang di\u1ec5n ra \u1edf h\u1eadu tr\u01b0\u1eddng<\/strong><\/p>\n<p>Song song v\u1edbi cu\u1ed9c t\u00e1i c\u1ea5u tr\u00fac qu\u1ea3n tr\u1ecb l\u00e0 b\u1ea3n n\u00e2ng c\u1ea5p giao th\u1ee9c l\u1edbn ti\u1ebfp theo c\u1ee7a Aave, mang t\u00ean <strong>v4<\/strong>. B\u1ea3n n\u00e2ng c\u1ea5p n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c ph\u00e1t tri\u1ec3n trong kho\u1ea3ng <strong>2 n\u0103m<\/strong> v\u00e0 hi\u1ec7n \u0111ang ti\u1ebfn g\u1ea7n t\u1edbi th\u1eddi \u0111i\u1ec3m ra m\u1eaft sau m\u1ed9t giai \u0111o\u1ea1n d\u00e0i ki\u1ec3m th\u1eed b\u1ea3o m\u1eadt v\u00e0 r\u00e0 so\u00e1t qu\u1ea3n tr\u1ecb. D\u00f9 t\u00e1ch bi\u1ec7t v\u1edbi c\u00e1c tranh ch\u1ea5p qu\u1ea3n tr\u1ecb g\u1ea7n \u0111\u00e2y, \u0111\u00e2y v\u1eabn l\u00e0 m\u1ed9t trong nh\u1eefng thay \u0111\u1ed5i k\u1ef9 thu\u1eadt quan tr\u1ecdng nh\u1ea5t c\u1ee7a giao th\u1ee9c cho t\u1edbi nay.<\/p>\n<p>\u1ede c\u1ea5p \u0111\u1ed9 t\u1ed5ng quan, <strong>v4<\/strong> \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng s\u1ebd mang \u0111\u1ebfn m\u1ed9t <strong>ki\u1ebfn tr\u00fac mang t\u00ednh m\u00f4-\u0111un h\u01a1n<\/strong>, cho ph\u00e9p c\u00e1c <strong>tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng m\u1edbi<\/strong> v\u00e0 c\u00e1c <strong>t\u00edch h\u1ee3p m\u1edbi<\/strong> \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng d\u1ec5 d\u00e0ng h\u01a1n tr\u00ean h\u1ea1 t\u1ea7ng c\u1ed1t l\u00f5i c\u1ee7a Aave. Thi\u1ebft k\u1ebf n\u00e0y c\u0169ng nh\u1eb1m c\u1ea3i thi\u1ec7n <strong>hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n<\/strong> v\u00e0 m\u1edf r\u1ed9ng c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong giao th\u1ee9c.<\/p>\n<p>D\u00f9 b\u1ea3n th\u00e2n <strong>v4<\/strong> kh\u00f4ng ph\u1ea3i l\u00e0 t\u00e2m \u0111i\u1ec3m ch\u00ednh c\u1ee7a tranh ch\u1ea5p, th\u1eddi \u0111i\u1ec3m tri\u1ec3n khai c\u1ee7a n\u00f3 l\u1ea1i di\u1ec5n ra trong l\u00fac <strong>DAO<\/strong> v\u1eabn \u0111ang tranh lu\u1eadn v\u1ec1 vi\u1ec7c gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c t\u1ea1o ra t\u1eeb c\u00e1c s\u1ea3n ph\u1ea9m v\u00e0 h\u1ea1 t\u1ea7ng m\u1edbi n\u00ean \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 trong to\u00e0n h\u1ec7 sinh th\u00e1i nh\u01b0 th\u1ebf n\u00e0o.<\/p>\n<p>Vi\u1ec7c ra m\u1eaft v4 \u0111\u1ebfn v\u00e0o \u0111\u00fang th\u1eddi \u0111i\u1ec3m Aave kh\u00f4ng ch\u1ec9 \u0111ang tinh ch\u1ec9nh l\u1ea1i <strong>m\u00f4 h\u00ecnh qu\u1ea3n tr\u1ecb<\/strong> v\u00e0 <strong>m\u00f4 h\u00ecnh kinh t\u1ebf<\/strong>, m\u00e0 c\u00f2n \u0111ang n\u00e2ng c\u1ea5p c\u1ea3 <strong>h\u1ec7 th\u1ed1ng n\u1ec1n t\u1ea3ng<\/strong> \u2014 qua \u0111\u00f3 \u0111\u1eb7t n\u1ec1n m\u00f3ng cho giai \u0111o\u1ea1n t\u0103ng tr\u01b0\u1edfng ti\u1ebfp theo.<\/p>\n<p><strong>Giai \u0111o\u1ea1n ti\u1ebfp theo c\u1ee7a DeFi<\/strong><\/p>\n<p>Cu\u1ed9c tranh lu\u1eadn quanh Aave di\u1ec5n ra trong b\u1ed1i c\u1ea3nh to\u00e0n b\u1ed9 l\u0129nh v\u1ef1c <strong>DeFi<\/strong> \u0111ang m\u1ed9t l\u1ea7n n\u1eefa b\u1ecb soi x\u00e9t k\u1ef9 l\u01b0\u1ee1ng.<\/p>\n<p>Sau giai \u0111o\u1ea1n b\u00f9ng n\u1ed5 c\u1ee7a c\u00e1c chu k\u1ef3 tr\u01b0\u1edbc, ho\u1ea1t \u0111\u1ed9ng trong ng\u00e0nh \u0111\u00e3 h\u1ea1 nhi\u1ec7t, v\u00e0 nh\u1eefng c\u00e2u h\u1ecfi v\u1ec1 <strong>t\u00ednh ph\u00f9 h\u1ee3p l\u00e2u d\u00e0i<\/strong> c\u1ee7a l\u0129nh v\u1ef1c n\u00e0y l\u1ea1i xu\u1ea5t hi\u1ec7n. Nh\u1eefng ng\u01b0\u1eddi ch\u1ec9 tr\u00edch cho r\u1eb1ng c\u00e1c tranh ch\u1ea5p qu\u1ea3n tr\u1ecb v\u00e0 m\u1ee9c l\u1ee3i su\u1ea5t suy gi\u1ea3m l\u00e0 d\u1ea5u hi\u1ec7u cho th\u1ea5y m\u00f4 h\u00ecnh n\u00e0y c\u00f3 th\u1ec3 \u0111ang m\u1ea5t d\u1ea7n hi\u1ec7u l\u1ef1c.<\/p>\n<p>Kulechov kh\u00f4ng \u0111\u1ed3ng t\u00ecnh v\u1edbi quan \u0111i\u1ec3m \u0111\u00f3. \u201c<strong>DeFi m\u1ea1nh h\u01a1n bao gi\u1edd h\u1ebft<\/strong>,\u201d \u00f4ng n\u00f3i, \u0111\u1ed3ng th\u1eddi ch\u1ec9 ra r\u1eb1ng v\u1eabn c\u00f2n <strong>h\u00e0ng ch\u1ee5c t\u1ef7 USD ti\u1ec1n g\u1eedi<\/strong> \u0111ang b\u1ecb kh\u00f3a trong to\u00e0n h\u1ec7 sinh th\u00e1i.<\/p>\n<p>Theo \u00f4ng, \u0111i\u1ec1u \u0111ang thay \u0111\u1ed5i kh\u00f4ng ph\u1ea3i l\u00e0 s\u1ee9c s\u1ed1ng c\u1ee7a DeFi, m\u00e0 l\u00e0 <strong>ngu\u1ed3n g\u1ed1c c\u1ee7a t\u0103ng tr\u01b0\u1edfng trong t\u01b0\u01a1ng lai<\/strong>. Thay v\u00ec ch\u1ec9 \u0111\u1ebfn t\u1eeb c\u00e1c tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng thu\u1ea7n crypto, giai \u0111o\u1ea1n ti\u1ebfp theo c\u1ee7a DeFi nhi\u1ec1u kh\u1ea3 n\u0103ng s\u1ebd \u0111\u01b0\u1ee3c d\u1eabn d\u1eaft b\u1edfi <strong>c\u00e1c ho\u1ea1t \u0111\u1ed9ng t\u00e0i ch\u00ednh trong th\u1ebf gi\u1edbi th\u1ef1c<\/strong> \u2014 t\u1eeb <strong>cho vay t\u1ed5 ch\u1ee9c<\/strong> \u0111\u1ebfn <strong>t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c token h\u00f3a<\/strong>.<\/p>\n<p>\u201c<strong>M\u1ecdi ng\u00e2n h\u00e0ng hi\u1ec7n nay \u0111\u1ec1u c\u00f3 m\u1ed9t \u0111\u1ed9i ng\u0169 t\u00e0i s\u1ea3n s\u1ed1<\/strong>,\u201d \u00f4ng n\u00f3i. \u201c<strong>M\u1ed9t khi b\u1ea1n token h\u00f3a t\u00e0i s\u1ea3n, b\u1ea1n s\u1ebd c\u1ea7n c\u00e1c ti\u1ec7n \u00edch \u0111i k\u00e8m.<\/strong>\u201d<\/p>\n<p>Trong t\u1ea7m nh\u00ecn \u0111\u00f3, DeFi s\u1ebd kh\u00f4ng thay th\u1ebf t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng ch\u1ec9 sau m\u1ed9t \u0111\u00eam. Thay v\u00e0o \u0111\u00f3, n\u00f3 s\u1ebd d\u1ea7n tr\u1edf th\u00e0nh <strong>m\u1ed9t ph\u1ea7n trong h\u1ea1 t\u1ea7ng c\u1ee7a t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng<\/strong> \u2014 \u0111\u01b0\u1ee3c nh\u00fang v\u00e0o l\u1edbp backend c\u1ee7a c\u00e1c n\u1ec1n t\u1ea3ng fintech v\u00e0 c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh.<\/p>\n<p>Nh\u1eefng tranh ch\u1ea5p qu\u1ea3n tr\u1ecb g\u1ea7n \u0111\u00e2y v\u00e0 s\u1ef1 thay \u0111\u1ed5i trong \u0111\u1ed9i ng\u0169 \u0111\u00f3ng g\u00f3p c\u1ee7a Aave cho th\u1ea5y m\u1ed9t h\u1ec7 sinh th\u00e1i \u0111ang trong qu\u00e1 tr\u00ecnh chuy\u1ec3n m\u00ecnh.<\/p>\n<p>Nh\u1eefng n\u1ed7 l\u1ef1c nh\u1eb1m ph\u00e1t tri\u1ec3n h\u1ec7 sinh th\u00e1i \u0111\u00e3 mang t\u1edbi c\u00e1c th\u00e1ch th\u1ee9c m\u1edbi v\u1ec1 \u0111i\u1ec1u ph\u1ed1i, \u0111\u1ed3ng th\u1eddi ph\u1ea3n \u00e1nh m\u1ed9t s\u1ef1 d\u1ecbch chuy\u1ec3n r\u1ed9ng h\u01a1n trong to\u00e0n b\u1ed9 DeFi, n\u01a1i c\u00e1c giao th\u1ee9c \u0111ang c\u1ed1 g\u1eafng \u0111\u1ed3ng b\u1ed9 l\u1ee3i \u00edch v\u1edbi c\u00e1c \u1ee9ng d\u1ee5ng \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng ph\u00eda tr\u00ean ch\u00fang.<\/p>\n<p>\u201c<strong>\u0110\u00e2y \u0111\u01a1n gi\u1ea3n ch\u1ec9 l\u00e0 m\u1ed9t ph\u1ea7n c\u1ee7a qu\u00e1 tr\u00ecnh x\u00e2y d\u1ef1ng nh\u1eefng h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh t\u1ed1t h\u01a1n<\/strong>,\u201d Kulechov n\u00f3i.<\/p>\n<p><strong style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\"><em>\u0110\u1ecdc th\u00eam t\u1ea1i \u0111\u00e2y: <a href=\"http:\/\/www.coindesk.com\/business\/2026\/02\/12\/aave-labs-proposes-aave-will-win-plan-to-send-100-of-product-revenue-to-dao\">Aave labs proposes \u2018Aave Will Win\u2019 plan to send 100% of product revenue to DAO<\/a><\/em><\/strong><\/p>\n<\/div>\n<div data-module-name=\"promotional-article\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<figure><img fetchpriority=\"high\" decoding=\"async\" src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2Fe41ef038d45a3ef0a8e9e529dd13ed183d8975a9-1920x1080.png%3Fauto%3Dformat&amp;w=3840&amp;q=75\" alt=\"16x9 Image Stablecoin Landscape Series\" width=\"1920\" height=\"1080\" data-nimg=\"1\" \/><\/figure>\n<p>Khi stablecoin ti\u1ebfp t\u1ee5c ti\u1ebfn h\u00f3a \u0111\u1ec3 tr\u1edf th\u00e0nh m\u1ed9t ph\u1ea7n c\u1ee7a h\u1ea1 t\u1ea7ng t\u00e0i ch\u00ednh c\u1ed1t l\u00f5i, B\u1eafc M\u1ef9 \u0111ang gi\u1eef vai tr\u00f2 d\u1eabn \u0111\u1ea7u. B\u00e1o c\u00e1o n\u00e0y ph\u00e1c h\u1ecda b\u1ee9c tranh v\u1ec1 khung ph\u00e1p l\u00fd, c\u00e1c d\u1ecbch chuy\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0 nh\u1eefng ch\u1ee7 th\u1ec3 \u0111ang th\u00fac \u0111\u1ea9y qu\u00e1 tr\u00ecnh ch\u1ea5p nh\u1eadn stablecoin.<\/p>\n<p><strong>V\u00ec sao \u0111i\u1ec1u n\u00e0y quan tr\u1ecdng:<\/strong><\/p>\n<p>Stablecoin \u0111ang b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n ph\u00e1t tri\u1ec3n th\u1ee9 ba \u2014 <strong>k\u1ef7 nguy\u00ean th\u1ec3 ch\u1ebf h\u00f3a<\/strong> \u2014 khi ng\u00e0y c\u00e0ng \u0111\u01b0\u1ee3c t\u00edch h\u1ee3p s\u00e2u h\u01a1n v\u00e0o h\u1ea1 t\u1ea7ng t\u00e0i ch\u00ednh c\u1ed1t l\u00f5i. Trong b\u1ed1i c\u1ea3nh c\u00e1c t\u1ed5 ch\u1ee9c \u01b0u ti\u00ean <strong>t\u00ednh minh b\u1ea1ch<\/strong> v\u00e0 <strong>tu\u00e2n th\u1ee7 ph\u00e1p l\u00fd<\/strong>, c\u00e1c \u0111\u01a1n v\u1ecb ph\u00e1t h\u00e0nh \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd ch\u1eb7t ch\u1ebd nh\u01b0 <strong>USDC, RLUSD v\u00e0 PYUSD<\/strong> \u0111ang d\u1ea7n gia t\u0103ng th\u1ecb ph\u1ea7n. \u0110\u00e1ng ch\u00fa \u00fd, <strong>RLUSD \u0111\u00e3 v\u01b0\u1ee3t m\u1ed1c 1 t\u1ef7 USD v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng ngay trong n\u0103m \u0111\u1ea7u ti\u00ean<\/strong>. B\u1eafc M\u1ef9, v\u1edbi l\u1ee3i th\u1ebf d\u1eabn \u0111\u1ea7u v\u1ec1 <strong>khung ph\u00e1p l\u00fd<\/strong> v\u00e0 <strong>m\u1ea1ng l\u01b0\u1edbi ph\u00e2n ph\u1ed1i t\u1edbi kh\u1ed1i t\u1ed5 ch\u1ee9c<\/strong>, \u0111ang tr\u1edf th\u00e0nh t\u00e2m \u0111i\u1ec3m c\u1ee7a xu h\u01b0\u1edbng n\u00e0y.<\/p>\n<p><a style=\"font-size: revert; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\" href=\"http:\/\/www.coindesk.com\/research\/the-definitive-stablecoin-landscape-series-north-america\">View Full Report<\/a><\/p>\n<\/div>\n<div data-module-name=\"read-next\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>( \u0110\u1ecdc chi ti\u1ebft t\u1ea1i \u0111\u00e2y)<\/p>\n<div>\n<figure><img decoding=\"async\" src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2Fbcc31f5175ea875f9ffb325cda13e9013b50cea4-2190x1369.jpg%3Fauto%3Dformat&amp;w=3840&amp;q=75\" alt=\"Broken glass abstract background - 3D rendering - illustration\" width=\"1920\" height=\"1080\" data-nimg=\"1\" \/><\/figure>\n<p>D\u1ef1 \u00e1n n\u00e0y \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf nh\u1eb1m gi\u00fap nhi\u1ec1u m\u1ea1ng <strong>layer 2<\/strong> c\u1ee7a Ethereum c\u00f3 th\u1ec3 ph\u1ed1i h\u1ee3p v\u1edbi nhau m\u1ed9t c\u00e1ch li\u1ec1n m\u1ea1ch h\u01a1n.<\/p>\n<p><strong>\u0110i\u1ec3m ch\u00ednh c\u1ea7n bi\u1ebft:<\/strong><\/p>\n<ul>\n<li>M\u1ed9t nh\u00f3m c\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t tri\u1ec3n Ethereum, bao g\u1ed3m <strong>Gnosis, Zisk<\/strong> v\u00e0 <strong>Ethereum Foundation<\/strong>, \u0111\u00e3 gi\u1edbi thi\u1ec7u <strong>Ethereum Economic Zone (EEZ)<\/strong> \u2014 m\u1ed9t s\u00e1ng ki\u1ebfn nh\u1eb1m gi\u00fap c\u00e1c m\u1ea1ng m\u1edf r\u1ed9ng b\u1ed5 sung c\u1ee7a Ethereum ho\u1ea1t \u0111\u1ed9ng t\u01b0\u01a1ng th\u00edch v\u1edbi nhau hi\u1ec7u qu\u1ea3 h\u01a1n, \u0111\u1ed3ng th\u1eddi gi\u1ea3m nhu c\u1ea7u ph\u1ea3i th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch chuy\u1ec3n t\u00e0i s\u1ea3n ch\u1eadm v\u00e0 t\u1ed1n k\u00e9m gi\u1eefa c\u00e1c m\u1ea1ng n\u00e0y.<\/li>\n<li>\u0110\u01b0\u1ee3c c\u00f4ng b\u1ed1 t\u1ea1i <strong>EthCC \u1edf Cannes<\/strong>, s\u00e1ng ki\u1ebfn n\u00e0y&#8230;<\/li>\n<\/ul>\n<p><a style=\"font-size: revert; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\" href=\"http:\/\/www.coindesk.com\/tech\/2026\/03\/29\/new-ethereum-project-aims-to-fix-network-fragmentation-and-improve-user-experience\">Read full story<\/a><\/p>\n<p>( \u0110\u1ecdc chi ti\u1ebft t\u1ea1i \u0111\u00e2y)<\/p>\n<\/div>\n<\/div>",
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