Yog tias thaum lub Kaum Ib Hlis Ntuj FTX lub cev qhuav dej yog crypto's "Lehman lub sijhawm" - ntau dua li ob peb tus kws tshaj lij tau hais tawm - yuav FTX kev sib kis tam sim no yuav kis mus rau stablecoins? Tom qab tag nrho, Tether (USDT), tus thawj coj ua lag luam, luv luv tau poob nws cov nyiaj hauv Teb Chaws Asmeskas thaum Lub Kaum Ib Hlis 10. Nyob rau lub sijhawm ib txwm muaj, qhov no yuav tau tsa lub tswb nrov.
Tab sis, cov no tsis yog lub sijhawm qub.
Qhov tseeb, nyob rau hauv cov hnub tom qab FTX lub Kaum Ib Hlis 11 kev ua lag luam poob nyiaj txiag, ruaj khovcoin "dominance," piv txwv li, cov lag luam feem ntawm tag nrho cov lag luam cryptocurrency peev, nce mus txog 18%, txhua lub sijhawm siab. Bitcoin (BTCEther),ETH), thiab feem ntau altcoins tshwm sim tau hnov qhov mob los ntawm crypto-pauv FTX lub implosion, tab sis tsis ruaj khov.
Tab sis, dab tsi awaits stabilitycoins nyob rau hauv lub sij hawm ntev? Lawv puas yuav tshwm sim los ntawm FTX fiasco unscathed, lossis puas yog qhov kev lag luam vim muaj kev co tawm? Puas yog cov nyiaj ruaj khov (tseem) dhau opaque, undercollateralized thiab unregulated rau cov tub ua lag luam thiab cov neeg tswj hwm, raws li ntau insist?
Lub cev qhuav dej ntawm Bahamas-based crypto-pauv FTX ntaus lub ntiaj teb crypto zoo li cua daj cua dub, thiab yog li nws dais nug ib zaug ntxiv: Yuav ua li cas ruaj khov nyiaj npib?
Puas yog kev sib kis kis tau?
"Cov kab nrib pleb hauv crypto eco-system tau nce zuj zus, thiab nws yuav tsis yog qhov xav tsis thoob uas pom qhov tshwm sim de-pegging tseem ceeb" yav tom ntej, Arvin Abraham, tus koom tes hauv tebchaws United Kingdom ntawm txoj cai lij choj McDermott Will thiab Emery, hais rau Cointelegraph . Tshwj xeeb tshaj yog muaj kev pheej hmoo yog cov nyiaj ruaj khov uas siv lwm cov cryptocurrencies rau lawv cov cuab yeej cuab tam, es tsis yog fiat txiaj xws li euro lossis US duas, nws hais.
"Muaj qee qhov pov thawj tias FTX kev sib kis tau kis mus rau cov npib ruaj khov," Ryan Clements, tus pab xibfwb ntawm University of Calgary Kws Qhia Ntawv ntawm Txoj Cai, hais rau Cointelegraph, hais txog qhov luv luv USDT de-pegging tshwm sim. "Qhov no qhia tau hais tias kev sib cuam tshuam ntawm kev lag luam crypto yog li cas rau nws."
Thaum Lub Kaum Ib Hlis 10, Tether poob rau $ 0.97 ntawm Bitstamp thiab ntau qhov kev sib pauv thiab mus rau $ 0.93 rau ob peb lub sijhawm ntawm Kraken. Tron's USDD stabilitycoin kuj wobbled. Stablecoins yeej tsis yuav tsum poob qis dua $ 1.00.
Rau nws feem, Tether blamed lub depegging ntawm crypto-pauv illiquidity. Tsawg tsawg crypto trading platforms tau txais txiaj ntsig zoo, thiab qee zaum "yuav tsum muaj kev xav tau ntau dua li qhov muaj nyob ntawm qhov kev sib pauv cov ntawv xaj thiab tsis muaj dab tsi cuam tshuam nrog Tether lub peev xwm los tuav nws cov peg lossis tus nqi lossis pleev xim ntawm nws cov peev nyiaj," said lub tuam txhab. .
"Tether tsis muaj kev cuam tshuam tag nrho rau Alameda Kev Tshawb Fawb lossis FTX," lub tuam txhab tau ntxiv rau hauv nws lub Kaum Ib Hlis 9 blog tshaj tawm, ntxiv sau tseg tias nws cov tokens yog "100% txhawb nqa los ntawm peb cov peev txheej, thiab cov cuab tam uas txhawb nqa cov peev nyiaj ntau dua li kev lav phib xaub."
Tsis ntev los no: Tokenized tsoom fwv daim ntawv cog lus pub dawb li qub hauv cov txheej txheem nyiaj txiag ib txwm muaj
"Ib yam uas tau cawm Tether kom deb li deb yog tias tib neeg feem ntau tau muag lawv Tether rau lwm tus thiab cov neeg siv feem ntau tsis tau them nyiaj tiag tiag," said Buvaneshwaran Venugopal, tus pab xibfwb hauv chav haujlwm nyiaj txiag ntawm University of Central Florida. "Tether tau them txog $ 700 lab tsis ntev los no thiab muaj peev xwm ua tau."
Qhov ntawd tau hais tias, "qhov tsis muaj kev txaus siab rau crypto thiab cov kev xaiv poob qis rau cov nyiaj npib ruaj khov yuav hloov qhov xwm txheej no," Venugopal hais rau Cointelegraph. Tether muaj txog $ 65 nphom hauv kev ncig, raws li rau CoinGecko, thiab US Treasury bills ua ntau dua 58% ntawm nws cov peev nyiaj. "Qhov no yog qhov kev tuav pov hwm loj uas yuav cuam tshuam yog tias Tether yuav tsum tau muag raws li kev sib tsoo, tshwj xeeb tshaj yog nyob rau hauv ib puag ncig tus nqi paj ntxiv."
Qhov kev pom tsaus ntuj rau algos?
Yuav ua li cas txog algorithmic stabilitycoins, qee zaum hu ua algos? Thaum TerraUSD Classic (USTC), ib qho algorithmic stabilitycoin, poob rau lub Tsib Hlis, qee qhov kwv yees tias algos raws li cov chav kawm tau raug puas tsuaj. Puas yog FTX ua tsis tiav dampen algos 'kev cia siab?
"Lawv tsis tuag, thiab tseem muaj qee qhov tseem ceeb, suav nrog DAI token uas yog qhov tseem ceeb rau kev ua haujlwm ntawm MakerDAO," Abraham hais.
Tab sis, kev tsis ntseeg tseem nyob, raws li algorithmic stabilitycoins tsis yooj yim to taub thiab muaj kev txhawj xeeb tias "tso tseg tuaj yeem hloov kho raws li lub hauv paus muaj peev xwm ua rau muaj kev cuam tshuam thiab txhawb kev dag," Abraham hais.
Uncollateralized, los yog tsis tshua muaj-collateralized, stabilitycoins inherently fragile, ntxiv Clements. Terra qhov kev sim ua tsis tiav nyob rau lub Tsib Hlis mus rau ib feem collateralize USTC nrog BTC nyob rau hauv kev tiv thaiv ntawm nws peg yog lwm yam piv txwv ntawm lub fragility ntawm uncollateralized los yog under-collateralized stabilitycoin qauv, nws hais rau Cointelegraph, ntxiv:
"Kev lag luam zoo li tau lees txais qhov tseeb no thiab txav mus deb ntawm cov qauv tsis muaj kev cuam tshuam algorithmic stabilitycoin."
Rohan Grey, tus pab xibfwb ntawm Willamette University College of Law, hais rau Cointelegraph hais tias "Kuv xav tias algorithmic stabilitycoins yuav yog tus menyuam yaj fij rau hauv qhov chaw ruaj khov. "Lawv yog cov uas nws lub taub hau yuav nyob rau hauv lub chopping block" hauv Teb Chaws Asmeskas kom txaus siab rau cov neeg tswj hwm thiab lwm tus neeg tsis hais lus. Algos tseem tuaj yeem muaj sia nyob ntawm theem thoob ntiaj teb, txawm li cas los xij, nws hais.
saib tom hauv ntej
Nws tuaj yeem dhau los ua nyuaj heev rau crypto-rov qab (piv txwv li, tsis yog-fiat) ruaj khov npib los tiv thaiv lawv cov pegs nyob rau hauv qhov kev tshwm sim ntawm lwm qhov loj cryptocurrency drawdown, txawm li cas los xij. Raws li Anplaham txoj kev xav, nws yuav ua rau "mus rau qhov kev puas tsuaj zoo ib yam li qhov peb tau pom nrog lub cev qhuav dej ntawm Terra stabilitycoin thaum ntxov ntawm lub caij ntuj no crypto," nws hais.
Yuav ua li cas txog lub cev qhuav dej ntawm Tether thiab / lossis Lub voj voog, cov thawj coj ntawm kev lag luam uas nws cov nyiaj npib feem ntau tau txais kev txhawb nqa los ntawm Teb Chaws Asmeskas las lossis lwm yam cuab yeej xws li cov nyiaj txiag? Cov xwm txheej zoo li no yuav yog "kev puas tsuaj loj rau kev lag luam crypto," Abraham hais tias, vim tias "ntau ntawm kev lag luam hinges ntawm kev siv ib lossis lwm qhov ntawm cov tokens los ua qhov nruab nrab ntawm kev sib pauv." Ntau qhov kev lag luam crypto pib nrog kev hloov pauv cov nyiaj mus rau USDT lossis Circle's USD Npib (USDC) raws li ib txoj hauv kev kom tsis txhob "kev pauv pauv hloov pauv ntawm Bitcoin thiab lwm yam cryptocurrencies."
"Tether yog qhov loj tiag tiag los saib tam sim no vim tias Tether muaj kev sib txuas nrog Binance," said Grey, uas tau sau tseg tias Binance tam sim no ua lub luag haujlwm ntawm tus cawm seej kev lag luam, ib feem ua si txog tam sim no los ntawm Sam Bankman-Fried thiab FTX. Tether's thiab Binance cov hmoov zoo tau khi ua ke, qee tus ntseeg.
Tseem, ib tus yuav tsum tau ceev faj thaum sib piv ntawm FTX lub cev qhuav dej thiab xyoo 2008 Lehman Brothers kev poob nyiaj txiag, uas ua rau muaj kev poob qis loj ntawm 2008-2009. "Muaj qhov sib txawv pom tseeb," Grey hais tias, "Ib qho yog tias ntawm lub sijhawm no, crypto txiaj ecosystem tseem raug cais tawm ntawm lwm cov nyiaj txiag." Txhua qhov kev puas tsuaj yuav tsum muaj nyob rau hauv tag nrho cov tswv yim ntawm txhua yam, piv txwv li, "cov neeg nruab nrab" yuav tsis raug mob li tshwm sim hauv Teb Chaws Asmeskas nyiaj txiag teebmeem ntawm 2007-2008.
Ntau pob tshab
Nws zoo nkaus li qhov muab qhov pom tseeb ntau dua, tshwj xeeb tshaj yog hais txog kev khaws cia, yuav xav tau rau cov neeg muag nyiaj ruaj khov tom qab FTX. Venugopal tau hais tias "Qhov kev pom zoo ntawm tus nqi ruaj khov yog 'kev ruaj ntseg," said Venugopal. "Yog li ntawd, txhua yam uas lub tuam txhab siv los ua kom muaj kev ruaj ntseg yuav tsum tau nkag siab zoo los ntawm cov neeg siv khoom."
Tsis muaj txoj cai lij choj, cov tuam txhab lag luam ruaj khov yuav xav tau coj mus rau lawv tus kheej kom nthuav tawm ntau ntxiv txog lawv cov peev txheej. Grey, piv txwv li, tau qhuas cov kauj ruam uas Paxos tau ua thaum Lub Xya Hli thaum nws tshaj tawm tias nws yuav muab cov ntawv teev tseg txhua hli uas muaj Cov lej CUSIP - Phab ntsa Street "bar code" txhawm rau txheeb xyuas qhov kev nyab xeeb - rau txhua lub cuab yeej txhawb nqa nws Paxos Dollar (USDP) thiab BinanceUSD (BUSD) ruaj khov npib. Cov npib tam sim no tau txais kev txhawb nqa tshwj xeeb los ntawm "nyiaj ntsuab, qiv nyiaj thaum hmo ntuj tsuas yog los ntawm US Treasuries, thiab US Treasuries nrog tsawg dua 90-hnub kom loj hlob," Paxos hais.
Stablecoins tau raug thuam ntev los ntawm qhov tsis txaus ntseeg, thiab qhov teeb meem no tau tshwm sim dua nrog Terra debacle hauv lub Tsib Hlis. Puas yog cov nyiaj lag luam ruaj khov tau muaj kev vam meej hauv thaj chaw no dhau ib nrab xyoo dhau los hauv qhov no?
"Yog lawm, uncollateralized thiab under-collateralized algorithmic stabilitycoins yog tsis tshua muaj neeg nyiam post-Terra, thiab muaj ntau dua kev lees txais ntawm fragility ntawm cov nyiaj ruaj khov cov ntaub ntawv," Clements hais rau Cointelegraph. "Koj tuaj yeem pom cov ntaub ntawv pov thawj ntawm qhov no sai sai uas yuav tsum tau pib ua haujlwm Cardano DJED, uas yuav siv cov qauv tso tseg dhau los, thiab kev tso tseg ntawm undercollateralized NEAR algorithmic stabilitycoin project lub hli dhau los."
Collateral, ntawm chav kawm, tseem yog ib qho kev sib tw rau ib txwm nyiaj txiag sector, ib yam nkaus thiab, txawm rau cov tuam txhab lag luam. Nws txhais tau hais tias lub tuam txhab, qhov no, tus neeg muag khoom ruaj khov, "yuav tsum tau tso tseg txoj hauv kev muaj txiaj ntsig zoo rau lwm qhov thiab khaws cov khoom lag luam rau hnub los nag," sau tseg Venugopal. "Txawm tias cov tsev txhab nyiaj tswj hwm tau ntxub cov peev nyiaj txaus thiab lwm yam kev xav tau ntawm cov nyiaj tau los rau lawv thiab nrhiav txoj hauv kev los txo cov nyiaj tshuav tsis ua haujlwm lossis rov qab tau nyiaj tsawg dua."
Ib tug sector shake-out?
Ntau tus kwv yees ib qho kev sib sau ua ke hauv kev lag luam crypto feem ntau tom qab FTX raws li cov nyiaj npib tsis muaj zog yog winnowed tawm, ntau npaum li tau tshwm sim hauv 2018 raws li thawj npib muab mania waned. Puas yuav muaj qee yam zoo sib xws hauv lub ntiaj teb ruaj khov? Thaum lub Cuaj Hlis, txawm tias ua ntej FTX lub caij nplooj zeeg, ib daim ntawv qhia kev kawm los ntawm cov kws tshawb fawb ntawm University of Chicago thiab Stockholm Schol of Economics sau tseg hais tias ib nrab collateralized stabilitycoin platforms yeej ib txwm yooj yim rau loj thov shocks, tawm tswv yim ib co winnowing tawm tej zaum yuav xav tau.
Qhov no zoo li qhov tshwm sim tsim nyog, hais tias Abraham, tshwj xeeb tshaj yog txij li European Union Cov Kev Lag Luam Hauv Cryptoassets Regulation (MiCA) thiab lwm txoj cai yuav ua rau cov nqi ua raws li tus nqi ruaj khov. Cov kev xav tau xws li kev tshawb xyuas cov peev txheej "yuav ua rau nws nyuaj dua rau kev teeb tsa cov nyiaj npib ruaj khov thiab yuav tsum txwv tsis pub muaj peev xwm tawg."
Venugopal hais rau Cointelegraph tias "Thaum kev tshaj tawm yuav tsum tau ua, peb yuav pom tsawg dua cov npib ruaj khov," Venugopal hais rau Cointelegraph. "Feem ntau, kuv tsis xav tias lub ntiaj teb xav tau ntau txhiab tus cryptocurrencies / tokens tawm ntawm qhov ntawd ua xws li kev nyab xeeb lossis cov khoom muaj nqis, tshwj xeeb tshaj yog thaum lawv tsuas yog kwv yees. Tej zaum peb yuav xav tau cov khoom siv hluav taws xob tab sis tsis yog kev ruaj ntseg tokens. "
Boosting investor kev ntseeg siab
Muab cov kev pheej hmoo, puas muaj cov kauj ruam uas cov tuam txhab nyiaj npib thiab / lossis cov neeg tswj hwm tuaj yeem ua kom tsis txhob muaj kev puas tsuaj rau kev lag luam? "Stablecoins yuav tsum tau ua kom pom tseeb dua nrog lawv cov peev txheej," raws li Abraham. Qhov no twb tau sau tseg hauv txoj cai tshiab. Nws ntxiv:
"Ob lub EU tus tshiab MiCA thiab tsab cai lij choj lub luag hauj lwm nyiaj txiag thiab Innovation Act nyob rau hauv lub US yuav tsum tau cia tseg nyob rau hauv cov nyiaj txiag stability."
Nyob rau hauv cov ntaub ntawv ntawm MiCA, ib qho kev ntsuam xyuas ntawm stabilitycoin reserves yuav tsum tau txhua txhua rau lub hlis.
Tsis ntev los no: Lub metaverse yog ib tug tshiab frontier rau khwv tau nyiaj passive
Venugopal kuj tau pom zoo tias yog tias cov nyiaj ruaj khov xav tau los ua qhov nruab nrab ntawm kev sib pauv thiab khaws cov txiaj ntsig rau lub ntiaj teb kev tswj hwm nyiaj txiag, lawv yuav tsum tau ua kom pom tseeb dua thiab ua rau lawv cov cuab tam tshawb xyuas, ntxiv:
"Tether tau raug liam ntev los ntawm kev dag txog nws cov nyiaj ntsuab tshwj xeeb uas yog qhov tseem ceeb rau nws cov nyiaj daus las. Qhov tseeb tias Tether tau ncua nws qhov kev tshuaj xyuas tsis pab. "
Kev lag luam kev xaav ntawm kev ruaj khov tsis ruaj khov, lossis tsis txaus, tuaj yeem ua rau cov neeg lag luam muag muag uas cuam tshuam rau tus npib ruaj khov, ntxiv Clements. "Vim li no, kev pom pom ntau dua yuav tsum muaj nyob rau hauv cheeb tsam no txhawm rau txhim kho cov neeg lag luam kev ntseeg siab thiab kev ruaj ntseg, thiab rau qhov kawg kev cai no tuaj yeem pab cov lag luam ruaj khov los ntawm kev xav tau cov ntaub ntawv pov thawj ntawm kev khaws cia, kev tshuaj xyuas, kev tswj hwm kev tswj hwm ntawm cov khoom ntiag tug, thiab lwm yam kev tiv thaiv kom paub meej txog pob tshab thiab. txaus."
Tau qhov twg los: https://cointelegraph.com/news/how-stable-are-stablecoins-in-the-ftx-crypto-market-contagion