ViaBTC peev | Tom qab UST lub Caij Nplooj Ntoos Hlav, Puas Tau NEAR's Stablecoin USN zam qhov zoo sib xws Death Spiral?

Tom qab

Thaum lub Tsib Hlis 2022, UST thiab LUNA, uas ib zaug tau sau tag nrho lub khw muag khoom ntawm ntau dua $ 40 nphom, tau ploj mus ib hmos, thiab ntau tus neeg siv tau txais kev puas tsuaj loj heev. Tom qab kev sib tsoo, algorithmic stabilitycoins tau dhau los ua ib lub npe nrov crypto. USN, ib qho nyiaj npib ruaj khov ib txwm muaj rau cov saw hlau uas muaj npe hu ua NEAR, tau pib yuav luag tib lub sijhawm thaum UST tawg. Lub caij nplooj zeeg ntawm UST tau pom tias qhov nyiaj npib ruaj khov no yuav ua li cas tuag kauv ntawm algorithmic stabilitycoin tuaj yeem cuam tshuam thiab rhuav tshem txhua yam zoo li lub qhov dub txaus ntshai, thiab cov neeg siv kuj xav paub seb USN tuaj yeem zam qhov xaus zoo li yav tom ntej.

Hais txog USN

Raws li thawj NEAR-native algorithmic stabilitycoin, USN yog mos-pegged rau US Dollar thiab txhawb nqa los ntawm Reserve Fund uas muaj collaterals xws li NEAR thiab USDT. USN yog positioned los ua ib txoj hauv kev zoo rau bootstrap liquidity nyob rau hauv NEAR ecosystem thaum ntxiv ib txheej tshiab rau NEAR cov nqi hluav taws xob raws li ib tug token. USN's core stability mechanisms muaj nyob rau hauv-chain arbitrage thiab lub Reserve Fund raws li lub txiaj Board txoj cai. Decentral Bank (https://decentral-bank.finance/), lub DAO tsim thiab txhawb USN, tswj cov ntawv cog lus ntse ntawm $ USN thiab nws cov nyiaj khaws cia. Lub DAO tuaj yeem pov npav los koom nrog NEAR los ntawm Reserve Fund thiab faib cov khoom plig rau cov neeg siv cov txheej txheem uas koom nrog USN.

USN's dissuance mechanism

Thawj qhov khoom ntawm USN yog ob-collateralized los ntawm NEAR thiab USDT ntawm Reserve Fund. Lub Tuam Txhab Decentral tau tshaj tawm cov khoom pib ntawm USN los ntawm kev tshaj tawm cov nyiaj tau los ntawm thawj qhov kev cog lus (NEAR) ntawm qhov piv ntawm 2: 1. Tom qab ntawd, USN tshiab yuav raug minted ncaj qha nrog NEAR lossis lwm yam nyiaj npib ruaj khov ntawm 1: 1 piv. Hauv lwm lo lus, tom qab pib qhov kev tshaj tawm, cov neeg siv tuaj yeem mint tshiab USD nrog NEAR lossis lwm yam nyiaj ruaj khov ntawm 1: 1 piv, thiab lawv tuaj yeem ncaj qha hloov NEAR rau hauv USN tshiab hauv Sender hnab nyiaj. Txawm li cas los xij, tsis zoo li Terra's UST minting mechanism, NEAR siv rau cov kev hloov pauv no tsis ncaj qha hlawv tab sis yuav raug xa mus rau Decentral Bank's Reserve Fund. Lub caij no, thaum USN raug hlawv, tus nqi ntawm NEAR uas tsim nyog tus nqi sib npaug yuav raug ntxiv, uas zoo li UST lub tshuab hluav taws xob.

Pegging mechanism

USN's 1: 1 peg rau US Dollar yog ruaj ntseg los ntawm on-chain arbitrage thiab Reserve Fund. USN tuav nws peg los ntawm daim ntawv cog lus ntse uas tso cai rau kev sib pauv ntawm NEAR rau USN nrog 0 slippage thiab tsawg tshaj plaws commissions. Thaum USN poob nws cov peg, arbitrageurs yuav siv tus nqi sib txawv ntawm NEAR\USN thiab NEAR\USD kom txog thaum USN rov qab los rau nws cov peg. Thaum nws tso tawm, ib feem ntawm USN cov khoom yuav muab tso rau hauv Ref Finance's StableSwap txhawm rau txhim kho cov nyiaj tau los ntawm cov nyiaj tau los ntawm cov nyiaj tau los ntawm cov nyiaj tau los.

Automation ntawm Treasury Management

Automation of Treasury Management yog qhov tsim tshwj xeeb rau USN. Txhua qhov USN tau tshaj tawm yog txhawb nqa los ntawm cov khoom lag luam sib xws uas tau khaws cia hauv Cov Nyiaj Txiag Nyiaj Txiag. Decentral Bank, tus thawj tswj hwm ntawm Reserve Fund, tswj cov khoom lag luam no los ntawm NEAR-raws li cov ntawv cog lus ntse. Cov ntawv cog lus ntawm cov saw hlau no tau ua tiav cov phiaj xwm Kev Tswj Nyiaj Txiag kom lawv tuaj yeem ua cov kev hloov pauv hloov pauv, hloov pauv me me hauv lub sijhawm kom tsis txhob muaj qhov tsis txaus ntseeg loj hauv Cov Nyiaj Txiag. Raws li USN's whitepaper, thawj cov tswv yim Tswj Nyiaj Txiag yog raws li hauv qab no: Thaum NEAR tus nqi nce mus rau qhov chaw uas qhov kev nce siab qeeb qeeb, Decentral Bank yuav muag NEAR kom sib npaug ntawm cov cuab tam ntawm Cov Nyiaj. Hloov pauv, nws yuav yuav NEAR thaum tus nqi poob mus rau qhov chaw uas qhov kev poob qis qis qis. Nrog rau qhov kev tsim no, Lub Tuam Txhab Tuam Txhab Nyiaj Txiag npaj yuav muag NEAR kom tawm ntawm cov npuas thaum tus nqi dhau los ua kom sov thiab ua kom lub khw ruaj khov thaum cov neeg siv pib ntshai vim cov nqi poob.

Kev sib piv ntawm USN thiab lwm yam algorithmic stabilitycoins

USN los nrog nws cov yam ntxwv tshwj xeeb thiab suav nrog cov yam ntxwv ntawm qee qhov algorithmic stabilitycoins. Thawj qhov khoom siv ntawm USN yog muab los ntawm Cov Nyiaj Txiag Nyiaj Txiag los ntawm ob npaug tshaj-collateralization ntawm NEAR thiab USDT. Qhov no yog qhov txawv me ntsis los ntawm kev muab cov txheej txheem ntawm DAI, uas yog minted los ntawm collateralizing tus nqi ntawm ETH uas yog tsim nyog ob npaug ntawm tus nqi ntawm DAI yuav tsum minted.

Ib qho kev tsis sib haum xeeb ntawm UST yog tias UST minted yuav zoo dua yog tias tus nqi LUNA nce siab. Lub caij no, LUNA cov khoom yuav poob qis, uas yuav tsav nws tus nqi, yog li tsim kom muaj kev sib tw nce siab. Txawm li cas los xij, ib zaug LUNA nqis mus, txhiv LUNA nrog UST yuav ua rau LUNA tsoo, ua rau muaj kev tuag kauv. Tsis zoo li UST tsis-collateralized, NERA siv rau minting USN tsis ncaj qha hlawv lossis tshem tawm ntawm kev ncig tab sis nkag mus rau USN Reserve Fund hloov. Lub Reserve Fund tom qab ntawd txhim kho kev lag luam ua ntej los ntawm Automation ntawm Treasury Management kom tsis txhob muaj kev cuam tshuam tus nqi ntau dhau uas USN cov khoom yuav muaj nyob rau ntawm NEAR. Sib nrug los ntawm NEAR, USN kuj yog ib feem txhawb nqa los ntawm USDT. UST, ntawm qhov tod tes, yog txhawb nqa los ntawm Luna Foundation Guard, uas tuav cov khoom muaj nqis xws li Bitcoin thiab AVAX uas muaj feem cuam tshuam nrog LUNA. Yog li ntawd, thaum lub lag luam poob qis, Luna Foundation Guard ua tsis tau tejyam pab UST tuav nws peg. Los ntawm qhov kev xav ntawm cov khoom ntiag tug, USN yog, rau qee qhov, ntau dua li FRAX, ib qho fractionally-collateralized stabilitycoin.

USN puas tuaj yeem zam qhov kev tuag kauv?

Raws li lub Tsib Hlis 31, USN cov khoom muaj nqis yog $ 108 lab, thaum NEAR nta $ 4.3 billion circulating market cap, $ 6.1 billion FDV, thiab $ 607 lab 24H trading ntim. Piv nrog NEAR lub lag luam cap thiab trading ntim, qhov kev pheej hmoo ntsib USN tseem tswj tau. Tsis tas li ntawd, thaum USN raug tso tawm, Cov Nyiaj Them Nyiaj Txiag, raws li Pawg Thawj Tswj Hwm Nyiaj Txiag, yuav tau txais tus nqi sib thooj ntawm NEAR lossis lwm cov npib ruaj khov. Nws cia li sib npaug kom muaj kev txhawb nqa ntawm $ USN ntawm tus nqi siab dua 100% txhua lub sijhawm. Yog li ntawd, nyob rau hauv ib txwm muaj xwm txheej, USN de-peg loj yuav tsis tshwm sim.

Txawm li cas los xij, raws li USN cov khoom lag luam nthuav dav, cov neeg siv tsuas tuaj yeem mint USN nrog NERA, uas txhais tau hais tias Cov Nyiaj Txiag Tseem Ceeb yuav tsis tas muaj qhov sib npaug ntawm cov nyiaj npib ruaj khov. Yog tias Cov Nyiaj Pov Hwm tsis tuaj yeem teb sai sai rau tus nqi poob qis ntawm NEAR nyob rau hauv qhov xwm txheej hnyav, ces USN tuaj yeem poob nws cov peg, thiab ntau tus tuav yuav pom tias nws nyuaj rau txhiv lawv USN: hloov USN rau hauv qhov sib npaug ntawm cov khoom pov hwm.

Yog li ntawd, txhawm rau npaj rau qhov cuam tshuam ntawm qhov xwm txheej hnyav, USN yuav tsum tau nce cov nyiaj tau los ntawm Cov Nyiaj Txiag Nyiaj Txiag los ntawm cov txheej txheem xws li cov nqi minting, Automation of Treasury Management, thiab NEAR cov nyiaj tau los. Lub caij no, cov khoom siv ntawm USN yuav tsum tau capped kom tsis txhob muaj cov npuas ntau dhau thaum lub khw overheats, npuas uas yuav ua rau lub nra hnyav yog tias kev lag luam hloov pauv.

xaus

Tsis muaj algorithmic stabilitycoin zoo meej, thiab USN kuj muaj nws qhov zoo thiab qhov tsis zoo. Hmoov zoo, NEAR's USN tau pom cov keeb kwm Terra / UST meltdown thaum nws tseem me me, uas tau ceeb toom rau cov neeg tsim khoom thiab cov neeg siv ntawm USN. Nyob rau hauv cov nqe lus ntawm tej yam xws li cov khoom tam sim no thiab collateral reserve, USN tsis zoo li yuav khiav mus rau hauv ib tug tuag kauv. Txawm li cas los xij, thaum stabilitycoin tau txais ntau dua, cov khoom siv yuav nthuav dav, thiab kev pheej hmoo ntawm kev tuag kauv yuav nce ntxiv. Txog thaum ntawd, USN yuav ntsib kev nyuaj ntxiv.