TerraUSD (UST) flipping BinanceUSD (BUSD) rau thib peb hauv kev lag luam peev daim ntawv tsis kav ntev. Lub sijhawm muaj zog ruaj khov uas ua rau tag nrho Terra ecosystem pom nws tus kheej txo qis rau "Terra ntau dua UST" tweets. Txawm hais tias tsis muaj leej twg paub tseeb tias LUNA tuaj yeem ua rau rov qab los, UST yeej yuav nqis mus raws li ib qho ntawm cov algorithmic stabilitycoins uas mus kaput nyob rau hauv tib yam li Basis Cash - uas Terra creator Do Kwon tau liam tias yog ib feem ntawm - thiab Mark Cuban- txhawb nqa Iron Finance.
UST qhov ua tsis tiav thov cov lus nug yog tias algorithmic stabilitycoins tiag tiag tsuas yog ua tsis tiav? Thiab, puas yog fiat-backed lossis crypto-backed stabilitycoin tib txoj kev uas cov tub ua lag luam tuaj yeem nrhiav txoj hauv kev "ruaj khov" tshaj plaws los tiv thaiv lawv tus kheej los ntawm kev lag luam crypto qhov tsis hloov pauv?
Pros thiab cons ntawm txawv stabilitycoins
Txog tam sim no, feem ntau tau paub txog hom stablecoins xws li fiat-backed stabilitycoins, crypto-collateralized stabilitycoins thiab algorithmic stabilitycoins. Kuj tseem muaj lwm hom nyiaj npib ruaj khov zoo li cov khoom lag luam-rov qab thiab seigniorage, tab sis peb tau hais los saum toj no yog qhov nrov tshaj plaws.
Cov neeg siv muaj lawv cov laj thawj rau nyiam ib hom nyiaj ruaj khov dua lwm qhov. Piv txwv li, qee tus nyiam siv algo stabilitycoins vim lawv cov lus piav qhia tsis zoo. Lwm tus yuav mus rau fiat-backed cryptocurrencies zoo li Tether (USDT) thiab USD Npib (USDC), txawm hais tias lawv yog centralized vim cov tuam txhab ntiag tug uas tswj hwm qhov sib npaug fiat reserves ntawm txhua daim token. Tseem, qhov kom zoo dua ntawm fiat-backed npib yog muaj ib qho khoom muaj nqis rov qab cov nyiaj npib.
Kev ruaj ntseg ntawm nws cov peg yuav nyob twj ywm ntev li ntev raws li muaj pov thawj tuav ntawm xws li fiat reserves. Tseem, qhov kev pheej hmoo pom tseeb tshaj plaws ntawm no yog lub txhab nyiaj khiav haujlwm, uas rau Tether tej zaum yuav muaj teeb meem rau kev txiav txim siab seb nws puas raug xa mus rau daim ntawv lag luam. Cov ntaub ntawv lag luam yog muab los ntawm cov tuam txhab loj thiab yog hom tsis muaj nuj nqis uas tuaj yeem muaj hnub nyoog ntau dua 270 hnub. Kev txhiv dim ntau tuaj yeem ua rau Tether insolvent, uas yog vim li cas nws muaj txiav nws cov ntawv tuav lag luam dhau rau lub hlis dhau los.
Crypto-collateralized stabilitycoins zoo li Dai (DAI), ntawm qhov tod tes, tau txhawb nqa los ntawm cov khoom siv ntau dhau ntawm lwm tus cryptocurrency, hauv qhov no, Ether (ETH). DAI yuav tsum muaj tsawg kawg yog 150% collateralization ratio, txhais tau hais tias tus nqi duas ntawm ETH tso rau hauv daim ntawv cog lus ntse yuav tsum muaj tsawg kawg yog 1.5 ntau dua li DAI tau qiv. Piv txwv li, rau tus neeg siv qiv $ 1,000 tus nqi ntawm DAI, lawv yuav tsum kaw hauv $ 1,500 ntawm Ether. Yog hais tias tus nqi lag luam ntawm Ether poob mus rau qhov chaw uas qhov tsawg kawg nkaus collateralization piv tsis tau raws li, lub collateral yuav cia li them rov qab rau hauv daim ntawv cog lus ntse kom liquidate txoj hauj lwm.
Case ntawm UST
Stablecoins yog, ntawm chav kawm, txhais tau tias khaws lawv cov nqi rau lawv peg. Txawm li cas los xij, dab tsi tshwm sim rau UST yog qhov zoo tshaj plaws uas tsis tau muaj dua los thiab tseem ua rau muaj kev kub ntxhov ntawm tag nrho lub khw. UST yog ib tug hybrid ntawm ib tug algo stabilitycoin thiab ib tug crypto-collateralized stabilitycoin. Thaum tus nqi ntawm UST txav siab tshaj nws cov nyiaj daus las, cov neeg siv tau txhawb kom hlawv $ 1 tus nqi ntawm LUNA rau UST muag ntawm cov nyiaj tau los. Thaum UST poob qis dua lub peg, cov neeg siv tuaj yeem hlawv UST hauv kev pauv rau LUNA luv nqi. Nws tau dhau los ua crypto-rov qab txij li Luna Foundation Guard tau txais txiaj ntsig zoo ntawm Bitcoin (BTC) collateral as a contingency plan. Qhov no, raws li nws tau muab tawm, tsis muaj txiaj ntsig, thiab ob peb lub sijhawm kawg ntawm BTC thiab lwm yam khoom muaj nqis faib rau me me raws li kev them nyiaj.
Terra lub cev qhuav dej pib nrog kev tshem tawm loj ntawm Anchor Protocol thaum Lub Tsib Hlis 8. Ntau lab UST raug rub tawm ntawm txoj cai thiab muag sai, ua rau qis qis qis. Dab tsi ua rau muaj kev ntshai ntau dua. Lub algorithm nws thiaj li tsis tuaj yeem teb sai txaus - los ntawm kev kub hnyiab LUNA - kom poob sai sai ntawm UST tus nqi. Nyob rau hauv hindsight, cov pov thawj tau pom tseeb txij li thawj qhov kev thov rau UST tsuas yog los ntawm qhov kev thov hauv Terra's Anchor Protocol. Qhov kev lag luam qis ntawm UST qhia tias cov neeg siv xav tau ntau dua los khaws nws hauv cov txheej txheem dua li siv nws rau kev lag luam. Nyob rau hauv qhov kev ceeb toom, nrog Tether txawm luv luv poob nws cov peg rau Teb Chaws Asmeskas duas, DAI tau nyob ruaj khov. Ntawm ib kis, USDT poob mus txog $ 0.994 thaum lub Tsib Hlis 9, thaum DAI tau nce mus txog $ 1.001. DAI tseem tau raug qhuas tsis ntev los no ua "tus" muaj tseeb decentralized stabilitycoin. Tau muaj txij li xyoo 2017, DAI tau dim ntau yam xwm txheej hauv kev ua lag luam, uas tsis muaj algo stabilitycoin puas tau ua. Txawm li cas los xij, tsis tuaj yeem muaj qhov tsis txaus ntawm kev pheej hmoo, tshwj xeeb tshaj yog hauv kev lag luam crypto. Cointelegraph's Market Insights Newsletter qhia peb paub txog cov hauv paus ntsiab lus uas txav cov lag luam digital. Cov ntawv xov xwm dive mus rau cov ntaub ntawv tshiab kawg ntawm kev xav hauv kev tshaj xov xwm, kev ntsuas ntawm cov saw thiab cov txiaj ntsig. Peb kuj soj ntsuam kev lag luam xov xwm tseem ceeb tshaj plaws, suav nrog kev sib koom ua ke thiab kev nrhiav tau, kev hloov pauv ntawm cov kev cai tswj hwm thaj chaw, thiab kev sib koom tes ntawm blockchain. Sau npe tam sim no ua thawj kom tau txais kev nkag siab no. Tag nrho cov ntawv luam dhau los ntawm Kev Ua Lag Luam Insights kuj tseem muaj nyob ntawm Cointelegraph.com. Tau qhov twg los: https://cointelegraph.com/news/algorithmic-fiat-backed-or-crypto-backed-what-s-the-best-stablecoin-typeDAI tuav ruaj khov