燒傷，薄荷，穩定幣：解碼加密煉金術

從Ripple的Rlusd到哈薩克斯坦的陽光驅動的Evo，探索了加密世界中燃燒，鑄造和穩定的動態相互作用。

The world of crypto is never dull, especially when you start diving into the intricacies of "Burn, Mint, Stablecoin." It's like a secret code, hinting at the economic engines driving digital assets. Let's break it down, shall we?

加密世界永遠不會乏味，尤其是當您開始潛入“燃燒，薄荷，stablecoin”的複雜性時。這就像一個秘密密碼，暗示了驅動數字資產的經濟引擎。讓我們分解，好嗎？

Ripple's RLUSD: A Masterclass in Liquidity

Ripple的RLUSD：流動性大師班

Ripple's stablecoin desk is actively managing the supply of RLUSD, engaging in a fascinating cycle of minting and burning. The recent activity involved minting eight million RLUSD, followed by burning eleven million, and then minting another three million. This isn't just random; it's a carefully orchestrated dance to adjust liquidity based on real-time flows, proving that Ripple isn't just issuing tokens and letting them drift.

Ripple的Stablecoin Desk正在積極管理RLUSD的供應，從而引人入勝的鑄造和燃燒循環。最近的活動涉及鑄造800萬個RLUSD，然後燃燒了1,100萬，然後再鑄造300萬。這不僅是隨機的；這是一場精心策劃的舞蹈，可以根據實時流量調整流動性，證明Ripple不僅發出令牌並讓它們漂移。

Currently, the total float hovers around $741 million, propelling Ripple USD past Raydium in market cap rankings. Given that RLUSD launched just months ago, this is quite the feat, especially considering it's already seeing $150 million in daily volume. A turnover rate exceeding 20% daily for a relatively new stablecoin? That's a statement.

目前，浮點數徘徊在7.41億美元左右，推動了Raydium在市值排名中的Raydium。鑑於RLUSD僅在幾個月前推出，這是相當壯舉，尤其是考慮到它已經看到了每日1.5億美元的數量。相對較新的Stablecoin每天的營業額超過20％？這是一個陳述。

RLUSD's Institutional Edge

RLUSD的機構優勢

What sets RLUSD apart is the strong institutional interest. Investors can swap tokenized fund shares, like BlackRock's BUIDL, into RLUSD via Securitize, creating a seamless connection between tokenized treasuries and dollars. DBS Bank is also listing RLUSD alongside sgBENJI in Asia, facilitating trading, borrowing, and collateralizing using Ripple's stablecoin alongside tokenized money market funds.

設定RLUSD的是強大的機構利益。投資者可以通過證券化將令牌化的基金股票（如BlackRock的Buidl）交換為RLUSD，從而在代幣化的紀念品和美元之間建立了無縫的聯繫。 DBS銀行還與亞洲的Sgbenji一起列出了RLUSD，促進了交易，借貸和抵押，並使用Ripple的Stablecoin與代幣化的貨幣市場基金一起進行了交易。

Ripple envisions RLUSD as a central player in global tokenized finance, targeting a scope far beyond mere crypto trading pairs. This active management through mint-burn-mint cycles highlights a sophisticated approach, treating RLUSD as a dynamic monetary instrument.

Ripple設想RLUSD是全球令牌財務的中心參與者，其目標遠遠超出了僅僅是加密交易對的範圍。通過薄荷燃燒週期的這種主動管理突出了一種複雜的方法，將RLUSD視為動態貨幣儀器。

Hyperliquid's $HYPE: A Fiery Proposal to Burn

Hyperliquid的$ hype：燃燒的火熱提議

Meanwhile, over in the Perp DEX arena, a different kind of burn is being proposed. Investment manager Jon Charbonneau and researcher Hasu suggested burning 45% of the total $HYPE supply to bring its Fully Diluted Valuation (FDV) closer to its actual circulation value. This bold move quickly ignited community discussion, racking up over 400,000 views.

同時，在Perp Dex競技場上，正在提出另一種燃燒。投資經理喬恩·夏邦諾（Jon Charbonneau）和研究人員Hasu建議燃燒總$炒作供應量的45％，以使其完全稀釋的估值（FDV）更接近其實際流通價值。大膽的舉動迅速引發了社區討論，獲得了超過40萬的觀看次數。

Why the Radical Proposal?

為什麼要提出激進的建議？

The core issue lies in $HYPE's current supply structure. With approximately 339 million coins in circulation and a market cap of around $15.4 billion, the total supply is close to 1 billion coins, resulting in a $46 billion FDV. The discrepancy arises from 421 million tokens allocated to Future Emissions and Community Rewards (FECR) and 31.26 million tokens in the Assistance Fund (AF).

核心問題在於$ hype的當前供應結構。總供應量約為3.39億硬幣，市值約為154億美元，供應量接近10億硬幣，產生了460億美元的FDV。差異來自分配給未來排放和社區獎勵（FECR）的4.21億個代幣，援助基金（AF）的3126萬個令牌。

The proposal suggests revoking authorization for the 421 million FECR tokens, destroying the 31.26 million HYPE tokens held by the Assistance Fund, and removing the 1 billion supply cap. The goal? To make $HYPE look less expensive to investors who might be deterred by the high FDV.

該提案建議撤銷4.21億FECR令牌的授權，摧毀了援助基金持有的3126萬個炒作令牌，並刪除了10億個供應上限。目標？使$ hype看起來對可能被高FDV阻止的投資者看上去更便宜。

The Debate: Institutions vs. Community

辯論：機構與社區

This proposal sparked a debate about who the token should serve: institutional investors or the community. Some argue that attracting institutional funds requires playing by their rules, which includes making the FDV more appealing. Others believe that catering to institutions at the expense of the community is a misstep.

該提議引發了關於代幣應為誰服務的辯論：機構投資者或社區。有人認為，吸引機構基金需要按其規則進行遊戲，這包括使FDV更具吸引力。其他人則認為，以犧牲社區為代價的機構迎合機構是錯誤的。

Stablecoins Take Center Stage: Kazakhstan's Evo

Stablecoins成為中心舞台：哈薩克斯坦的EVO

Adding another layer to the stablecoin narrative, Kazakhstan recently unveiled its tenge-backed stablecoin, Evo (KZTE), powered by Solana and in partnership with Mastercard. This "national stablecoin" aims to bridge the gap between blockchain innovation and traditional finance, facilitating crypto-fiat gateways, digital asset swaps, and crypto card-based transactions.

哈薩克斯坦在Stablecoin的敘述中增加了另一層，最近推出了由Solana驅動的，並與MasterCard合作，推出了其培訓支持的Stablecoin Evo（Kzte）。這種“國家穩定”旨在彌合區塊鏈創新與傳統金融之間的差距，促進加密貨幣網關，數字資產掉期和基於加密卡的交易。

The National Bank of Kazakhstan will provide a legal framework for issuers to manage Evo, with crypto exchange Intebix and Eurasian Bank likely to oversee the stablecoin. Mastercard will integrate KTZE with stablecoin issuers globally, potentially enabling cross-border payments and international utility.

哈薩克斯坦國家銀行將為發行人提供一個法律框架，以管理EVO，而加密交易所Intebix和歐亞銀行可能會監督該穩定的企業。萬事達卡將在全球範圍內將KTZE與Stablecoin發行人整合在一起，並有可能實現跨境支付和國際公用事業。

The Future of Stablecoins

Stablecoins的未來

Stablecoins are experiencing significant adoption, with South Korean banks exploring Korean won-backed stablecoins and Standard Chartered eyeing a Hong Kong stablecoin license. Citigroup predicts the stablecoin market could grow by another $1.6 trillion by 2030.

Stablecoins正在經歷大量採用，韓國銀行探索了韓國贏得的穩定股，並註視香港Stablecoin許可證。花旗集團預測，到2030年，Stablecoin市場可能會再增長1.6萬億美元。

Final Thoughts

最後的想法

From Ripple's active liquidity management to the fiery debates surrounding $HYPE's tokenomics and Kazakhstan's foray into national stablecoins, the interplay of burning, minting, and stablecoins is shaping the future of crypto. It's a wild ride, and I'm here for it. Who knows what innovative strategies and heated debates await us around the corner? One thing's for sure: the crypto world never sleeps!

從Ripple的積極流動性管理到圍繞$ hype的標記學和哈薩克斯坦進入國家穩定的激烈辯論，燃燒，薄荷和穩定的相互作用正在塑造加密貨幣的未來。這是一個瘋狂的旅程，我在這里為此。誰知道哪些創新策略和激烈的辯論在拐角處等待著我們？可以肯定的是：加密世界永遠不會睡覺！