多鏈、蟲洞和 USST：引領可互操作的未來（以及穩定幣的波動）

探索 Wormhole 的多鏈解決方案，例如 Portal Swap 和 Native Token Transfers，以及 USST 穩定幣的坎坷推出。

The world of blockchain is increasingly interconnected, and key players like Wormhole are leading the charge with innovative solutions. Meanwhile, new stablecoins like USST are entering the arena, facing the real-world challenges of maintaining stability. Let's dive in.

區塊鏈世界日益互聯，像 Wormhole 這樣的主要參與者正在通過創新解決方案引領潮流。與此同時，像USST這樣的新穩定幣正在進入舞台，面臨著維持穩定的現實挑戰。讓我們深入了解一下。

Wormhole's Vision: A Unified Multichain Experience

Wormhole 的願​​景：統一的多鏈體驗

Wormhole isn't just another bridge; it's building a comprehensive interoperability platform. Their Native Token Transfers (NTT) standard is gaining traction, enabling projects like Yei Finance (with its CLO token) and STBL (with its USST stablecoin) to expand across multiple chains, like Ethereum and BNB Chain, without the usual headaches of wrapped tokens and fragmented liquidity. NTT lets projects keep control over their tokens' behavior on each chain, offering flexibility and adaptability.

蟲洞不僅僅是另一座橋；它也是一座橋樑。它正在構建一個全面的互操作平台。他們的原生代幣轉移（NTT）標準正在獲得關注，使 Yei Finance（及其 CLO 代幣）和 STBL（及其 USST 穩定幣）等項目能夠跨多個鏈（如以太坊和 BNB Chain）進行擴展，而不會出現通常令人頭痛的打包代幣和分散的流動性。 NTT 讓項目能夠控制其代幣在每條鏈上的行為，從而提供靈活性和適應性。

Portal Swap: The Next-Gen DEX is Here

Portal Swap：下一代 DEX 就在這裡

Announced in October 2025, Wormhole unveiled Portal Swap, a collaboration with Mayan, designed to merge cross-chain and same-chain token transactions into one seamless experience. Before, users had to juggle multiple tools, using the original Portal for cross-chain transfers and external DEXs like Uniswap for same-chain swaps. Portal Swap changes the game by offering a single interface for all types of swaps directly from a user’s wallet.

Wormhole 於 2025 年 10 月宣布推出 Portal Swap，這是與 Mayan 的一項合作，旨在將跨鍊和同鏈代幣交易合併為一種無縫體驗。之前，用戶必須使用多種工具，使用原始 Portal 進行跨鏈傳輸，使用 Uniswap 等外部 DEX 進行同鏈交換。 Portal Swap 通過為直接從用戶錢包進行所有類型的交換提供單一界面來改變遊戲規則。

Portal Swap supports cross-chain transfers (using both NTT and Wrapped-Token Transfers), cross-chain swaps (native-to-native), and same-chain swaps. This eliminates boundaries and allows users to access assets through the most efficient routes, all while streamlining the user experience.

Portal Swap 支持跨鏈轉賬（使用 NTT 和 Wrapped-Token Transfers）、跨鏈互換（原生到原生）和同鏈互換。這消除了界限，允許用戶通過最有效的途徑訪問資產，同時簡化用戶體驗。

USST's Rocky Start: A Lesson in Stablecoin Stability

USST 的艱難起步：穩定幣穩定性的教訓

Not all journeys are smooth. Launched in October by STBL, co-founded by a Tether co-founder, USST briefly dipped below its $1 peg shortly after its debut on Curve. While it recovered somewhat, this early depeg highlights the challenges new stablecoins face in establishing confidence. Liquidity, transparency, and credible collateral are critical. While STBL announced a partnership with Ondo Finance, making Ondo’s USDY the primary collateral for USST, the initial wobble underscores the importance of market confidence.

並不是所有的旅程都是一帆風順的。 USST 由 Tether 聯合創始人共同創立的 STBL 於 10 月推出，在 Curve 上首次亮相後不久，其價格一度跌破 1 美元。雖然有所恢復，但這種早期的脫鉤凸顯了新穩定幣在建立信心方面面臨的挑戰。流動性、透明度和可靠的抵押品至關重要。雖然 STBL 宣布與 Ondo Finance 建立合作夥伴關係，使 Ondo 的 USDY 成為 USST 的主要抵押品，但最初的波動凸顯了市場信心的重要性。

My Take

我的看法

Wormhole's approach to interoperability is genuinely exciting. Portal Swap could be a game-changer, simplifying cross-chain transactions and attracting more users to the multichain world. The USST situation, while concerning, isn't unusual for a new stablecoin. The market will be watching closely to see how the STBL team responds. I would keep an eye on it, but remember that all investments carry risk.

Wormhole 的互操作性方法確實令人興奮。 Portal Swap 可能會改變遊戲規則，簡化跨鏈交易並吸引更多用戶進入多鏈世界。 USST 的情況雖然令人擔憂，但對於新的穩定幣來說並不罕見。市場將密切關注STBL團隊如何應對。我會密切關注，但請記住所有投資都有風險。

Looking Ahead

展望未來

The future of blockchain is multichain, and Wormhole seems determined to be a key player in that future. Whether it's streamlining token transfers or creating a unified DEX experience, their innovations are pushing the industry forward. As for USST, it's a reminder that even in the world of stablecoins, things can get a little wobbly. But hey, that's crypto, right? Always something interesting happening!

區塊鏈的未來是多鏈的，而 Wormhole 似乎決心成為這個未來的關鍵參與者。無論是簡化代幣傳輸還是創建統一的 DEX 體驗，他們的創新都在推動行業向前發展。至於 USST，它提醒我們，即使在穩定幣的世界裡，事情也可能會變得有點不穩定。但是，嘿，這就是加密貨幣，對吧？總是有有趣的事情發生！