Polkadot的Pusd：地平線上的新穩定菌？

Polkadot正在準備發射Pusd，這是一個由點支持的Stablecoin。但是，它可以避免過去Stablecoin Ventures的陷阱嗎？

Polkadot's pUSD: A New Stablecoin on the Horizon?

Polkadot的Pusd：地平線上的新穩定菌？

Polkadot is diving deeper into the DeFi world with its upcoming pUSD stablecoin, aiming to boost liquidity and cut reliance on the usual suspects like USDT and USDC. But with a history of stablecoin stumbles in the ecosystem, can pUSD truly deliver?

Polkadot即將推出的Pusd Stablecoin正在更深入地進入Defi世界，旨在提高流動性並減少對USDT和USDC等常見嫌疑人的依賴。但是，由於生態系統中有穩定的史tablecoin的歷史，PUSD可以真正提供嗎？

The Promise of pUSD

PUSD的承諾

The Polkadot community is buzzing about pUSD, positioning it as a key to unlocking the network's DeFi potential. The idea? A stablecoin fully backed by DOT, operating on the Asset Hub, and leveraging the Honzon protocol. The goal is to allow users to borrow against their DOT holdings without having to sell them.

Polkadot社區對PUSD嗡嗡作響，將其定位為釋放網絡偏愛潛力的關鍵。這個想法？由DOT完全支持的Stablecoin，在資產中心運行，並利用Honzon協議。目的是允許用戶借錢，而不必出售它們。

The Ghost of aUSD

澳大利亞的幽靈

Here's where things get interesting. The Honzon protocol was previously used by Acala, the issuer of aUSD, a stablecoin that didn't exactly go as planned. This has stirred up some apprehension. Can pUSD avoid the same fate? Some community members worry about repeating past mistakes, particularly regarding the Honzon framework. There are calls for Polkadot to distance itself from the Acala team this time around. As one community member put it, Acala’s stablecoin launch was a complete disaster that killed trust in the team.

這是事情變得有趣的地方。 Honzon協議以前是由Ausd的發行人Acala使用的，Ausd的發行人是一種並非完全按計劃進行的穩定者。這激起了一些憂慮。 PUSD可以避免同樣的命運嗎？一些社區成員擔心重複過去的錯誤，尤其是關於Honzon框架。這次有呼籲Polkadot與Acala團隊保持距離。正如一位社區成員所說，阿卡拉（Acala）的Stablecoin發射是一場徹底的災難，殺死了對團隊的信任。

DOT-Backed: A Double-Edged Sword?

桌子上支持：一把雙刃劍？

Another point of contention? pUSD's sole reliance on DOT as collateral. While over-collateralization offers a safety net, some fear this could trigger liquidation cascades and add selling pressure on DOT. Remember MakerDAO's DAI? It started with ETH-only collateral but eventually diversified. A user on X pointed out the infamous DAI depeg in 2020, which forced MakerDAO to diversify its collateral.

另一個爭論點？ PUSD唯一依賴DOT作為抵押品。雖然過度側面化提供了安全網，但有些人擔心這可能會觸發清算級聯，並在DOT上增加銷售壓力。還記得Makerdao的Dai嗎？它始於純粹的抵押品，但最終使人多樣化。 X上的用戶指出了2020年臭名昭著的Dai Depeg，這迫使Makerdao多樣化其抵押品。

A Native Solution or a Repeat Offense?

本地解決方案還是重複犯罪？

Some argue that Polkadot should be leveraging its unique strengths instead of rehashing a standard EVM model. Alternatives like HOLLAR, built on the Hydration runtime, are already in the ecosystem. These native solutions might offer a more secure and stable path forward.

有人認為，Polkadot應該利用其獨特的優勢，而不是重新制定標準EVM模型。基於水合運行時建立的Hollar等替代品已經在生態系統中。這些本地解決方案可能會提供更安全，更穩定的道路。

Community Sentiment and Strategic Importance

社區情緒和戰略重要性

Despite the concerns, the pUSD proposal has garnered significant community backing. Gavin Wood himself has called a native DOT-backed stablecoin strategically essential, emphasizing the need to reduce dependence on external stablecoins and boost on-chain financial tools. The community vote is nearing the approval threshold, signaling strong alignment among stakeholders.

儘管有擔憂，但PUSD提案仍獲得了重大的社區支持。加文·伍德（Gavin Wood）本人在戰略上稱其為基本的土著穩定者，強調需要減少對外部穩定劑的依賴並增強鏈上的財務工具。社區投票接近批准門檻，表明利益相關者之間的緊密結合。

The Bigger Picture

更大的圖片

Polkadot's move towards pUSD mirrors a broader industry trend: chains are launching native stablecoins to build internal economies and mitigate third-party risk. With less than $100 million in stablecoin liquidity, Polkadot's DeFi growth has been hampered. pUSD could be the catalyst to change that, attracting traders and developers alike.

Polkadot向PUSD的轉變反映了更廣泛的行業趨勢：連鎖店正在推出本地Stablecoins來建立內部經濟並減輕第三方風險。 Polkadot的Defi增長受到了阻礙，穩定的流動性不到1億美元，因此Polkadot的Defi增長受到了阻礙。 PUSD可能是改變這種情況的催化劑，吸引了交易者和開發商。

Final Thoughts

最後的想法

pUSD represents a significant step for Polkadot, but it's not without its challenges. Overcoming the ghost of aUSD and addressing concerns about DOT-only collateral will be crucial. If Polkadot can navigate these hurdles, pUSD could indeed unlock the network's DeFi potential. Otherwise, it risks becoming another cautionary tale in the volatile world of crypto. Only time will tell if pUSD will be a game-changer or just another flash in the pan. Either way, it's going to be fun to watch!

PUSD代表了Polkadot的重要一步，但這並非沒有挑戰。克服澳大利亞的幽靈並解決對僅點雜物抵押品的擔憂至關重要。如果Polkadot可以瀏覽這些障礙，PUSD確實可以解鎖網絡的抗潛力。否則，它有可能成為加密世界動盪世界中的另一個警告性故事。只有時間會證明PUSD是改變遊戲規則的人還是鍋中的另一個閃光燈。無論哪種方式，觀看都會很有趣！