Polkadot的Pusd Stablecoin：在Defi Glory上的第二桿？

Polkadot推出PUSD以提高其Defi，但可以避免Acala的Ausd的陷阱嗎？問責制和僅點的支持引起了眉毛。

Polkadot's pUSD Stablecoin: A Second Shot at DeFi Glory?

Polkadot的Pusd Stablecoin：在Defi Glory上的第二桿？

Polkadot is taking another swing at the stablecoin game with pUSD, aiming to juice its DeFi ecosystem and ditch the reliance on the big boys like USDT and USDC. But with concerns lingering about past stumbles, can pUSD really stick the landing?

Polkadot與PUSD一起在Stablecoin遊戲中又進行了一次搖擺，旨在榨汁生態系統，並放棄對USDT和USDC等大男孩的依賴。但是，由於擔心過去的跌倒，PUSD真的可以堅持著陸嗎？

The Promise of pUSD

PUSD的承諾

The idea is simple: an over-collateralized stablecoin, backed entirely by Polkadot's native DOT token. This gives Polkadot more control over its financial destiny. Proponents envision pUSD as the key to unlocking Polkadot's DeFi potential, fostering autonomy, and creating a more robust ecosystem.

這個想法很簡單：一個過度化的穩定劑，完全由Polkadot的本地點令牌支持。這使Polkadot更加控制其財務命運。支持者將PUSD視為解鎖Polkadot的挑戰潛力，促進自主權並創建更強大的生態系統的關鍵。

Echoes of aUSD: A Cause for Concern?

AUSD的迴聲：令人擔憂的原因？

However, the shadow of Acala's failed aUSD project looms large. pUSD is built on Honzon, the same framework that aUSD used before its dramatic collapse. This has some community members understandably nervous. Memories of lost trust, accusations of deflected blame, and uncompensated users are still fresh.

但是，阿卡拉（Acala）失敗的AUSD項目的陰影隱約可見。 PUSD建立在Honzon上，Honzon是AUSD在其劇烈崩潰之前使用的框架。這讓一些社區成員可以理解。對失去信任的記憶，指責的指控以及無償用戶的記憶仍然是新鮮的。

The big question: Can Polkadot avoid repeating history? Clear accountability, especially from the Technical Council, is paramount. As one community member put it, without those assurances, "the risk of repeating past mistakes is too great."

大問題：Polkadot可以避免重複歷史嗎？明確的問責制，尤其是技術委員會，至關重要。正如一個社區成員所說，沒有這些保證，“重複過去錯誤的風險太大了。”

DOT-Only Backing: A Risky Move?

僅點支持：冒險的舉動？

Beyond the Acala connection, pUSD faces another challenge: its sole backing by DOT. While over-collateralization offers some protection, relying on a single asset can lead to liquidation cascades and heavy sell pressure if the market turns sour. MakerDAO's DAI learned this lesson early, diversifying its collateral to include a basket of crypto and real-world assets.

除了Acala連接之外，PUSD還面臨著另一個挑戰：DOT的唯一支持。雖然過度征服提供了一些保護，但依靠單個資產會導致清算級聯和銷售壓力，如果市場變酸。 Makerdao的Dai很早就學到了這一課，使其抵押品多樣化，包括一籃子加密和現實世界的資產。

Some argue that Polkadot already has better native options, like HOLLAR, specifically designed for appchains. These critics suggest Polkadot should leverage its unique strengths instead of rehashing a standard EVM model.

有人認為，Polkadot已經具有更好的本機選擇，例如Hollar，專門為Appchains設計。這些批評家認為，Polkadot應該利用其獨特的優勢，而不是重新設計標準EVM模型。

pUSD vs. the Giants

PUSD與巨人隊

Even if pUSD overcomes these hurdles, it faces an uphill battle against established stablecoins like Tether (USDT) and Circle's USDC. Tether still dominates the market with a massive market cap. Can pUSD truly compete?

即使PUSD克服了這些障礙，它也面臨著與Tether（USDT）和Circle的USDC等建立的Stablecoins的艱苦鬥爭。繫繩仍然以巨大的市值為主市場。 PUSD可以真正競爭嗎？

My Take: Cautious Optimism

我的看法：謹慎的樂觀

pUSD represents a bold move by Polkadot, but success is far from guaranteed. The community's concerns are valid and must be addressed transparently. If Polkadot can learn from the mistakes of the past, establish clear accountability, and demonstrate the resilience of its DOT-only model, pUSD could become a valuable asset for the ecosystem. However, if it fails to do so, it risks further eroding trust and hindering Polkadot's DeFi ambitions.

PUSD代表了Polkadot的大膽舉措，但成功遠非保證。社區的擔憂是有效的，必須透明地解決。如果Polkadot可以從過去的錯誤中學習，建立明確的責任感並證明其僅點點模型的彈性，PUSD可能會成為生態系統的寶貴資產。但是，如果沒有這樣做，它可能會進一步侵蝕信任並阻礙波爾卡多的野心。

Ultimately, pUSD's fate rests on Polkadot's ability to build a stable, secure, and trustworthy solution. Only time will tell if it can pull it off. Let's hope they dot their i's and cross their t's this time around!

最終，PUSD的命運取決於Polkadot建立穩定，安全和值得信賴的解決方案的能力。只有時間才能說明它是否可以將其拉開。希望他們點點我的t，並跨越了這次！