Stablecoins和YBS（承重穩定的）市場的興起

本文探討了從比特幣到繫繩再到Makerdao的Dai的歷史

Stablecoins are becoming a market consensus.

Stablecoins正在成為市場共識。

Stripe's acquisition of Bridge is just the beginning. Huma uses stablecoins to replace the intermediary status of banks, and Circle has become the new upstart in the cryptocurrency circle after Coinbase with USDC. All of the above are poor imitations of USDT.

Stripe對橋樑的收購僅僅是開始。 Huma使用Stablecoins替換銀行的中介狀態，Circle已成為與USDC共同存在之後加密貨幣圓圈中的新榜首。以上所有都是USDT的差模仿。

Ethena is a latecomer but an early winner, MakerDAO changed its name to Sky and switched to interest-bearing stablecoins, Pendle, Aave, etc. are all rapidly transforming from USDC to PT/YT to USDe. The above is a summary of the recent story of on-chain stablecoins.

埃塞納（Ethena）是後來的人，但早期的贏家是Makerdao，將其名字改成了天空，轉為擁有興趣的Stablecoins，Pendle，Aave等，都在從USDC轉換為PT/YT，再到USDE。以上是最近關於鏈型穩定的故事的摘要。

At least for now, YBS (Yield-Bearing Stablecoin) still belongs to the concept of stablecoin. It is difficult for everyone to understand the fundamental difference between USDe and USDT. In my opinion, YBS projects such as USDe attract users by generating interest, distribute part of the asset income to users, and continue to earn asset income after completing the deposit absorption.

至少目前，YBS（承重穩定的穩定）仍然屬於Stablecoin的概念。每個人都很難理解USDE和USDT之間的根本差異。我認為，USD等YBS項目通過產生利息，將部分資產收入分配給用戶吸引用戶，並在完成押金吸收後繼續賺取資產收入。

Previously, USDT issuance was a process of creating new assets. It should be noted that the reserves of USDT are the responsibility of regulators or project owners and have nothing to do with users. Users can only passively accept that USDT represents $1 and expect others to recognize its value.

以前，USDT發行是創建新資產的過程。應當指出的是，USDT的儲備是監管機構或項目所有者的責任，與用戶無關。用戶只能被動地接受USDT代表$ 1，並期望其他人認識其價值。

YBS follows the logic of deposit absorption and lending of on-chain banks and deconstructs the power of asset issuance. Circle's creation of USDC requires government-business cooperation and exchange support, but YBS has already shown a blowout trend.

YBS遵循了押金吸收和鏈接銀行的貸款的邏輯，並解構了資產發行權。 Circle的創建USDC需要政府企業合作與交流支持，但YBS已經顯示出井噴趨勢。

To reiterate, the history of the crypto industry is the history of innovation in asset issuance models, but this time it is a little milder in the name of stability, not as intense as the PVP on the ERC-20, NFT (ERC-721) and Meme Coin chains.

重申的是，加密貨幣行業的歷史是資產發行模型創新的歷史，但是這一次以穩定的名義有點溫和，不如ERC-20，NFT（ERC-721）和Meme Coin Coin鏈的PVP那麼強烈。

For example, f(x) Protocol has at least 5 stablecoins. V1 and V2 have rUSD and fxUSD respectively. In addition, there are $btcUSD, $cvxUSD, and even fETH is also called a stablecoin because it maintains a price anchor by capturing part of ETH's volatility, and the remaining volatility is absorbed by xToken.

例如，F（x）協議至少具有5個穩定劑。 V1和V2分別具有RUSD和FXUSD。此外，還有$ btcusd，$ cvxusd，甚至費斯也被稱為穩定的，因為它通過捕獲ETH的一部分波動性來維持價格錨，並且剩餘的波動率被Xtoken吸收。

Stability comes from volatility, and volatility creates stablecoins.

穩定性來自波動性，波動率會產生穩定的穩定性。

From the Old World to the New World

從舊世界到新世界

Whether it is interest-bearing stablecoins or StableFi, they are both new ways of expressing stablecoins. It is worthwhile to sort out the origins of stablecoins.

無論是帶有興趣的Stablecoins還是Stablefi，它們都是表達穩定蛋白的新方法。值得整理stablecoins的起源。

Stablecoins originated from Bitcoin, a peer-to-peer electronic cash payment system, but Bitcoin is not stable. This is not a problem with Bitcoin’s design. Bitcoin is essentially an unanchored currency system, and its fair price still fluctuates around its value and cannot be stabilized in the short term.

Stablecoins起源於比特幣，比特幣是點對點的電子現金支付系統，但比特幣不穩定。這不是比特幣設計的問題。比特幣本質上是一種未經常規的貨幣系統，其公平價格仍然圍繞其價值波動，並且在短期內無法穩定。

The earliest attempt of USDT was in the Bitcoin ecosystem, and then it moved to the exchange pricing field. The golden combination of Bitfinix and Tether allowed the stablecoin to find its earliest home, just like Coinbase and Circle today.

USDT的最早嘗試是在比特幣生態系統中，然後移至Exchange定價領域。 Bitfinix和Tether的黃金組合使Stablecoin像Coinbase和Circle一樣，找到了最早的房屋。

Fiat stablecoin was born. Its mechanism is not complicated. You only need to trust Tether, and everyone recognizes the market transaction stability of USDT. The first-mover advantage allows Tether to create a higher profit margin than BlackRock.

菲亞特·斯塔布雷因（Fiat Stablecoin）出生。它的機制並不復雜。您只需要信任繫繩，每個人都認識到USDT的市場交易穩定性。第一步的優勢使系幣可以創造出比黑石更高的利潤率。

Following closely behind is DAI issued by MakerDAO. The over-collateralization mechanism (CDP) has long been the only option for issuing on-chain stablecoins. The 1.5 times collateral assets suppress capital efficiency, but give market players higher credibility.

緊隨其後的是Makerdao發行的DAI。長期以來，過度的化機制（CDP）一直是發出鍊鍊球菌的唯一選擇。抵押品資產的1.5倍抑制了資本效率，但使市場參與者更高的信譽。

The subsequent history of cryptocurrency, from an on-chain perspective, is a story of how to reduce the pledge rate. Financial alchemy works in both directions. Hyperliquid can amplify asset trading leverage, but there is no good way to leverage asset creation.

從鏈的角度來看，加密貨幣的隨後歷史是如何降低承諾率的故事。金融煉金術在這兩個方向上工作。超流動性可以擴大資產交易槓桿作用，但是沒有很好的方法來利用資產創造。

Regarding asset creation, UST is a sad chapter. The classic algorithmic stablecoin has since failed. Frax can be regarded as semi-algorithmic at best, or it is more appropriate to call it a hybrid mechanism (Hybrid). It is already a shell of USDC.

關於資產創造，UST是一個悲傷的章節。此後，經典的算法Stablecoin失敗了。 Frax充其量只能被視為半合理，也可以稱為混合機構（混合）更合適。它已經是USDC的外殼。

From a mechanism perspective, interest-bearing stablecoins require interest-bearing mechanisms and stablecoin mechanisms. Based on the other three, the CDP mechanism of DeFi giants is also acceptable, and Ethena's Delta neutral mechanism is also fine, as long as stability can be guaranteed. Of course, USDD is promised by Sun Ge to remain stable as long as everyone agrees.

從機制的角度來看，持有興趣的穩定劑需要帶有興趣的機制和穩定機制。基於其他三種，Defi巨頭的CDP機制也可以接受，只要可以保證穩定性，Ethena的Delta中性機制也可以很好。當然，只要每個人都同意，Sun Ge就會承諾要保持穩定。

The real difference lies in the interest-bearing and profit-sharing mechanism, which depends on the source of the interest-bearing assets. There are two simplest ways: using pledged assets such as stETH on the chain and using self-yielding assets such as US Treasury bonds off the chain, and both can be mixed.

真正的差異在於利息和利潤分享機制，取決於承擔利息資產的來源。有兩種最簡單的方法：使用鏈條上的固定資產，例如鍊條上的steth，並使用鏈條上的美國國庫債券等自收益資產，並且都可以混合。

Ethena's USDe is rather special. While using stETH to generate interest, it uses CEX hedging to keep the currency price stable. It also needs to comply with off-chain entities and uses USDC

Ethena的USDE很特別。在使用Steth產生利息的同時，它使用CEX對沖來保持貨幣價格穩定。它還需要遵守離鏈實體並使用USDC