SUSD繼續將A16Z的RWA推入宇宙

本文分析了SUSD繼續與PEG脫鉤的原因

sUSD continues to decouple, why has it not been repaired yet?

Susd繼續將其解散，為什麼還沒有修理？

Since the SIP-420 proposal was passed at the beginning of the year, sUSD has been depegging and has recently entered a serious depegging range below $0.9. The key change in this proposal is the introduction of the "delegation pool". The design of the delegation pool is to encourage users to mint sUSD through this mechanism. The benefits are

自從年初通過SIP-420提案以來，SUSD一直在挑剔，最近進入了低於$ 0.9的嚴重Depegging系列。該提案的關鍵變化是引入“委託池”。委託池的設計是鼓勵用戶通過這種機製造成薄荷。好處是

* 200% collateral ratio (originally designed to be 500%+)

* 200％抵押比例（最初設計為500％+）

* Debt can be transferred linearly to the protocol

*債務可以線性轉移到協議

* After all transfers are completed, users do not need to repay

*所有轉移完成後，用戶不需要還款

* The protocol resolves debt through profit and appreciation of $SNX

*該協議通過盈利和$ SNX的讚賞來解決債務

The advantages are obvious. It improves the minting efficiency of SNX while eliminating the liquidation risk of borrowers. If the market has strong confidence in SNX, it will enter a positive cycle.

優點是顯而易見的。它提高了SNX的造幣效率，同時消除了借款人的清算風險。如果市場對SNX充滿信心，它將進入一個積極的周期。

But problems immediately emerged:

但是問題立即出現：

* The market still has severe PTSD for SNX - sUSD, an intrinsic collateral

*市場仍然具有SNX的嚴重PTSD -SUSD，一個內在的抵押品

* Lack of confidence and the increased efficiency of SNX minting have resulted in additional sUSD flowing into the market, and Curve Pool has seriously deviated

*缺乏信心和SNX鑄造效率的提高導致了更多的SUSD流入市場，並且曲線池嚴重偏離

* Due to the design of the "delegation pool", users no longer actively manage their debts and cannot repay debts by purchasing low-priced sUSD in the market to arbitrage

*由於“委託池”的設計，用戶不再積極管理債務，無法通過購買市場上的低價SUSD來償還債務以套利

The issue that everyone is most concerned about is whether it can be anchored back. This issue is very dependent on the project party, because the demand or incentives for sUSD must be increased. @synthetix_io is also very clear about this, but whether the market will pay for this kind of algorithmic stablecoin with endogenous collateral is unknown. The sequelae of LUNA are still too great, but from a purely design perspective, the design of synthetix is still advanced, and if it was born in that stable and grassroots period, it might be favored.

每個人最關心的問題是可以固定的問題。這個問題非常依賴於項目政黨，因為必須增加對SUSD的需求或激勵措施。 @synthetix_io也很清楚這一點，但是市場是否會為具有內源性抵押品的這種算法stablecoin付費。 Luna的後遺症仍然太大了，但是從純粹的設計角度來看，Synthetix的設計仍然是先進的，如果它是在那個穩定的基層時期出生的，那麼它可能會受到青睞。

(This does not constitute a buy or sell recommendation, it only states the reasons why things happened for study and research)

（這並不構成買賣建議，它僅說明了為研究和研究發生的原因）

DeFi sector rises as IRS broker bill is repealed and regulatory attitude shifts

國稅局經紀法案被廢除和監管態度轉變時，防禦部門上升

The US president has signed a bill repealing the IRS DeFi crypto broker rules, which went into effect on April 11. The bill, which was passed by Congress in March, cancels provisions of the 2024 tax code that would have required crypto miners, mixers, and liquidators to report taxes on behalf of their users.

美國總統已簽署了一項法案，廢除了IRS Defi Crypto經紀人規則，該法規於4月11日生效。該法案是由國會於3月份通過的法案，取消了2024年稅法的規定，該規定要求加密貨幣的礦工，混合器和清算人以代表其用戶報告稅收。

The move comes as the Biden administration is working to finalize a comprehensive crypto policy. It also follows a period of heightened scrutiny of the DeFi sector, with regulators warning of potential scams and abuses.

此舉是因為拜登政府正在努力敲定全面的加密政策。這也遵循了對Defi部門的審查，並警告了潛在的騙局和虐待行為。

The crypto sector has seen mixed fortunes in recent months, with prices remaining largely rangebound and Bitcoin struggling to break through the $50,000 barrier. However, DeFi continues to grow rapidly, with total value locked in protocols hitting a record high of $2.41 trillion in April.

最近幾個月，加密貨幣部門的命運越來越多，價格仍然很大，比特幣努力打破了50,000美元的障礙。但是，Defi繼續迅速增長，協議中的總價值鎖定在4月的創紀錄的2.41萬億美元。

Those figures are sure to attract the attention of retail investors, especially as the thinking on DeFi has become more pessimistic in recent weeks.

這些數字肯定會吸引零售投資者的注意，尤其是隨著最近幾週對Defi的想法變得更加悲觀。

Here are some recent developments in the DeFi sector:

以下是Defi行業的最新發展：

* sUSD continues to depeg, but why hasn’t it been repaired yet?

* SUSD繼續進行Depeg，但是為什麼還沒有修理呢？

* veCAKE governance attack, cakepie protocol faces liquidation

* vecake治理攻擊，Cakepie協議面臨著清算

* Following the veCAKE governance attack above, Curve founder @newmichwill gave a quantitative calculation method:

*在上述Vecake治理攻擊之後，Curve創始人@NewMichWill給出了定量計算方法：

* Measures the number of CAKEs that are locked as veCAKEs via Cakepie (these CAKEs are permanently locked).

*測量通過Cakepie將其鎖定為Vecakes的蛋糕數量（這些蛋糕是永久鎖定的）。

* Compare a hypothetical scenario: If the same veCAKE is used to vote for the "Quality Pool" and all proceeds are used to buy back and destroy CAKE, how much CAKE will be destroyed?

*比較一個假設的情況：如果使用相同的維卡來投票為“優質池”投票，並且所有收益都用於回購和銷毀蛋糕，則將銷毀多少蛋糕？

* Through this comparison, it can be determined whether Cakepie's behavior is more efficient than directly destroying CAKE.

*通過這種比較，可以確定Cakepie的行為是否比直接破壞蛋糕更有效。

According to Michael's experience, on Curve, the veToken model is about 3 times more efficient in reducing the circulation of CRV tokens than directly destroying tokens.

根據邁克爾的經驗，在曲線上，獸醫模型在減少CRV令牌的循環效率上是直接破壞令牌的效率。

* BUIDL continues to grow, up 24% in 7 days

* Buidl繼續增長，7天內增長了24％

* Last time we paid attention to the 2 billion mark, we are now close to breaking through 2.5 billion.

*上次我們關注20億個大關時，我們現在即將突破25億。

* The most recent increase of $500 million did not come from Ethena

*最近的5億美元增長並非來自埃塞納（Ethena）

* May have attracted new investor groups

*可能吸引了新的投資者團體

* From the traces on the chain, it may come from Spark, a lending protocol under Sky (MakerDAO).

*從鏈條上的痕跡中，它可能來自Spark，Spark是Sky（Makerdao）下的貸款協議。

The RWA business has continued to grow, but has not been well integrated into the DeFi Lego, and is currently in a state of being "out of touch with the market and irrelevant to retail investors."

RWA業務一直在增長，但還沒有很好地整合到Defi Lego中，目前處於“與市場脫節，與散戶投資者無關的狀態”。

IRS DeFi Broker Bill Officially Repealed

IRS Defi經紀法案正式廢除

On April 11, US President Trump signed a bill announcing the official repeal of the IRS DeFi crypto broker rules. The bill, which was passed by Congress in March, cancels provisions

4月11日，美國總統特朗普簽署了一項法案，宣布官方廢除IRS Defi Crypto經紀人規則。該法案於3月份通過國會通過