以太坊上的USDD Stablecoin：追逐12％的收益率還是迴聲？

USDD的以太坊發布Sparks辯論：在附帶問題和Terrausd的影子中，它可以提供可持續的12％的收益率嗎？

USDD Stablecoin on Ethereum: Chasing 12% Yield or Echoes of Terra?

以太坊上的USDD Stablecoin：追逐12％的收益率還是迴聲？

The crypto world never sleeps, and neither do the debates surrounding stablecoins. The latest head-turner? USDD's move to Ethereum, promising juicy yields, but also raising familiar questions about stability and collateralization. Is it a DeFi dream or a disaster waiting to happen? Let's dive in.

加密世界永遠不會睡覺，圍繞Stablecoins的辯論也沒有。最新的校長？ USDD轉向以太坊，有希望的多汁產量，同時也提出了有關穩定和抵押品的熟悉問題。這是一個幻想的夢還是等待發生的災難？讓我們潛水。

USDD on Ethereum: A New Chapter?

USDD關於以太坊：新篇章？

USDD, originally on Tron, is now trying its luck on Ethereum, the undisputed king of DeFi. The team hopes to tap into Ethereum's massive liquidity and developer base. “Ethereum is home to the largest community of developers, protocols, and liquidity in DeFi,” the USDD team wrote. But this move also puts USDD under the magnifying glass of Ethereum's more discerning DeFi community, where transparency is non-negotiable.

USDD最初是在Tron上的，現在正在為無可爭議的Defi國王以太坊（Ethereum）嘗試運氣。該團隊希望利用以太坊的大量流動性和開發者基礎。 USDD團隊寫道：“以太坊是DEFI中最大的開發人員，協議和流動性社區的所在地。”但是，此舉也使USDD放在以太坊更具挑剔的Defi社區的放大鏡下，在該社區中，透明度是不可談判的。

The 12% Yield: Too Good to Be True?

收益率為12％：太好了嗎？

That sweet 12% yield is what's grabbing headlines, but it's also what's fueling skepticism. Can USDD really deliver those returns sustainably? Critics point to USDD's collateralization levels, which some ratings agencies peg at below 100%. That's a red flag when compared to fully-backed stablecoins like USDC. And with USDD's circulating supply shrinking, even as the overall stablecoin market grows, the pressure is on.

甜蜜的12％的收益率是吸引頭條新聞，但這也引起了懷疑。 USDD真的可以可持續交付這些回報嗎？批評家指出，USDD的抵押品水平，某些評級機構以低於100％的速度。與USDC這樣的全面支持的穩定幣相比，這是一個危險信號。隨著USDD的循環供應量縮小，即使整個Stablecoin市場不斷增長，壓力也越來越大。

TerraUSD Flashbacks: A Ghost from the Past

Terrausd閃回：過去的幽靈

Let's be real, the elephant in the room is TerraUSD. The collapse of that algorithmic stablecoin is still fresh in everyone's minds. USDD's team insists its design and over-collateralization set it apart from Terra. They've even got a fancy Peg Stability Module. But memories of Terra are a tough hurdle to overcome.

真實，房間裡的大像是Terrausd。在每個人的腦海中，這種算法stablecoin的崩潰仍然是新鮮的。 USDD的團隊堅持其設計和過度側面化將其與Terra區分開。他們甚至有一個花哨的釘穩定性模塊。但是，對Terra的記憶是一個艱難的障礙。

My Two Satoshis: Innovation vs. Risk

我的兩個Satoshis：創新與風險

Here's my take: DeFi thrives on innovation, but it can't ignore risk. USDD's Ethereum play could be a game-changer, unlocking new opportunities. But it needs to address the collateral concerns head-on and convince investors it's not just another ticking time bomb. The market is watching closely. HashKey Group's launch of a $500 million Digital Asset Treasury fund targeting Bitcoin and Ethereum projects shows that there is growing institutional interest in the space, which could provide more confidence in the digital asset space as a whole.

這是我的看法：Defi在創新方面蓬勃發展，但不能忽略風險。 USDD的以太坊遊戲可能會改變遊戲規則，從而釋放新的機會。但是它需要解決附帶問題的問題，並說服投資者不僅是另一個滴答tige炸彈。市場正在密切關注。 Hashkey Group啟動了針對比特幣和以太坊項目的5億美元的數字資產財政基金，表明，該空間的機構興趣日益增長，這可能會對整個數字資產領域提供更多信心。

The Road Ahead

前面的道路

Whether USDD becomes a DeFi darling or fades into obscurity remains to be seen. One thing's for sure: it's going to be an interesting ride. So buckle up, keep your eyes on those collateral levels, and remember, in the world of crypto, only the paranoid survive!

USDD是否成為Defi Darling，還是逐漸淡出默默無聞，還有待觀察。可以肯定的是：這將是一個有趣的旅程。因此，扣緊扣，請注意這些附帶層次，並記住，在加密貨幣世界中，只有偏執狂才能生存！