Polkadot的Pusd：地平线上的新稳定菌？

Polkadot正在准备发射Pusd，这是一个由点支持的Stablecoin。但是，它可以避免过去Stablecoin Ventures的陷阱吗？

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

Polkadot的Pusd：地平线上的新稳定菌？

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即将推出的Pusd Stablecoin正在更深入地进入Defi世界，旨在提高流动性并减少对USDT和USDC等常见嫌疑人的依赖。但是，由于生态系统中有稳定的史tablecoin的历史，PUSD可以真正提供吗？

The Promise of pUSD

PUSD的承诺

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社区对PUSD嗡嗡作响，将其定位为释放网络偏爱潜力的关键。这个想法？由DOT完全支持的Stablecoin，在资产中心运行，并利用Honzon协议。目的是允许用户借钱，而不必出售它们。

The Ghost of aUSD

澳大利亚的幽灵

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.

这是事情变得有趣的地方。 Honzon协议以前是由Ausd的发行人Acala使用的，Ausd的发行人是一种并非完全按计划进行的稳定者。这激起了一些忧虑。 PUSD可以避免同样的命运吗？一些社区成员担心重复过去的错误，尤其是关于Honzon框架。这次有呼吁Polkadot与Acala团队保持距离。正如一位社区成员所说，阿卡拉（Acala）的Stablecoin发射是一场彻底的灾难，杀死了对团队的信任。

DOT-Backed: A Double-Edged Sword?

桌子上支持：一把双刃剑？

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.

另一个争论点？ PUSD唯一依赖DOT作为抵押品。虽然过度侧面化提供了安全网，但有些人担心这可能会触发清算级联，并在DOT上增加销售压力。还记得Makerdao的Dai吗？它始于纯粹的抵押品，但最终使人多样化。 X上的用户指出了2020年臭名昭著的Dai Depeg，这迫使Makerdao多样化其抵押品。

A Native Solution or a Repeat Offense?

本地解决方案还是重复犯罪？

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.

有人认为，Polkadot应该利用其独特的优势，而不是重新制定标准EVM模型。基于水合运行时建立的Hollar等替代品已经在生态系统中。这些本地解决方案可能会提供更安全，更稳定的道路。

Community Sentiment and Strategic Importance

社区情绪和战略重要性

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.

尽管有担忧，但PUSD提案仍获得了重大的社区支持。加文·伍德（Gavin Wood）本人在战略上称其为基本的土著稳定者，强调需要减少对外部稳定剂的依赖并增强链上的财务工具。社区投票接近批准门槛，表明利益相关者之间的紧密结合。

The Bigger Picture

更大的图片

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的转变反映了更广泛的行业趋势：连锁店正在推出本地Stablecoins来建立内部经济并减轻第三方风险。 Polkadot的Defi增长受到了阻碍，稳定的流动性不到1亿美元，因此Polkadot的Defi增长受到了阻碍。 PUSD可能是改变这种情况的催化剂，吸引了交易者和开发商。

Final Thoughts

最后的想法

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，但这并非没有挑战。克服澳大利亚的幽灵并解决对仅点杂物抵押品的担忧至关重要。如果Polkadot可以浏览这些障碍，PUSD确实可以解锁网络的抗潜力。否则，它有可能成为加密世界动荡世界中的另一个警告性故事。只有时间会证明PUSD是改变游戏规则的人还是锅中的另一个闪光灯。无论哪种方式，观看都会很有趣！