Polkadot的Pusd Stablecoin：在Defi Glory上的第二杆？

Polkadot推出PUSD以提高其Defi，但可以避免Acala的Ausd的陷阱吗？问责制和仅点的支持引起了眉毛。

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

Polkadot的Pusd Stablecoin：在Defi Glory上的第二杆？

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与PUSD一起在Stablecoin游戏中又进行了一次摇摆，旨在榨汁生态系统，并放弃对USDT和USDC等大男孩的依赖。但是，由于担心过去的跌倒，PUSD真的可以坚持着陆吗？

The Promise of pUSD

PUSD的承诺

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.

这个想法很简单：一个过度化的稳定剂，完全由Polkadot的本地点令牌支持。这使Polkadot更加控制其财务命运。支持者将PUSD视为解锁Polkadot的挑战潜力，促进自主权并创建更强大的生态系统的关键。

Echoes of aUSD: A Cause for Concern?

AUSD的回声：令人担忧的原因？

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）失败的AUSD项目的阴影隐约可见。 PUSD建立在Honzon上，Honzon是AUSD在其剧烈崩溃之前使用的框架。这让一些社区成员可以理解。对失去信任的记忆，指责的指控以及无偿用户的记忆仍然是新鲜的。

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."

大问题：Polkadot可以避免重复历史吗？明确的问责制，尤其是技术委员会，至关重要。正如一个社区成员所说，没有这些保证，“重复过去错误的风险太大了。”

DOT-Only Backing: A Risky Move?

仅点支持：冒险的举动？

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连接之外，PUSD还面临着另一个挑战：DOT的唯一支持。虽然过度征服提供了一些保护，但依靠单个资产会导致清算级联和销售压力，如果市场变酸。 Makerdao的Dai很早就学到了这一课，使其抵押品多样化，包括一篮子加密和现实世界的资产。

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.

有人认为，Polkadot已经具有更好的本机选择，例如Hollar，专门为Appchains设计。这些批评家认为，Polkadot应该利用其独特的优势，而不是重新设计标准EVM模型。

pUSD vs. the Giants

PUSD与巨人队

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克服了这些障碍，它也面临着与Tether（USDT）和Circle的USDC等建立的Stablecoins的艰苦斗争。系绳仍然以巨大的市值为主市场。 PUSD可以真正竞争吗？

My Take: Cautious Optimism

我的看法：谨慎的乐观

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的大胆举措，但成功远非保证。社区的担忧是有效的，必须透明地解决。如果Polkadot可以从过去的错误中学习，建立明确的责任感并证明其仅点点模型的弹性，PUSD可能会成为生态系统的宝贵资产。但是，如果没有这样做，它可能会进一步侵蚀信任并阻碍波尔卡多的野心。

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!

最终，PUSD的命运取决于Polkadot建立稳定，安全和值得信赖的解决方案的能力。只有时间才能说明它是否可以将其拉开。希望他们点点我的t，并跨越了这次！