Stablecoins seem simple on the surface, but there are actually three tough challenges lurking beneath.
First, there's the issue of the pegging mechanism. Why always fixate on the dollar? This approach itself limits the imagination of stablecoins. Instead of rigidly clinging to the dollar, it would be better to explore a more independent pricing benchmark that can truly reflect changes in purchasing power, so as to adapt to more complex market environments.
Second, the centralization risks of oracles are often underestimated. If oracles are easily captured by capital, security becomes a myth. Once caught in this predicament, the system must be sustained by extracting high value, and ultimately it's users who foot the bill. This is a vicious cycle.
Finally, there are various coordination issues to address under the PoS mechanism. These seemingly isolated technical challenges are actually interconnected. For stablecoins to truly survive, they need to overcome these hurdles one by one.
Stablecoins seem simple on the surface, but there are actually three tough challenges lurking beneath.
First, there's the issue of the pegging mechanism. Why always fixate on the dollar? This approach itself limits the imagination of stablecoins. Instead of rigidly clinging to the dollar, it would be better to explore a more independent pricing benchmark that can truly reflect changes in purchasing power, so as to adapt to more complex market environments.
Second, the centralization risks of oracles are often underestimated. If oracles are easily captured by capital, security becomes a myth. Once caught in this predicament, the system must be sustained by extracting high value, and ultimately it's users who foot the bill. This is a vicious cycle.
Finally, there are various coordination issues to address under the PoS mechanism. These seemingly isolated technical challenges are actually interconnected. For stablecoins to truly survive, they need to overcome these hurdles one by one.