Виталик о децентрализованных стабильных монетах: три ключевые проблемы, требующие решения

【Block Rhythm】Vitalik recently shared his views on stablecoins in the crypto industry, pointing out that current decentralized stablecoins still have many pitfalls to avoid.

First is the issue of index tracking. Currently, most stablecoins are pegged to the US dollar, but this actually has a hidden risk——if the goal is truly to achieve resistance to sovereign risk, one cannot indefinitely depend on the dollar. The ideal approach is to find a more representative basket of assets or index to track, which would provide true independence.

Second, oracle design is extremely challenging. Decentralized stablecoins require oracles that cannot be manipulated by large capital to maintain price stability. However, in reality, if oracles can easily be bribed by wealthy players, the protocol must defend through higher value extraction costs, which means costs keep rising and may ultimately not be worthwhile.

There is also a commonly overlooked issue: competition in staking yields. If stablecoins cannot offer competitive yield rates, it will be very difficult to attract capital away from other staking products. Currently, stablecoin yields typically lag mainstream staking products by several percentage points, which is a test for long-term appeal.

These three dilemmas appear independent but are actually interconnected. Resolving these issues well requires finding new equilibrium points in technology, economics, and incentive mechanisms.