#稳定币市场竞争 Reflecting on the development of the stablecoin market, I can't help but feel a lot. The "yield-based" program launched by Curve Finance reminds me of the early MakerDAO CDP system. Both attempt to stabilize coin prices through innovative mechanisms, but fundamentally face the same challenge - how to maintain stability in the fluctuating crypto market.

Michael Egorov proposed to issue $60 million in crvUSD and return most of the profits to holders, which bears a resemblance to the early days of USDT. However, we must not forget that USDT has faced scrutiny due to transparency issues. Can Curve avoid the same pitfalls?

More concerning is the recent liquidation event involving Egorov himself. History tells us that individual risks often evolve into systemic risks. The collapse of Terra/LUNA is a bloody lesson.

Nevertheless, I remain cautiously optimistic about Curve's attempt. Innovation is always worth encouraging, but it must be based on learning from historical lessons and strictly controlling risks. For those of us who have experienced multiple bull and bear markets, maintaining rationality and vigilance is equally important.