فيتاليك يتحدث عن العملات المستقرة اللامركزية: ثلاثة تحديات رئيسية تحتاج إلى تجاوزها

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

First is the issue of index tracking. Most stablecoins today are pegged to the US dollar, but this actually has a hidden risk — if the goal is truly to achieve sovereign risk resistance, you can’t rely on the dollar forever. The ideal approach would be to find a more representative basket of assets or index to track, which would enable 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 be easily bought off by wealthy players, the protocol must defend itself through higher value extraction costs, which escalates continuously and may ultimately prove counterproductive.

There’s also an often-overlooked issue: competition for staking yields. If stablecoins can’t offer competitive yield rates, it will be 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 of their long-term appeal.

These three dilemmas may appear independent on the surface, but they’re actually interconnected. Solving these problems well requires finding new equilibrium points in technology, economics, and incentive mechanisms.