交易所
Web3
登入
註冊
掃描 QR Code 下載 APP
更多下載方式
語言&匯率
偏好設定
漲跌顏色
紅漲綠跌
綠漲紅跌
漲跌幅起始時間
24小時制
UTC 00:00
UTC+8 00:00
Web3
交易所
登入
註冊
更多
其他
ETH2.0升級
GT用戶權益
排行榜
跨鏈方案
服務
公告中心
日曆
上幣申請
Gate Grants
開發者中心(API)
機構服務
VIP折扣方案
幫助
幫助中心
比特百科
比特幣減半
幣種資料
官方驗證渠道
熱點速遞
產品
交易所
通知
語言
简体中文
English
Tiếng Việt
繁體中文
Español
Русский
Français
Deutsch
Português (Portugal)
ภาษาไทย
Indonesia
Türkçe
日本語
عربي
Українська
Português (Brasil)
匯率切換
不使用匯率切換
不展示法幣價格
即時匯率
CNY - ¥
USD - $
VND - ₫
EUR - €
GBP - £
HKD - $
JPY - ¥
RUB - ₽
TRY - ₺
INR - ₹
NGN - ₦
UAH - ₴
BRL - R$
MYR - RM
PGK - K
THB - ฿
PKR - ₨
BDT - ৳
PHP - ₱
CAD - $
IDR - Rp
ZAR - R
PLN - zł
SAR - ﷼
ARS - $
AED - د.إ
KZT - ₸
EGP - E£
UZS - so`m
TWD - $
GHS - GH₵
VES - Bs
MXN - $
COP - $
XAF - Fr
XOF - FCFA
BYN - Br
KES - Ksh
MAD - د.م
TZS - TSh
SEK - kr
AZN - ₼
CLP - $
HUF - Ft
RON - lei
AMD - ֏
DZD - د.ج
NPR - रू
JOD - د.ا.
主題模式
漲跌幅起始時間
24小時制
UTC 00:00
UTC+8 00:00
漲跌顏色
紅漲綠跌
綠漲紅跌
UID:
最近30天交易量
0.00
USD
總資產
0.00
USD
切換帳號
資產
資金管理
資金總覽
充值
提現
劃轉
現貨帳戶
付款帳戶
帳單明細
GT持倉
帳戶結單
訂單
現貨訂單
統一帳戶訂單
現貨訂單
閃兌
個人中心
個人/企業認證
安全設定
卡券中心
卡券中心
任務福利
點卡管理
領取紀錄
推廣傭金
我的費率
API管理
子帳號管理
我的工單
平台通知
退出
全部終端
退出全部終端帳戶APP/PC/WAP
當前終端
退出當前網頁帳戶
Gate博客
加密貨幣新聞、熱點&行業洞察
博客首頁
市場洞察
行情資訊
行業探討
區塊鏈
比特幣
以太坊
NFT
DeFi
Web3
山寨幣
穩定幣
政策法規
熱點分析
加密教程
加密科普
交易指南
平台資訊
媒體報道
品牌快訊
CEO筆記
Gate Charity
機構專欄
最新活動
Gate.io AMA
Gate.io
博客
Gate.io AMA: Are Algorithmic Stablecoins Really Stable?
Gate.io AMA: Are Algorithmic Stablecoins Really Stable?
10月09日 18:01
English
Español
Русский
Français
Deutsch
Português
Indonesia
日本語
Українська
[//]:content-type-MARKDOWN-DONOT-DELETE **Q: As an innovative type of stablecoin in the DeFi world, the question is how algorithmic stablecoin can realize a low or even zero mortgage rate step by step under the design of DeFi excess mortgage, and finally change the currency supply through automatic algorithms. This will involve maintaining the relative stability of the cryptocurrency anchor price and the market price based on the economic law of supply and demand and the arbitrage behavior of rational economic people. So is it really stable?** A: Some people think that the algorithmic stablecoin has no mortgage and no value support. It only anchors the price to fluctuate around a certain value by flexibly adjusting the supply, and is vulnerable to the price fluctuation caused by speculation. From the previous attempts of some algorithmic stablecoins, they deviate from the anchor price for more than 50% of the time, so it seems unstable which is the normal state. ![](https://gimg.gateimg.com/image/16653095982951554621.PNG) **Q: Is there a big algorithmic stablecoin market?** A: In May 2022, the algorithmic stablecoin market had gained remarkable growth, from 1% to 11%, a big increase in the large share of the whole stablecoin market. From the perspective of the whole market, the total market value of stablecoin has actually increased from $80 billion a year ago to nearly $160 billion. The main reason for the increase is that Terra has issued a large amount of UST. This was the market scale before the UST crash, but after the crash, the algorithmic stablecoin market shrunk to about 1%. The crash of Luna and UST had a great impact on the whole algorithmic stablecoin market. **Q: How many types of decentralized stablecoins?** A: First, the one with an excess mortgage. That is, by depositing excess collateral, one can withdraw a part of stablecoins. For example, both Maker and Liquity belong to stablecoin with an excess mortgage. Second is the type without collateral. Although Terra does not have a strict mortgage mechanism, and it is mentioned in the official statement that Terra USD has no collateral, it can actually be considered as another asset. Luna also plays the collateral, so we can regard the coin itself as a type of collateral. However, in terms of total supply, it can also be regarded as the type without collateral. In addition, BASIS, empty set dollar, and Ampleforth are all categorized as stablecoin without collateral. Although these projects had some unique designs, they all ended in failure because they had no collateral. Third, the type with the collateral. Relatively speaking, the stablecoin with collateral, such as Frax, Fei Protocol, Float, and Reflexer will be relatively stable in performance, but it still has no way to compare with the type with an excess mortgage. ![](https://gimg.gateimg.com/image/1665309598976790762.PNG) **Q: How to regulate and control the algorithmic stablecoin?** A: All kinds of projects will adjust the token supply under the condition of decoupling to the market price and target price of stablecoin, by following the economic laws: When there is too much money in the market, i.e. the supply exceeds the demand, the money in the market will be buy-back/burned; When there is too little money in the market, i.e. supply is less than demand, more money will be issued to the market. **Q: How to adjust the price of UST through algorithmics?** A: In the case of inflation: when the UST market price is less than the target price, they start to issue additional shares and recover money, and arbitragers use stablecoin to exchange for newly issued shares (for example, if the current UST market price is $0.9, and the arbitrager exchanges 1 UST for Luna with a value of $1, that means the arbitrager gets a Luna at the price of $0.1 cheaper than the market price). **Q: What about deflation?** A: When the UST market price is higher than the target price, new money will be issued and the stock will be buy-back. Arbitragers will exchange the equity token $Luna for new money (for example, if the current UST market price is $1.1, and arbitragers exchange the Luna with a value of $1 for a UST, it means they will get a newly issued UST at a price of $0.1 cheaper than the market price). During inflation, the price of UST in the market keeps falling from 0.9 to 0.8, 0.7 to the point far below the target price (the target price is $1). At this time, Luna began to issue additional shares. This worked pretty well in the past. However, if there is a relatively large downward pressure on the market, and some institutions seize the chance to make a large short of Luna, 5% of UST will become decoupled shortly. In this case, arbitragers are no longer satisfied with arbitrage through this mechanism. They start to short Luna, which directly leads to the emergence of the death spiral. **Q: How do you think that Terra community has raised the supply limit of Luna to 1200m, to encourage more arbitragers to carry out arbitrage?** A: In essence, this is the way to stabilize the price of Luna, because the market has to work to stabilize either Luna or UST, so that the other can be saved. The reason for issuing Luna is that before the crisis, the additional issuance of Luna left about $2 million arbitrage profit to all arbitragers while there are a large number of UST waiting to be exchanged back to Luna in the current market. LFG can speed up the whole process of burning UST by raising Luna's additional issuance limit, and finally push the UST back to $1. However, the attempt still failed, because they issued too much UST. **Q: Collateral is closely related to linking users' confidence, and the design of agreed stock right and seigniorage is crucial.** A: Of course, Terra's arbitrage mechanism has actually failed due to extreme market conditions and targeted short selling, combined with various practical reasons. As a result, it can only rely on external forces to save the market. In theory, composite collateral can enhance the robustness of the system. Of course, LFG rescued BTC too late, which still made it impossible to resist the power of short selling. Terra actually moves closer to the target than other stablecoin projects, and performs well in terms of issuance volume and stability. It may fail in the end, but it has been proven to have its unique value. *Don’t forget to subscribe our YouTube channel, and Like & Comment on this video: [https://youtu.be/SEv-28FHFs4](https://youtu.be/SEv-28FHFs4 "https://youtu.be/SEv-28FHFs4")*
解鎖盲盒最高獲
$6666
獎勵
立即註冊
相關文章
13 October 17:50
Gate. io AMA : Trading Fee Explanation
14 November 17:23
How to use the Stop Order Function
18 October 14:21
Gate. io AMA : Taking Profit TP and Stop Loss SL, Oct.12th
即刻領取20點卡
新人專享,僅需2步馬上獲得點卡
🔑 註冊帳戶
👨💼 24小時內進行身份認證
🎁 獲得點卡獎勵
馬上領取
請點擊右上角
在彈出的窗口中點擊
“在瀏覽器打開”下載
語言及地區
匯率
選擇語言及地區
简体中文
English
Tiếng Việt
繁體中文
Español
Русский
Français
Deutsch
Português (Portugal)
ภาษาไทย
Indonesia
Türkçe
日本語
عربي
Українська
Português (Brasil)
法幣匯率
不使用匯率切換
不展示法幣價格
即時匯率
CNY - ¥
USD - $
VND - ₫
EUR - €
GBP - £
HKD - $
JPY - ¥
RUB - ₽
TRY - ₺
INR - ₹
NGN - ₦
UAH - ₴
BRL - R$
MYR - RM
PGK - K
THB - ฿
PKR - ₨
BDT - ৳
PHP - ₱
CAD - $
IDR - Rp
ZAR - R
PLN - zł
SAR - ﷼
ARS - $
AED - د.إ
KZT - ₸
EGP - E£
UZS - so`m
TWD - $
GHS - GH₵
VES - Bs
MXN - $
COP - $
XAF - Fr
XOF - FCFA
BYN - Br
KES - Ksh
MAD - د.م
TZS - TSh
SEK - kr
AZN - ₼
CLP - $
HUF - Ft
RON - lei
AMD - ֏
DZD - د.ج
NPR - रू
JOD - د.ا.
前往土耳其站點?
土耳其站已上線
可點擊前往TR分站,或是繼續留在國際站