jakiro
Author: Hamster Source: Chainfeeds
Stablecoin face three dilemma in design, that is, the balance between decentralization, stability and scalability.Complete decentralized stable currency usually needs to give up a certain price stability, because they do not rely on any centralized asset support, but to determine the price through market supply and demand relationship, which may lead to large price fluctuations.The stable currency pursuing stability often depends on centralized asset support. For example, the US dollar reserves can provide prices of stability, it sacrifice the original intention of decentralization, making these stable coins more vulnerable to regulatory and centralization.Institutional control.
The issue of scalability involves how to expand user groups and use scenarios while maintaining decentralization and stability.In order to find a balance between these three, many stable currencies have adopted some centralized or eclectic solution.EssenceFor example, some stable coins are used to ensure stable prices by using US dollar reserves, but this also means that it needs to rely on centralized custody agencies, which has weakened its decentralized characteristics to a certain extent.In short, how to find the best balance between decentralization, stability and scalability is still the main challenge facing stablecoin design.
MakerDao’s endgame program
MakerDao’s ENDGAME program aims to solve the above difficulties by launching two new stable coins PureDai and Newstable.The founder Rune Christensn proposed that the plan tried to balance the needs of decentralization and actual use by separating different stable currency paths.PureDai will be used as a completely decentralized stablecoin, while Newstable focuses on growth and benefits.
Newstable: Combined with RWA as a mortgage, providing additional stability and income
Newstable is a new type of stablecoin launched by MakerDao in its Endgame plan, which aims to solve the problem of balance between decentralization, stability and scalability.Unlike DAI,Newstable focuses on growth, benefits, and toughness. By combining RWA to provide additional stability and benefits, at the same time, the US dollar hooks are used, and the frozen function is introduced to improve security and compliance.Essence
Newstable provides a stable coin option with stability and security enhancement of RWA (such as real estate).These RWAs not only provide additional sources of income, enhance the stability of stable coins, but also increase safety through the freezing function when necessary.also,Newstable design is promoted, so that it can be able to add industry standards to the freezing function in the futureSuch functions are usually used in stable coins supported by other major RWAs to meet the legal requirements of judicial jurisdictions, so as to provide higher security and stability on the global scale.
Existing DAI users can be seamlessly upgraded to NewStable (this function will be launched in the short term), which maintains the free conversion between users between DAI and NewStableTo ensure that the interests of existing users are protected, they can also attract new users.DAI will continue to be linked to the US dollar and allow users to convert them back to NewStable at any timeEssenceDuring the initial transition period, the DAI savings rate (DSR) will gradually be eliminated, and future revenue will be mainly achieved on NewStableEssenceAt the same time, DAI will continue to be the liquidity back end of Newstable to ensure the smooth user experience and improve flexibility and convenience through instant 1: 1 conversion.
The launch of Newstable is accompanied by the new governance token NewGovtoken. NewGovtoken will be used to enhance the governance process of MakerDao and expand participation.The holder can obtain returns by participating in governance and lock -up tokens to inspire long -term participation.In order to enhance scalability, MakerDao will launch Newbridge, a new Layer 2 solution connecting all MakerDao ecosystem tokens.Newbridge will reduce transaction costs, improve user experience, and promote cross -chain compatibility, enabling Newstable to better integrate into a wide range of blockchain ecosystems.
Puredai: Use STETH as a mortgage, not linked to the US dollar
PureDai is a completely decentralized stablecoin launched by MakerDao in its Endgame plan.Different from DAI containing centralized assets such as USDC,PureDai excludes these assets, using ETH (STETH) pledged by ETH and lido as a mortgage, and uses free floating target prices instead of directly linked to the US dollar hookEssenceThis design aims to improve decentralization and flexibility, meet the needs of user needs who give priority to priority, and ensure that it is not controlled by a single entity.
In order to avoid dependence on centralized data sources, PUDAI obtains price information through decentralized prophecy machines.At the same time, PureDai adopts minimized governance and simple token economics to motivate users to hold and promote supply side growth for a long timeEssenceThe holder can obtain income by participating in governance and locking to the tokens, thereby further enhancing the decentralized attributes and community participation of the system.
The main source of PUREDAI is interest income obtained by mortgaging ETH and STETH. These income is used to support its value and provide stability and toughness in market volatilityEssenceAccording to the latest information,Puredai is expected to be launched in the next few years, And will run on the main network of Ethereum.After the launch, PureDai will be immutable and does not need to be further upgraded or modified.
Summarize
PureDai represents the original intention of Makerdao’s return to decentralization, while Newstable provides a guarantee for large -scale and compliance.Through this dual -track strategy, MakerDao can meet the needs of different users.Of course, the transition from DAI to PureDai and NewStable will be gradual, and as users gradually move to new stablecoins, DAI will eventually be eliminated.
