Out of the wide variety of cryptocurrencies, only three dominate and account for over 90% of the volume: Tether, Bitcoin, and Ethereum. Tether has proven to be the only and currently the best use case that is applied universally. Everyone proclaims that I have Bitcoin, which I can convert to fiat anywhere in the world and live off of, but there is deception here... 90% of it goes through Tether, which is, in fact, the liquidity that has brought the markets to a frenzy.

And what about a constant celebration and excitement? It seems like the answer is right in front of us... We need a stablecoin that will be organized in a slightly different way, but based on a long-known scheme and not tied to fiat. What is the best use case currently on the planet? I think it's obvious to everyone that it's the Federal Reserve System (FRS) and the dollar. Of course, it has its problems, like any other currency, but its usage and dominance are beyond doubt. The issuance of stablecoins by the crypto community is the answer to the FRS and the fiat system. We need to take matters into our own hands.

Everyone needs "public goods," and it exists - it's stablecoins.

Okay, we have identified the problem and have somewhat outlined its solution, but there can be many ways to implement it. In my opinion, it would be useful to consider the following concept: DAO (Decentralized Autonomous Organization) + "proof of burn."

The concept of DAO has been promoted in the crypto community for a long time and functions well but lacks hype. We need a decentralized organization that will be responsible for minting the stablecoin, a unit of value that can be agreed upon and compatible with any financial system because the value is created by the consensus of people. The community simply needs to vote on which unit or index the "conditional unit" should be pegged to. Alternatively, this unit could even become independent and serve as a reference point for everyone.

Enough with the general discussion; let's try to analyze a specific example.

I previously mentioned "proof of burn," and for some reason, this concept resonates with me because only a complete rejection of the existing paradigm can bring about change. The essence is simple: we burn Ether, Bitcoin, or Tether and obtain a new stablecoin that is not regulated by anyone and has no pressure points. The quantity of stablecoin can be determined based on the oracle price of the burned coin at the moment. Yes, it's straightforward. For example, we burn Ether and receive a certain amount of "conditional units" based on commonly accepted market conditions at the time of burning. This way, we don't take liquidity out of the market but rather provide it and serve as a counterpart to the role of the Federal Reserve System. When we need it, we print and exchange it for crypto. No one frowns, inflates its importance, or lectures with a knowledgeable look about why the printing press was turned on or off. It's a simple and understandable system. The most important thing is to agree that this stablecoin is currently equivalent to the dollar. If the dollar fails, we can choose the yuan or an index from a basket of currencies instead.

Indeed, at first glance, it may seem utopian, but the entire crypto space is built on the utopian model of equality. So why not say "yes" to it?

Here are the advantages I see:

1. Liquidity is added to the market without the need for anyone to offload it onto someone else.

2. Burning increases value and provides deflation, thereby undoubtedly stimulating the growth of core assets and the overall market.

3. Reduction in reliance on fiat gateways.

4. Elimination of the risk of funds being blocked.

5. Creation of an alternative standard for stablecoins.

Undoubtedly, there are challenges in this system, such as anti-fraud measures and combating money laundering derived from criminal activities. However, these issues should be addressed by the DAO as a conscientious society.