1 Why stablecoins are so important to the crypto world

The world has been accustomed to being denominated in dollars for far too long, and in marketing parlance, mental resources are the most powerful traffic pool. Before the subversive changes in the world structure, the United States is still on top of the world, and it is an overly arduous task to directly move from the U standard to the crypto currency standard, and it will even bring about huge backlash. However, the encrypted world urgently needs to have direct interaction with the real world, and stablecoins are almost the only choice - in line with people's minds, connecting on-chain and off-chain.

It is no exaggeration to say that in my eyes, stablecoins are much more important to the crypto world than BTC. Since the birth of BTC as a currency, it has still struggled as a currency for large-scale settlement transactions or as a basis for pricing. But as for stablecoins, it’s quite natural – it’s natural to use 5usdt to buy a commodity with a unit price of 5usd. In this way, the encrypted world has realized the docking with the real world.

2 Why is it unimportant whether algorithmic stablecoins are creating something from nothing?

From a one-dimensional perspective, all currencies are creating something from nothing, and the decoupling of the US dollar from gold is also a historical necessity, and the rapid progress of human society in the past 200 years has thrown away the development of the past 10,000 years based on credit expansion achieved(creating something from nothing).

Therefore, it is not important whether it is creating something from nothing. What is important is whether the anchoring can be made effective, whether a broader and valuable application ecology can be established, and whether there is a certain response mechanism in the event of a crisis.

At the same time, why do I care more about algorithmic stablecoins than other stablecoins? Because on the one hand, the common stable currency that relies on a high proportion of mortgages is contrary to the logic of credit expansion, and naturally inhibits efficiency and development. (Although the real decentralized projects seem to be almost invisible, there are differences in degree and potential, and the stable potential is the highest in my eyes).

3 How to design a more robust algorithmic stablecoin than UST

In addition to the above, to establish a broader and valuable application ecology (seems that everyone agrees that this is the foundation), the most important thing is obviously how to anchor the US dollar.

In fact, the collapse of luna has proved to a certain extent that the idea of ​​relying on arbitrage to achieve anchoring is indeed effective, because arbitrageurs have indeed acted efficiently and on a large scale. I even doubt if the exchange mechanism between luna and ust is not so rigid, ust may be able to restore the anchor in a few days.

Therefore, I think that the arbitrage drive is still worth continuing to use, and the exchange mechanism of the dual currency can be designed to be more refined, so as to be sufficient to cope with the more extreme de-anchoring scenarios. In addition, if there is a chance, the traditional monetary policy model can also be added to the model based on the algorithm, which can realize deflation and inflation more naturally.

The above are some of my small expectations for the computing stability. When the algorithmic stablecoin can gain a firm foothold, the application ecology of the encrypted world can be fully developed while interacting with the real world without too much effort for the time being. Only then will there be a chance for the currency standard era came to lay the foundation.

1为什么稳定币对加密世界如此重要

这个世界已经习惯用美元计价太久了，用市场营销的说法，心智资源是最强大的流量池。在世界格局没有发生颠覆性变化前，美国仍在世界之巅，直接从U本位走向币本位是一个过于艰巨的任务，甚至会带来巨大反噬。但加密世界又迫切需要与现实世界具有直接的交互，稳定币几乎是不二之选——符合人们的心智，连接链上链下。

不夸张地说，在我眼里，稳定币对加密世界而言，是比BTC重要得多的东西。从BTC作为一种货币诞生以来，作为大规模结算交易的通货或作为计价依据，仍然步履艰难。但稳定币呢，简直天然可以——用5usdt买一个单价为5usd的商品，简直在自然不过了。加密世界就这么实现了与现实世界的对接。

2为什么算法稳定币是不是空手套白狼不重要

用一维的思想看，所有货币都是空手套白狼，美元与黄金脱钩也是历史的必然，而人类社会这200年的突飞猛进甩开过去一万年的发展，也几乎都是靠着所谓空手套白狼的信贷扩张实现的。

所以是不是空手套白狼不重要，重要的是能不能使得锚定有效，能不能建立更广泛和有价值的应用生态，能不能在遇到危机时确实有一定限度的应对机制。

同时，为什么我更在意算稳，而不是其他稳定币呢。因为一方面依靠过高比例抵押的稳定币是与信用扩张的逻辑相悖的，天然抑制效率和发展，另一方面非算稳类稳定币，几乎与去中心无缘。（虽然真正的去中心项目实际好像几乎看不到，但也有程度之别，以及潜力之别，算稳的潜力在我眼里最高）。

3如何设计一个比UST更健壮的算法稳定币

除了上面说的，建立更广泛和有价值的应用生态（貌似大家都同意这是根基），最重要的在眼下显然是如何锚定美元了。

其实luna的崩盘在一定程度上证明了其依靠套利驱动来实现锚定的思路确实是有效的，因为套利者确实高效地大范围行动了，我甚至怀疑如果luna和ust的兑换机制不是这么硬性兑换比例，luna不用增发这么离谱，可能没几天真就能恢复锚定。

所以我认为套利驱动仍然值得继续利用，同时可以将双币的兑换机制设计得更为精细，以便足以应付较为极端的脱锚场景。此外，传统的货币政策模型如果有机会，也可以基于算法加入模型，这样能更为自然地实现通缩通胀。

以上是我对算稳的一些小小期待，当算稳得以站稳脚跟，加密世界的应用生态能暂时不用费太多心思在与现实世界的交互时得以全力发展，才有机会为币本位时代的到来奠定基础。