Author Ren Jeff, Pee Kee Khor, Zhao Wei and Zhong Bingcheng translated Shanouba Bitcoin Trading Network as a summary. From the bull market in 2000 to the bear market in 2000, the cryptocurrency market has undergone major changes. The total market value has dropped from one trillion dollars to one trillion dollars, but the market value of the stable currency has only declined. As of March, the data shows that the total market value of the stable currency market is about one hundred million dollars, accounting for about the share, and the rest are scattered in other stable currencies. In the context of the current high yield of government bonds, in the first quarter of last year. The net profit was $ billion, and the quarterly return of cash and cash equivalent investment was close to $ billion again in the third quarter of 2008, which highlighted the profitability of the market. In addition to sum, we also saw the emergence of many stable coins in the chain, reflecting the demand for different types of stable coins in the field, both centralized and unlicensed. The innovations of these new stable coins include collateral diversification, collateral clearing mechanism and profit sharing mechanism for giving back to the community. Their success depends on maintaining liquidity and attracting major players. Although new on-chain stable currency agreements are constantly emerging, the market value is still concentrated on the centralized stable currency. Some start-ups try to challenge the dominant position by using the payment yield generated by US government bonds, but I think that the long-term development of centralized stable currency needs more cooperation with traditional financial institutions and regulatory authorities, including cooperation with compliance custodians, sufficient capital injection and obtaining relevant licenses. We believe that at least the next similar super stable currency should be built. The following four key conditions need to be met in order to give full play to the advantages of centralized and decentralized stable currency. The dollar-based stable currency has a wide range of acceptance in the world, and its supporting assets have a wide range of applicability. The global regulatory recognition and license are needed from the beginning. The super-stable currency needs to be globally positioned and recognized by the US regulatory agencies and the global license is innovative. The super-stable currency should have innovative financial attributes such as profit sharing mechanism to establish community support and support. Sustainable growth and seamless integration into the ecosystem Super stable coins need to become an indispensable part of Lego in order to be widely adopted in the field. The stable currency market is expected to continue to develop and expand in the cryptocurrency ecosystem. To successfully build the next super stable coin, we think it may be necessary to meet a series of playing advantages and establish cooperative relations. Second, the classification of stable coins is decentralized. In order to solve the problem of centralized stable coins, decentralized stable coins are introduced. For innovative solutions, these new stable coins are built based on blockchain protocol to make them more transparent. For example, stable coins based on chain protocol reduce the centralization factor. Decentralized stable coins can be divided into two categories: over-mortgaged stable coins, which are the most common types of decentralized stable coins. Their asset support usually comes from other cryptocurrencies such as Ethereum or Bitcoin to maintain their relative value stability. For example, Ethereum is used as collateral to support the latest. The trend is to shift collateral from traditional centralized stable currency and main traditional digital currency to more extensive digital currency or multi-layer nesting to increase liquidity and provide more application scenarios. For example, the largest stable currency is also based on the potential advantages of Ethereum and mobile pledge tokens. Mortgage stable currency may be able to surpass the role of simple payment tools and evolve into a more comprehensive digital asset management tool, providing users with a wide range of choices and flexibility. Potential disadvantages are a master of mortgage stable currency. The main problem is the risk that excessive collateral will reduce the utilization rate of assets, especially when it is supported by volatile assets such as Ethereum. This volatility brings the possibility of compulsory liquidation and brings great challenges. The algorithm of stable currency is one of the most decentralized types of stable currency. The idea is to use market demand and supply to maintain a fixed price without actual collateral support. These stable currencies use algorithms and smart contracts to automatically manage supply to maintain price stability, for example, based on calculation. France's stable currency aims to keep its price close to the dollar level, and aims to adopt an elastic supply mechanism to automatically adjust the supply according to market demand to balance the price. When the price is higher than the dollar, the supply will increase, and when the price is lower than the dollar, the supply will decrease. In addition, there are some mixed algorithms to stabilize the currency, such as an algorithm-based stable currency, which aims to keep the price close to the dollar level. Algorithm management to maintain the potential advantages of price stability. Algorithm stable currency aims to achieve decentralization. Compared with other solutions, we think that stable currency may have advantages in scalability. Algorithm-based stable currency uses transparent and verifiable codes, which makes them attractive. Potential disadvantages. Algorithm stable currency is as susceptible to market sensitivity as all digital assets. When the market demand for algorithm stable currency declines, its price may fall below the target. In addition, algorithm stable currency is transported. Banks rely on smart contracts and community consensus, which may lead to code defects, hacker attacks, human manipulation or conflicts of interest, and other governance risks, such as centralization of stable currencies. Stable currencies are usually deposited in offline bank accounts as collateral as reserves of tokens on the chain. They solve the problem of anchoring the value of virtual assets, link digital assets with physical assets such as dollars or gold, stabilize their value, and solve the access problem of virtual assets in the regulatory environment to provide users with more reliable figures. The centralized stable currency still occupies the above market share. At present, many centralized stable currency projects have US Treasury bonds as collateral except US dollars and British pounds. US Treasury bonds are usually entrusted by institutions to provide redemption, while tokenization increases the liquidity of basic financial assets. In addition, they also provide interactive opportunities for components such as leveraged trading and lending, which enables projects to obtain US dollars from encrypted users at zero cost to purchase US Treasury bonds and collect them directly from bonds. However, centralized stable currency also has some potential limitations, one of which is limited production opportunities. Because centralized stable currency depends on the reserves held by trusted entities to ensure its stability and value, users may not be able to obtain local income. This limitation stems from the centralized control and management of collateral. Recently, the popularity of stable currency market has increased, and the yield of US bonds has risen beyond the agreed yield, which is significantly higher than that caused by the soaring yield of government bonds. At present, the total market value of stable currency has reached US$ 100 million, making it the largest holder of US Treasury bonds, and the annualized rate of return is as high as or higher. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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