DeFi 的致命弱點：中心化穩定幣與去中心化競爭者

去中心化金融（DeFi）嚴重依賴中心化穩定幣，使其容易受到監管。 Terra 和 Abracadabra 合作，使用 UST 和 MIM 穩定幣挑戰現有企業。 UST是由LUNA抵押的演算法穩定幣，而MIM是類似DAI的超額抵押穩定幣。 Abracadabra 創辦人 Daniele 認為 UST 和 MIM 是穩定幣收益率的「強力組合」。

DeFi's Achilles' Heel: Centralized Stablecoins vs. Decentralized Alternatives

DeFi 的致命弱點：中心化穩定幣與去中心化替代品

The decentralized finance (DeFi) industry stands as a testament to the transformative potential of blockchain technology, offering innovative financial products and services that challenge traditional centralized institutions. However, DeFi's reliance on centralized stablecoins has emerged as a glaring vulnerability, exposing the sector to regulatory scrutiny and undermining its fundamental principles of decentralization.

去中心化金融（DeFi）產業證明了區塊鏈技術的變革潛力，提供挑戰傳統中心化機構的創新金融產品和服務。然而，DeFi 對中心化穩定幣的依賴已成為一個明顯的漏洞，使該行業面臨監管審查，並破壞了其去中心化的基本原則。

Stablecoins, digital currencies pegged to a stable value such as the US dollar, play a crucial role in DeFi. They provide liquidity, facilitate transactions, and enable seamless value transfer across various blockchain ecosystems. Yet, the dominance of centralized stablecoins, such as Tether's USDT, Circle's USDC, and Binance's BUSD, casts a long shadow over DeFi's decentralized ethos.

穩定幣，即與美元等穩定價值掛鉤的數位貨幣，在 DeFi 中發揮著至關重要的作用。它們提供流動性，促進交易，並實現各種區塊鏈生態系統的無縫價值轉移。然而，Tether 的 USDT、Circle 的 USDC 和 Binance 的 BUSD 等中心化穩定幣的主導地位給 DeFi 的去中心化精神蒙上了長長的陰影。

These centralized stablecoins are issued and managed by private companies, raising concerns about potential manipulation, lack of transparency, and regulatory overreach. The October 2021 crash of Tether, the largest stablecoin by market capitalization, vividly illustrated the risks associated with over-reliance on centralized entities.

這些中心化的穩定幣由私人公司發行和管理，引發了人們對潛在操縱、缺乏透明度和監管過度的擔憂。市值最大的穩定幣 Tether 於 2021 年 10 月崩盤，生動地說明了過度依賴中心化實體所帶來的風險。

As regulators take a closer look at DeFi's intricate ecosystem, the Achilles' heel of centralized stablecoins threatens to draw unwanted attention and limit the industry's growth potential. To address this vulnerability, the DeFi community has embarked on a quest to develop decentralized alternatives that can offer stability, reliability, and regulatory compliance without sacrificing the principles of decentralization.

隨著監管機構更加仔細地審視 DeFi 錯綜複雜的生態系統，中心化穩定幣的致命弱點可能會引起不必要的關注，並限制該行業的成長潛力。為了解決這個漏洞，DeFi 社群已經開始尋求開發去中心化的替代方案，這些替代方案可以在不犧牲去中心化原則的情況下提供穩定性、可靠性和監管合規性。

Terra's UST and Abracadabra's MIM stand out as promising contenders in the race to dethrone centralized stablecoins. UST, an algorithmic stablecoin, maintains its peg through a sophisticated mechanism that burns and mints its native LUNA token to absorb price fluctuations. MIM, an overcollateralized stablecoin, is backed by a diversified portfolio of crypto assets, mitigating the risks associated with any single collateral source.

Terra 的 UST 和 Abracadabra 的 MIM 在推翻中心化穩定幣的競爭中脫穎而出，成為有希望的競爭者。 UST 是一種演算法穩定幣，透過一種複雜的機制來維持其掛鉤，該機制會燃燒和鑄造其原生 LUNA 代幣以吸收價格波動。 MIM 是一種超額抵押穩定幣，由多元化的加密資產投資組合支持，從而降低了與任何單一抵押品來源相關的風險。

A recent partnership between Terra and Abracadabra has fueled excitement within the DeFi community, as it promises to combine the strengths of UST and MIM to create a formidable challenge to the incumbents. MIM-UST liquidity pools and LUNA collateral are just a few of the potential integrations that could emerge from this collaboration, offering users greater yield farming opportunities and enhanced risk management tools.

Terra 和 Abracadabra 最近之間的合作夥伴關係在 DeFi 社群中引起了興奮，因為它承諾結合 UST 和 MIM 的優勢，為現有者帶來巨大的挑戰。 MIM-UST 流動性池和 LUNA 抵押品只是這次合作可能出現的一些潛在整合，為使用者提供了更多的流動性挖礦機會和增強的風險管理工具。

While decentralized stablecoins like UST and MIM face challenges in achieving the same level of market dominance as their centralized counterparts, their alignment with DeFi's core values and their potential to mitigate regulatory concerns make them a compelling choice for the long-term success of the industry.

雖然像UST 和MIM 這樣的去中心化穩定幣在實現與中心化穩定幣相同水平的市場主導地位方面面臨挑戰，但它們與DeFi 核心價值的一致性以及緩解監管擔憂的潛力使它們成為行業長期成功的令人信服的選擇。

The battle between centralized and decentralized stablecoins is not merely a technical debate but a fundamental clash between opposing visions for the future of DeFi. Centralized stablecoins represent a compromise between stability and decentralization, while decentralized stablecoins embody the true spirit of DeFi, offering self-governance, transparency, and resilience to regulatory pressure.

中心化和去中心化穩定幣之間的鬥爭不僅僅是一場技術辯論，而是對 DeFi 未來相反願景之間的根本衝突。中心化穩定幣代表了穩定性和去中心化之間的折衷，而去中心化穩定幣則體現了 DeFi 的真正精神，提供自治、透明度和抵禦監管壓力的能力。

As the DeFi ecosystem matures, the choice between centralized and decentralized stablecoins will determine the direction of the industry. If DeFi is to fulfill its revolutionary potential, it must embrace the principles of decentralization and actively cultivate alternatives that can replace centralized entities without sacrificing market stability or regulatory compliance.

隨著DeFi生態的成熟，中心化和去中心化穩定幣的選擇將決定產業的走向。如果 DeFi 要發揮其革命性潛力，它必須擁抱去中心化原則，並積極培育可以取代中心化實體而不犧牲市場穩定性或監管合規性的替代方案。