加密貨幣中的硬掛鉤：穩定波動性的綜合指南

加密貨幣中的硬掛鉤涉及將穩定幣的價值與外部資產（通常是法定貨幣）聯繫起來，以確保價格穩定。它消除了波動性，為日常交易、借貸提供了穩定性。與允許輕微波動的軟釘住相比，硬釘住保持固定匯率。 Tether (USDT) 等穩定幣使用硬掛鉤來與美元保持 1:1 的比率，並由儲備資產支持。

Hard Pegging in Crypto: A Comprehensive Guide

加密貨幣中的硬掛鉤：綜合指南

Introduction

介紹

In the world of foreign exchange markets, pegging refers to the establishment of a stable exchange rate between two currencies. This mechanism ensures the stability of one currency against the fluctuations of another.

在外匯市場領域，掛鉤是指在兩種貨幣之間建立穩定的匯率。這種機制確保一種貨幣相對於另一種貨幣的波動保持穩定。

Similarly, in the realm of cryptocurrency, hard pegging involves linking the value of a stablecoin to an external asset, typically a fiat currency. This practice aims to provide stability and mitigate the inherent volatility associated with cryptocurrencies.

同樣，在加密貨幣領域，硬掛鉤涉及將穩定幣的價值與外部資產（通常是法定貨幣）聯繫起來。這種做法旨在提供穩定性並減輕與加密貨幣相關的固有波動性。

Understanding Hard Pegging

了解硬掛鉤

Cryptocurrency markets are known for their heightened volatility, which can hinder their adoption for practical applications such as borrowing, lending, and payments. Stablecoins emerged as a solution to this challenge by offering crypto assets with a stable value that remains unfazed by market fluctuations.

加密貨幣市場以其高度波動性而聞名，這可能會阻礙其在藉貸和支付等實際應用中的採用。穩定幣作為應對這項挑戰的解決方案而出現，它提供了不受市場波動影響的穩定價值的加密資產。

Stablecoins are cryptocurrencies whose value is pegged to a fiat currency, such as the US dollar, or a commodity like gold. This price-pegging mechanism enables stablecoins to serve as an alternative to volatile cryptocurrencies, making them more suitable for everyday transactions.

穩定幣是一種加密貨幣，其價值與美元等法定貨幣或黃金等商品掛鉤。這種價格掛鉤機制使穩定幣能夠作為不穩定的加密貨幣的替代品，使它們更適合日常交易。

The stability of stablecoins is maintained through the use of reserve assets as collateral. This ensures that stablecoins maintain a fixed 1:1 ratio with the asset they are backed by. For instance, Tether (USDT), a widely used stablecoin, is pegged to the US dollar at a 1:1 ratio. This means that for every USDT in circulation, there is $1 held in reserve in cash or near-cash US dollar-denominated assets.

穩定幣的穩定性是透過使用儲備資產作為抵押品來維持的。這確保了穩定幣與其所支持的資產保持固定的 1:1 比率。例如，廣泛使用的穩定幣 Tether (USDT) 以 1:1 的比例與美元掛鉤。這意味著每流通一枚 USDT，就有 1 美元以現金或準現金美元計價資產作為儲備。

Tether's backing by US dollars is an example of hard pegging in crypto. This mechanism ensures that the stablecoin's value remains stable and does not fluctuate significantly. Consequently, the cryptocurrency maintains the same value as the asset it is pegged to.

Tether 由美元支持是加密貨幣硬掛鉤的一個例子。這種機制保證了穩定幣的價值維持穩定，不會大幅波動。因此，加密貨幣與其掛鉤的資產保持相同的價值。

Hard Peg vs. Soft Peg: Distinguishing Features

硬掛鉤與軟掛鉤：區別特徵

Soft pegs function similarly to hard pegs but allow for slight variations in the value of the pegged asset or currency. Unlike hard pegs, which fix the exchange rate, soft pegs provide a degree of flexibility while stabilizing the currency's rate relative to the external asset.

軟掛鉤的功能與硬掛鉤​​類似，但允許掛鉤資產或貨幣的價值略有變化。與固定匯率的硬釘住匯率不同，軟釘住匯率提供一定程度的彈性，同時穩定貨幣相對於外部資產的匯率。

Cryptocurrencies often begin with a fixed rate and later fluctuate freely based on market conditions. Soft pegs are employed to stabilize a cryptocurrency's utility by providing a value range against its reserve currency. Thus, a soft peg in crypto incorporates an exchange rate policy that allows for slight deviations between the pegged cryptocurrency's value and the peg.

加密貨幣通常以固定匯率開始，然後根據市場狀況自由波動。軟掛鉤用於透過提供相對於其儲備貨幣的價值範圍來穩定加密貨幣的效用。因此，加密貨幣中的軟掛鉤納入了匯率政策，允許掛鉤加密貨幣的價值和掛鉤之間存在輕微偏差。

An example of a soft pegging of fiat currencies occurred between the Chinese Yuan and the US dollar from 1994 to 2005. The Chinese Yuan was pegged to the US dollar for over a decade and was allowed to appreciate by 2.1% against the dollar after 2005.

1994年至2005年，人民幣與美元軟釘住的例子。人民幣與美元釘住了十多年，並在2005年之後被允許對美元升值2.1%。

In the crypto market, Tether exemplifies a cryptocurrency with both hard and soft pegging characteristics. While it is theoretically hard-pegged to the US dollar through collateralization, in practice, it has a soft peg that fluctuates slightly above or below one dollar based on market conditions and investor confidence in the stablecoin.

在加密貨幣市場中，Tether 是一種兼具硬掛鉤和軟掛鉤特徵的加密貨幣。雖然理論上它透過抵押與美元硬掛鉤，但實際上，它具有軟掛鉤，根據市場狀況和投資者對穩定幣的信心，其波動幅度略高於或低於 1 美元。

Advantages and Limitations of Hard Pegging in Crypto

加密貨幣中硬掛鉤的優點與局限性

Advantages:

優點：

• Elimination of Volatility: Cryptocurrencies pegged to external assets are immune to extreme price fluctuations that are prevalent in unpegged crypto assets.
• Stability: Hard pegging provides cryptocurrencies with stability, eliminating price fluctuations based on the underlying asset's stability.
• Utility: Hard-pegged cryptocurrencies can facilitate day-to-day activities such as borrowing, lending, payments, and remittances due to their predictable value.

Limitations:

消除波動性：與外部資產掛鉤的加密貨幣不受未掛鉤加密資產中普遍存在的極端價格波動的影響。穩定性：硬掛鉤為加密貨幣提供了穩定性，消除了基於基礎資產穩定性的價格波動。實用性：硬掛鉤加密貨幣可以促進​​由於其價值可預測，因此無法用於日常活動，例如借款、貸款、付款和匯款。限制：

• Depegging: Pegged cryptocurrencies can experience depegging, which occurs when the reserves backing the cryptocurrency are insufficient to support all issued tokens. This can result in a loss of trust and confidence among token holders.
• PESTLE Analysis Exclusion: Hard pegging in crypto does not account for external factors that may influence the value of the pegged currency or asset, such as deflation, devaluation, inflation, political instability, or regulation.
• Limited Price Appreciation: Fiat-pegged cryptocurrencies do not experience significant price appreciation or discovery beyond their peg, hindering their potential as a store of value or a profitable investment vehicle.

Importance of Hard Pegging in Crypto

脫鉤：掛鉤的加密貨幣可能會經歷脫鉤，當支持加密貨幣的儲備不足以支援所有已發行的代幣時，就會發生脫鉤。這可能會導致代幣持有者失去信任和信心。PESTLE 分析排除：加密貨幣中的硬掛鉤並未考慮可能影響掛鉤貨幣或資產價值的外部因素，例如通貨緊縮、貶值、通貨膨脹、政治不穩定或監管。有限的價格升值：與法定貨幣掛鉤的加密貨幣不會經歷顯著的價格升值或超出其掛鉤的發現，從而阻礙了它們作為價值儲存或盈利投資工具的潛力。加密貨幣中硬掛鉤的重要性

Hard pegging in crypto plays a crucial role in mitigating price volatility. Stablecoins with hard pegs offer a price-stable digital currency that can be utilized for payments, remittances, and lending activities. This stability enhances the utility and practicality of cryptocurrencies in everyday financial transactions.

加密貨幣的硬掛鉤在緩解價格波動方面發揮著至關重要的作用。具有硬掛鉤的穩定幣提供了一種價格穩定的數位貨幣，可用於支付、匯款和借貸活動。這種穩定性增強了加密貨幣在日常金融交易中的效用和實用性。