引入“ III型穩定劑”，這是一種新的承重穩定劑

斯坦福區塊鏈俱樂部於3月28日發表了一篇論文，介紹了“ III型Stablecoins”，這是一種新的承重穩定的stablecoins

Stanford Blockchain Club published a paper on March 28 introducing “Type III Stablecoins,” a new category of yield-bearing stablecoins governed by autonomous smart contracts, developed by Cap Labs' Benjamin and Jae.

斯坦福大學區塊鏈俱樂部於3月28日發表了一篇論文，推出了“ III型Stablecoins”，這是由自主智能合約管理的新型承重的穩定股，由Cap Labs的Benjamin和Jae開發。

Yield Without Compromise? Type III Stablecoins Propose a Trustless Path Forward

產量沒有妥協？ III類穩定劑提出了一條無信任的道路

A new paper published in the Stanford Blockchain Review introduces “Type III Stablecoins” — a unique category of yield-bearing stablecoins governed by autonomous smart contracts, devised by Cap Labs' Benjamin and Jae. The paper, titled "Yield Without Compromise: Type III Stablecoins and the Final Frontier of Decentralized Finance," is a contribution to the Stanford Blockchain Review.

一篇新的論文在《斯坦福區塊鏈評論》上發表的一篇新論文介紹了“ III型穩定型”，這是由自主智能合約管理的獨特屈服穩定劑，由Cap Labs的Benjamin和Jae設計。該論文的標題為“無妥協的產量：III型Stablecoins和分散財務的最終邊界”，是對斯坦福大學區塊鏈評論的貢獻。

The research positions Type III as a solution to the scalability and safety limitations of existing yield-bearing stablecoins, exploring a paradigm shift in decentralized finance (DeFi) with an architecture that minimizes human intervention.

該研究將III型定位作為解決現有承擔式穩定的穩定性限制的解決方案，探索了分散融資（DEFI）的範式轉移，該體系結構可最大程度地減少人類干預。

Capitalizing on the burgeoning interest in yield-bearing stablecoins, the framework presents a model where smart contracts durably enforce the rules for capital allocation, operator oversight, and user protection. In contrast to Type I (centralized) or Type II (DAO-managed) stablecoins, Type III diverts decision-making to "restakers" who pledge assets to back third-party operators. These operators, in turn, generate yield through capital efficient strategies like lending, while restakers are incentivized to prioritize safety due to direct exposure to slashing risks if strategies fail.

該框架利用了對承重穩定的穩定穩定的興趣的利益，該框架提出了一個模型，其中智能合約持久地執行了資本分配，操作員監督和用戶保護規則。與I型（集中式）或II型（DAO管理的）穩定型相比，III型將決策轉移到保證資產支持第三方運營商的“ Restakers”。反過來，這些運營商通過貸款等資本效率策略產生了收益率，而刷新者則因直接暴露於策略而直接暴露於削減風險的情況下，以確定安全性。

The framework, presented by Benjamin at ETH Denver's Stable Summit, addresses key challenges in current yield models. Type I stablecoins, despite their early success, are limited by small, overworked teams and products becoming obsolete. On the other hand, Type II stablecoins, managed by decentralized autonomous organizations (DAOs), face corruption risks in decentralized committees and lack clear recourse for slashed funds.

本傑明在ETH丹佛穩定的峰會上提出的框架解決了當前產量模型中的主要挑戰。 I型Stablecoins儘管很早就成功，但受到小型，過度勞累的團隊和產品的限制。另一方面，由分散的自主組織（DAOS）管理的II型穩定幣在去中心化委員會中面臨腐敗風險，並且缺乏明確的資金訴訟。

Cap Labs' solution proposes an architecture where strategy shifts are automated via market-driven interest rates, and slashed funds are redistributed to users during failures, ensuring verifiable recourse without resorting to legal intermediaries. However, the paper acknowledges trade-offs. Complex smart contract dependencies could introduce technical risks, and initial adoption will be restricted to accredited institutions due to the inherent complexities that require familiarity and care.

Cap Labs的解決方案提出了一個架構，該建築通過市場驅動的利率自動化策略轉移，並且在失敗期間將削減的資金重新分配給用戶，從而確保可驗證的追索權而無需訴諸合法中介機構。但是，該論文承認權衡取捨。複雜的智能合同依賴性可能會引入技術風險，並且由於需要熟悉和護理的固有復雜性，因此初步採用將僅限於認可的機構。

Despite this, proponents argue that the model's latency reduction and permissionless long-term vision could unlock mass adoption of yield-bearing stablecoins, which currently comprise just 10% of the $200B stablecoin market.

儘管如此，支持者認為，該模型的延遲和無許可的長期願景可以釋放大規模採用承重穩定的stabalecoins，目前僅佔$ 200B Stablecoin市場的10％。

Cap Labs' innovation arrives as TradFi institutions are increasingly exploring DeFi integrations, presenting both opportunities and pressing challenges.

隨著Tradfi機構正在越來越多地探索Defi集成，提出機遇和緊迫的挑戰，Cap Labs的創新到來。

Stablecoins today remain tethered to the frailties of human misjudgment and discretionary control. Yet, yield-bearing variants of stablecoins are burgeoning, presenting a new frontier in DeFi. The paper contends that these endeavors will falter in achieving scalable growth unless manual oversight is excised from capital distribution.

如今，穩定的人仍然束縛於人類錯誤判斷和酌處控制的脆弱性。然而，穩定蛋白的屈服變體正在迅速發展，在defi中展示了一個新的邊界。該論文認為，除非從資本分配中切除手動監督，否則這些努力將在實現可擴展增長方面步履蹣跚。

It is within this context that Cap Labs' Type III stablecoins architecture seeks to harmonize motives among operators, restakers, and end-users through the immutable precision of code-driven governance. As the first architect of Type III, Cap Labs envisions a phased deployment, initially engaging institutional collaborators to fortify foundational trust in the system. This initial phase will be crucial for laying the groundwork and securing the necessary capital for large-scale operations.

正是在這種情況下，Cap Labs的III型Stablecoins體系結構旨在通過代碼驅動的治理的不可變精度來協調操作員，顧客和最終用戶之間的動機。作為III型的第一位建築師，CAP Labs設想了一個分階段的部署，最初吸引機構合作者，以加強系統中的基礎信任。這個初始階段對於為大規模運營奠定基礎並確保必要的資本至關重要。

After establishing a solid foundation, the next step will be to democratize access, enabling a wider range of participants to join the ecosystem and contribute to its growth. This expansion will be key for realizing the full potential of Type III stablecoins and realizing their promise of a decentralized and prosperous DeFi future.

在建立堅實的基礎之後，下一步將是使訪問權限民主化，使更多的參與者能夠加入生態系統並為其增長做出貢獻。這種擴展將是實現III型穩定劑的全部潛力，並意識到他們對分散和繁榮的未來未來的承諾的關鍵。

This blueprint, therefore, attempts to classify and evaluate the emerging generation of yield-bearing stablecoins, presenting a framework for navigating this evolving landscape in the Stanford Blockchain Review. It also aims to highlight the pressing need for innovation in designing scalable and sustainable yield models for the long-term growth of the stablecoin industry.

因此，這種藍圖試圖對新興的承重穩定菌屬進行分類和評估，並在斯坦福大學區塊鏈評論中提出了一個框架，用於導航這種不斷發展的景觀。它還旨在突出在為穩定行業的長期增長設計可擴展和可持續的產量模型時強迫創新的迫切需求。

This initiative underscores the ongoing efforts to push the boundaries of DeFi and create novel solutions to pressing problems in the blockchain space. As institutions increasingly interact with DeFi protocols, pressing concerns regarding legal clarity, technical robustness, and economic sustainability are coming into sharper focus.

該計劃強調了持續的努力，以突破Defi的界限，並為區塊鏈空間中的緊迫問題創造新穎的解決方案。隨著機構越來越多地與DEFI協議互動，對法律清晰度，技術魯棒性和經濟可持續性的緊迫關注即將成為焦點。