Solana 挑戰者的出現將撼動穩定幣市場

Solana 區塊鏈正在進入穩定幣市場，挑戰 USDC 和 USDT 的主導地位。 Mrgn 和 Jupiter 正在開發具有獨特功能的加密原生穩定幣，以顛覆當前的市場格局。這些措施為中心化穩定幣提供了去中心化的替代品，為加密貨幣用戶提供了抗審查的穩定資產以及支付和交易中的實際應用。

Solana Challengers Emerge to Disrupt Stablecoin Market Dominance

Solana 挑戰者的出現將顛覆穩定幣市場的主導地位

The Solana blockchain is poised to challenge the dominance of Circle's USDC and Tether's USDT in the burgeoning $3 billion stablecoin market. At the helm of this movement are Mrgn and Jupiter, two innovative projects poised to introduce crypto-native alternatives to the centralized giants.

Solana 區塊鏈準備挑戰 Circle 的 USDC 和 Tether 的 USDT 在新興的 30 億美元穩定幣市場中的主導地位。這場運動的掌舵者是 Mrgn 和 Jupiter，這兩個創新項目準備為中心化巨頭引入加密原生替代方案。

Mrgn's YBX: A Soft Peg to the Dollar

Mrgn 的 YBX：軟釘住美元

Mrgn, the company behind the popular Marginfi lending and liquid staking protocol, is set to launch a new stablecoin, dubbed YBX, this month. This unique offering will maintain a "soft peg" to the US dollar, allowing its value to gradually diverge from the traditional 1:1 ratio as the underlying assets appreciate over time.

Mrgn 是受歡迎的 Marginfi 借貸和流動質押協議背後的公司，將於本月推出一種名為 YBX 的新穩定幣。這款獨特的產品將保持與美元的“軟掛鉤”，隨著標的資產隨著時間的推移而升值，其價值將逐漸偏離傳統的 1:1 比率。

Anders Jorgensen, Head of Growth at Marginfi, explained the rationale behind this unconventional approach: "It's not exactly a stablecoin, right? Right now, it's a dollar-denominated stake pool. So you're just getting the yield from staking in dollar terms."

Marginfi 成長主管 Anders Jorgensen 解釋了這種非傳統方法背後的基本原理：「它不完全是穩定幣，對吧？現在，它是一個以美元計價的權益池。所以你只是從以美元計價的權益中獲得收益」。

Jupiter's Unreleased Stablecoin: Aiming for Viability

Jupiter 未發布的穩定幣：追求可行性

Jupiter, a decentralized exchange aggregator that entered the Solana ecosystem in late 2022, is also actively developing a viable stablecoin solution. While an official release date is yet to be announced, the project is making significant progress towards delivering a credible alternative to USDC and USDT.

Jupiter 是一家去中心化交易所聚合商，於 2022 年底進入 Solana 生態系統，目前也積極開發可行的穩定幣解決方案。雖然官方發布日期尚未公佈，但該項目正在為提供 USDC 和 USDT 的可靠替代品方面取得重大進展。

Disrupting the Duopoly: Providing Crypto-Native Options

打破雙頭壟斷：提供加密原生選項

The success of Mrgn's YBX and Jupiter's upcoming stablecoin could disrupt the duopoly enjoyed by USDC and USDT in Solana's lucrative stablecoin market. More importantly, it would provide Solana users with crypto-native alternatives that align with the principles of decentralization and censorship resistance.

Mrgn 的 YBX 和 Jupiter 即將推出的穩定幣的成功可能會打破 USDC 和 USDT 在 Solana 利潤豐厚的穩定幣市場上所享有的雙頭壟斷地位。更重要的是，它將為 Solana 用戶提供符合去中心化和抗審查原則的加密原生替代方案。

Stablecoins: Real-World Utility Fuels Demand

穩定幣：現實世界的公用事業刺激需求

Stablecoins have emerged as one of the most successful real-world applications of blockchain technology. They facilitate payments and transactions in regions plagued by economic instability, such as Lebanon and Argentina. Their value stems from their peg to other assets, typically the US dollar, providing a haven from the extreme volatility that characterizes many other cryptocurrencies.

穩定幣已成為區塊鏈技術最成功的現實應用之一。它們為黎巴嫩和阿根廷等經濟不穩定地區的支付和交易提供便利。它們的價值源於與其他資產（通常是美元）的掛鉤，為許多其他加密貨幣所特有的極端波動提供了避風港。

Solana's Stablecoin Market: Centralized Dominance vs. Crypto-Backed Challengers

Solana 的穩定幣市場：中心化主導地位與加密貨幣支持的挑戰者

On Solana, the stablecoin market is currently dominated by centralized players, with USDC controlling nearly 70% of the market share. However, on Ethereum, crypto-backed stablecoins like MakerDAO's DAI and Ethna's USDe have gained significant traction, accounting for 7% of the market.

在 Solana 上，穩定幣市場目前由中心化玩家主導，USDC 控制著近 70% 的市場份額。然而，在以太坊上，MakerDAO 的 DAI 和 Ethna 的 USDe 等加密貨幣支持的穩定幣獲得了巨大的關注，佔據了 7% 的市場份額。

Decentralization Advocates Embrace Crypto-Backed Stablecoins

去中心化倡導者擁抱加密貨幣支持的穩定幣

Proponents of decentralization often favor crypto-backed stablecoins due to their reduced exposure to the traditional banking system. However, similar projects on Solana have struggled to gain traction, with the three largest crypto-backed stablecoins – UXD, PAI, and USDH – having a combined circulating supply of only 15 million.

去中心化的支持者通常青睞加密貨幣支持的穩定幣，因為它們減少了對傳統銀行系統的曝險。然而，Solana 上的類似項目一直難以獲得關注，三大加密貨幣支持的穩定幣——UXD、PAI 和 USDH——的總流通量僅為 1500 萬枚。

Solana's Immature DeFi Ecosystem: A Hurdle for Decentralized Stablecoins

Solana 不成熟的 DeFi 生態系統：去中心化穩定幣的障礙

Anders Jorgensen attributes USDC's dominance to Solana's relatively nascent DeFi ecosystem: "Solana's still really early. It's mostly just been a function of there haven't been as many devs as the EVM ecosystem, and the really quality teams have just pursued other primitives so far."

Anders Jorgensen 將USDC 的主導地位歸功於Solana 相對新生的DeFi 生態系統：「Solana 還處於早期階段。這主要是因為開發人員數量沒有EVM 生態系統那麼多，而且到目前為止，真正優質的團隊只是在追求其他原語。 」。

YBX's Unique Design: Leveraging Liquid Staking Derivatives

YBX的獨特設計：利用流動性質押衍生性商品

Marginfi's YBX stablecoin will be backed by liquid staking derivatives, such as the company's own LST and Jito's JitoSOL. This innovative design sets YBX apart from traditional stablecoins and allows it to gradually drift away from its dollar peg as the assets backing it appreciate in value.

Marginfi 的 YBX 穩定幣將得到流動性質押衍生品的支持，例如該公司自己的 LST 和 Jito 的 JitoSOL。這種創新設計使 YBX 有別於傳統的穩定幣，並使其隨著支持其的資產升值而逐漸脫離與美元掛鉤。

High Demand for Leverage: Driving YBX's Potential Success

對槓桿的高需求：推動 YBX 的潛在成功

While some analysts have raised concerns about the potential limitations of YBX's design for adoption across DeFi as a medium of exchange, Jorgensen remains optimistic about its prospects. He highlights the high demand for leverage in the current market, noting that interest rates on Solana lending protocols like Marginfi, Kamino, and Solend range from 20% to 29%.

儘管一些分析師對 YBX 作為交易媒介在 DeFi 中採用的設計的潛在限製表示擔憂，但 Jorgensen 對其前景仍持樂觀態度。他強調了當前市場對槓桿的高需求，並指出 Marginfi、Kamino 和 Solend 等 Solana 借貸協議的利率範圍為 20% 至 29%。

In contrast, Marginfi plans to charge an interest rate of around 2% for minting YBX, providing a clear incentive for users to opt for this new stablecoin. "If you can get leverage for that cheap, which is what we're going to offer with YBX, I think there's a very clear incentive to mint," Jorgensen stated.

相比之下，Marginfi 計劃對鑄造 YBX 收取 2% 左右的利率，為用戶選擇這種新的穩定幣提供了明確的誘因。 Jorgensen 表示：“如果你能以如此便宜的價格獲得槓桿，這就是我們將通過 YB​​X 提供的，我認為有非常明顯的鑄幣動機。”

Conclusion: A New Era in Solana's Stablecoin Market

結論：Solana 穩定幣市場的新時代

The emergence of Mrgn's YBX and Jupiter's upcoming stablecoin signals a shift in the Solana stablecoin market. These crypto-native alternatives challenge the dominance of USDC and USDT, providing users with decentralized options that align with the core principles of blockchain technology. As the Solana DeFi ecosystem matures, the competition between centralized and decentralized stablecoins is poised to intensify, potentially leading to a more diverse and innovative market in the years to come.

Mrgn 的 YBX 和 Jupiter 即將推出的穩定幣的出現標誌著 Solana 穩定幣市場的轉變。這些加密原生替代方案挑戰了 USDC 和 USDT 的主導地位，為用戶提供了符合區塊鏈技術核心原則的去中心化選擇。隨著 Solana DeFi 生態系統的成熟，中心化和去中心化穩定幣之間的競爭必將加劇，可能會在未來幾年帶來更多樣化和創新的市場。