DeFi 的致命弱点：中心化稳定币与去中心化竞争者

去中心化金融（DeFi）严重依赖中心化稳定币，使其容易受到监管。 Terra 和 Abracadabra 合作，使用 UST 和 MIM 稳定币挑战现有企业。 UST是由LUNA抵押的算法稳定币，而MIM是类似于DAI的超额抵押稳定币。 Abracadabra 创始人 Daniele 认为 UST 和 MIM 是稳定币收益率的“强力组合”。

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

DeFi 的致命弱点：中心化稳定币与去中心化替代品

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）行业证明了区块链技术的变革潜力，提供挑战传统中心化机构的创新金融产品和服务。然而，DeFi 对中心化稳定币的依赖已成为一个明显的漏洞，使该行业面临监管审查，并破坏了其去中心化的基本原则。

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.

稳定币，即与美元等稳定价值挂钩的数字货币，在 DeFi 中发挥着至关重要的作用。它们提供流动性，促进交易，并实现跨各种区块链生态系统的无缝价值转移。然而，Tether 的 USDT、Circle 的 USDC 和 Binance 的 BUSD 等中心化稳定币的主导地位给 DeFi 的去中心化精神蒙上了长长的阴影。

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.

这些中心化的稳定币由私营公司发行和管理，引发了人们对潜在操纵、缺乏透明度和监管过度的担忧。市值最大的稳定币 Tether 于 2021 年 10 月崩盘，生动地说明了过度依赖中心化实体所带来的风险。

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.

随着监管机构更加仔细地审视 DeFi 错综复杂的生态系统，中心化稳定币的致命弱点可能会引起不必要的关注，并限制该行业的增长潜力。为了解决这个漏洞，DeFi 社区已经开始寻求开发去中心化的替代方案，这些替代方案可以在不牺牲去中心化原则的情况下提供稳定性、可靠性和监管合规性。

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 在推翻中心化稳定币的竞争中脱颖而出，成为有希望的竞争者。 UST 是一种算法稳定币，通过一种复杂的机制来维持其挂钩，该机制会燃烧和铸造其原生 LUNA 代币以吸收价格波动。 MIM 是一种超额抵押稳定币，由多元化的加密资产投资组合支持，从而降低了与任何单一抵押品来源相关的风险。

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 最近之间的合作伙伴关系在 DeFi 社区中引起了兴奋，因为它承诺结合 UST 和 MIM 的优势，为现有者带来巨大的挑战。 MIM-UST 流动性池和 LUNA 抵押品只是此次合作可能出现的一些潜在整合，为用户提供了更多的流动性挖矿机会和增强的风险管理工具。

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.

虽然像 UST 和 MIM 这样的去中心化稳定币在实现与中心化稳定币相同水平的市场主导地位方面面临挑战，但它们与 DeFi 核心价值观的一致性以及缓解监管担忧的潜力使它们成为行业长期成功的令人信服的选择。

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.

中心化和去中心化稳定币之间的斗争不仅仅是一场技术辩论，而且是对 DeFi 未来相反愿景之间的根本冲突。中心化稳定币代表了稳定性和去中心化之间的折衷，而去中心化稳定币则体现了 DeFi 的真正精神，提供自治、透明度和抵御监管压力的能力。

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.

随着DeFi生态的成熟，中心化和去中心化稳定币的选择将决定行业的走向。如果 DeFi 要发挥其革命性潜力，它必须拥抱去中心化原则，并积极培育可以替代中心化实体而不牺牲市场稳定性或监管合规性的替代方案。