引入“ III型稳定剂”，这是一种新的承重稳定剂

斯坦福区块链俱乐部于3月28日发表了一篇论文，介绍了“ III型Stablecoins”，这是一种新的承重稳定的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.

斯坦福大学区块链俱乐部于3月28日发表了一篇论文，推出了“ III型Stablecoins”，这是由自主智能合约管理的新型承重的稳定股，由Cap Labs的Benjamin和Jae开发。

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

产量没有妥协？ III类稳定剂提出了一条无信任的道路

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.

一篇新的论文在《斯坦福区块链评论》上发表的一篇新论文介绍了“ III型稳定型”，这是由自主智能合约管理的独特屈服稳定剂，由Cap Labs的Benjamin和Jae设计。该论文的标题为“无妥协的产量：III型Stablecoins和分散财务的最终边界”，是对斯坦福大学区块链评论的贡献。

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.

该研究将III型定位作为解决现有承担式稳定的稳定性限制的解决方案，探索了分散融资（DEFI）的范式转移，该体系结构可最大程度地减少人类干预。

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.

该框架利用了对承重稳定的稳定稳定的兴趣的利益，该框架提出了一个模型，其中智能合约持久地执行了资本分配，操作员监督和用户保护规则。与I型（集中式）或II型（DAO管理的）稳定型相比，III型将决策转移到保证资产支持第三方运营商的“ Restakers”。反过来，这些运营商通过贷款等资本效率策略产生了收益率，而刷新者则因直接暴露于策略而直接暴露于削减风险的情况下，以确定安全性。

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.

本杰明在ETH丹佛稳定的峰会上提出的框架解决了当前产量模型中的主要挑战。 I型Stablecoins尽管很早就成功，但受到小型，过度劳累的团队和产品的限制。另一方面，由分散的自主组织（DAOS）管理的II型稳定币在去中心化委员会中面临腐败风险，并且缺乏明确的资金诉讼。

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的解决方案提出了一个架构，该建筑通过市场驱动的利率自动化策略转移，并且在失败期间将削减的资金重新分配给用户，从而确保可验证的追索权而无需诉诸合法中介机构。但是，该论文承认权衡取舍。复杂的智能合同依赖性可能会引入技术风险，并且由于需要熟悉和护理的固有复杂性，因此初步采用将仅限于认可的机构。

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.

尽管如此，支持者认为，该模型的延迟和无许可的长期愿景可以释放大规模采用承重稳定的stabalecoins，目前仅占$ 200B Stablecoin市场的10％。

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

随着Tradfi机构正在越来越多地探索Defi集成，提出机遇和紧迫的挑战，Cap Labs的创新到来。

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，稳定的人仍然束缚于人类错误判断和酌处控制的脆弱性。然而，稳定蛋白的屈服变体正在迅速发展，在defi中展示了一个新的边界。该论文认为，除非从资本分配中切除手动监督，否则这些努力将在实现可扩展增长方面步履蹒跚。

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.

正是在这种情况下，Cap Labs的III型Stablecoins体系结构旨在通过代码驱动的治理的不可变精度来协调操作员，顾客和最终用户之间的动机。作为III型的第一位建筑师，CAP Labs设想了一个分阶段的部署，最初吸引机构合作者，以加强系统中的基础信任。这个初始阶段对于为大规模运营奠定基础并确保必要的资本至关重要。

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.

在建立坚实的基础之后，下一步将是使访问权限民主化，使更多的参与者能够加入生态系统并为其增长做出贡献。这种扩展将是实现III型稳定剂的全部潜力，并意识到他们对分散和繁荣的未来未来的承诺的关键。

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，这种蓝图试图对新兴的承重稳定菌属进行分类和评估，并在斯坦福大学区块链评论中提出了一个框架，用于导航这种不断发展的景观。它还旨在突出在为稳定行业的长期增长设计可扩展和可持续的产量模型时强迫创新的迫切需求。

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.

该计划强调了持续的努力，以突破Defi的界限，并为区块链空间中的紧迫问题创造新颖的解决方案。随着机构越来越多地与DEFI协议互动，对法律清晰度，技术鲁棒性和经济可持续性的紧迫关注即将成为焦点。