{"id":4355,"date":"2022-09-01T18:01:23","date_gmt":"2022-09-01T10:01:23","guid":{"rendered":"https:\/\/airdropscoin.com\/%e5%b9%a3%e5%9c%88%e8%b3%87%e8%a8%8a\/defi-%e7%a9%a9%e5%ae%9a%e5%b9%a3%e7%9a%84%e9%81%8e%e5%8e%bb%e8%88%87%e6%9c%aa%e4%be%86%ef%bc%9a%e5%af%ab%e5%9c%a8-terra-ust-%e5%b4%a9%e7%9b%a4%e5%be%8c\/"},"modified":"2022-09-30T17:25:31","modified_gmt":"2022-09-30T09:25:31","slug":"defi-%e7%a9%a9%e5%ae%9a%e5%b9%a3%e7%9a%84%e9%81%8e%e5%8e%bb%e8%88%87%e6%9c%aa%e4%be%86%ef%bc%9a%e5%af%ab%e5%9c%a8-terra-ust-%e5%b4%a9%e7%9b%a4%e5%be%8c","status":"publish","type":"post","link":"https:\/\/airdropscoin.com\/ja\/defi\/defi-%e7%a9%a9%e5%ae%9a%e5%b9%a3%e7%9a%84%e9%81%8e%e5%8e%bb%e8%88%87%e6%9c%aa%e4%be%86%ef%bc%9a%e5%af%ab%e5%9c%a8-terra-ust-%e5%b4%a9%e7%9b%a4%e5%be%8c\/","title":{"rendered":"DeFi \u7a69\u5b9a\u5e63\u7684\u904e\u53bb\u8207\u672a\u4f86\uff1a\u5beb\u5728 Terra UST \u5d29\u76e4\u5f8c"},"content":{"rendered":"

(\u672c\u6587\u4f5c\u8005\u70ba XREX \u4ea4\u6613\u6240\u5718\u968a\uff1aWayne \u9ec3\u8000\u6587\u3001\u9673\u5b89\u7956\u3001\u5c24\u82b7\u8587\u3001Aditya Gupta)<\/p>\n

\u4e0d\u8ad6\u662f\u8fd1\u671f\u5d29\u76e4\u7684 TerraUSD (UST)\uff0c\u6216\u6b77\u7d93\u6b64\u6b21\u5e02\u5834\u64e0\u514c\u8003\u9a57\uff0c\u4f9d\u7136\u6490\u4f4f\u5176\u7f8e\u91d1\u639b\u9264\u7684\u5176\u4ed6 DeFi \u7a69\u5b9a\u5e63\u5011\uff0c\u5305\u62ec DAI\u3001FRAX\u3001FEI\uff0c\u6216\u65e9\u671f\u5931\u6557\u7684 Basis Cash\uff08BAC\uff09\u3001Ampleforth\uff0c\u90fd\u53ef\u4ee5\u5c0d\u61c9\u5230\u52a0\u5bc6\u8ca8\u5e63\u7d93\u6fdf\u5b78\u5bb6 Robert Sams \u65bc 2014 \u5e74\u767c\u8868\u4e4b\u8ad6\u6587\u300aA Note on cryptocurrency Stabilisation : Seigniorage Shares\u200c\u300b\u4e2d\u63d0\u51fa\u7684\u96d9\u5e63\u6a21\u578b\u4e0a\u3002<\/p>\n

Robert Sams \u7684\u96d9\u5e63\u6a21\u578b\uff1a\u300c\u4ea4\u6613\u300d\u8207\u300c\u6295\u6a5f\u300d\u4e4b\u9593\u7684\u77db\u76fe<\/p>\n

\u70ba DeFi \u7a69\u5b9a\u5e63\u8a2d\u8a08\u5efa\u69cb\u51fa\u7406\u8ad6\u57fa\u790e\u7684 Robert Sams \u8a8d\u70ba\uff0c\u6bd4\u7279\u5e63\u4e4b\u6240\u4ee5\u50f9\u683c\u6ce2\u52d5\u5287\u70c8\u800c\u7121\u6cd5\u6210\u70ba\u8a08\u50f9\u7684\u55ae\u4f4d\uff0c\u662f\u56e0\u70ba\u6709\u5169\u500b\u76f8\u4e92\u77db\u76fe\u7684\u9700\u6c42\u540c\u6642\u5b58\u5728\u8457 \u2500\u2500\u300c\u4ea4\u6613\u300d\u8207\u300c\u6295\u6a5f\u300d\u3002<\/p>\n

\u4e00\u3001 \u4ea4\u6613\u7684\u9700\u6c42<\/p>\n

\u7576\u6bd4\u7279\u5e63\u53d6\u5f97\u8d8a\u4f86\u8d8a\u591a\u4eba\u7684\u8a8d\u540c\uff0c\u4e26\u7528\u4e4b\u4f5c\u70ba\u4ea4\u6613\u7684\u5a92\u4ecb\uff0c\u6bd4\u7279\u5e63\u7684\u9700\u6c42\u52e2\u5fc5\u6703\u8207\u65e5\u4ff1\u589e\uff0c\u4f7f\u7528\u8005\u4e5f\u6703\u5e0c\u671b\u6bd4\u7279\u5e63\u7684\u50f9\u683c\u80fd\u65e5\u8da8\u7a69\u5b9a\uff0c\u65b9\u4fbf\u4ea4\u6613\u3002<\/p>\n

\u4e8c\u3001 \u6295\u6a5f\u7684\u9700\u6c42<\/p>\n

\u4f46\u662f\uff0c\u5728\u4ea4\u6613\u9700\u6c42\u589e\u52a0\u7684\u540c\u6642\uff0c\u5c31\u6703\u6709\u8d8a\u591a\u6295\u6a5f\uff08\u8cc7\uff09\u4eba\u53bb\u9810\u6e2c\u672a\u4f86\u9700\u6c42\u7684\u589e\u52a0\uff0c\u9032\u800c\u958b\u59cb\u8cb7\u5165\u4e26\u56e4\u7a4d (HODL) \u6bd4\u7279\u5e63\u3002\u6b64\u8209\u5fc5\u5b9a\u9020\u6210\u6bd4\u7279\u5e63\u50f9\u683c\u6500\u5347\uff0c\u4e14\u7121\u8ad6\u662f\u5c0d\u73fe\u4eca\u9700\u6c42\u8a8d\u77e5\u7684\u66f4\u65b0\uff0c\u9084\u662f\u5c0d\u672a\u4f86\u9700\u6c42\u9810\u6e2c\u7684\u6539\u8b8a\uff0c\u90fd\u6703\u5e36\u52d5\u6bd4\u7279\u5e63\u50f9\u683c\u7684\u6ce2\u52d5\uff0c\u4f7f\u5176\u7121\u6cd5\u6210\u70ba\u597d\u7684\u8a08\u50f9\u55ae\u4f4d\uff0c\u8207\u4ea4\u6613\u7684\u9700\u6c42\u7522\u751f\u885d\u7a81\u3002<\/p>\n

\u5728\u9019\u6a23\u7684\u5047\u8a2d\u4e4b\u4e0b\uff0cRobert Sams \u63d0\u8b70\u52a0\u5bc6\u8ca8\u5e63\u7684\u767c\u884c\u8207\u8a2d\u8a08\uff0c\u61c9\u6709\u5206\u5225\u53ef\u4ee5\u6eff\u8db3\u9019\u5169\u500b\u9700\u6c42\u7684\u4ee3\u5e63\uff1a<\/p>\n

\u4e00\u3001 \u7a69\u5b9a\u5e63\uff1a\u7d14\u8a08\u50f9\u7684\u55ae\u4f4d\u8207\u4ea4\u6613\u7684\u5a92\u4ecb\uff0c\u50f9\u683c\u7a69\u5b9a\u53ef\u6eff\u8db3\u4ea4\u6613\u7684\u9700\u6c42\u3002<\/p>\n

\u4e8c\u3001 \u9444\u5e63\u7a05 (seigniorage) \u4ee3\u5e63\uff1a\u9444\u5e63\u7a05\u53c8\u88ab\u7a31\u70ba\u8ca8\u5e63\u7a0e\uff0c\u662f\u8ca8\u5e63\u767c\u884c\u5546\u80fd\u5920\u8cfa\u5230\u7684\u71df\u6536\u3002\u7576\u4e00\u500b\u8ca8\u5e63\u5f97\u5230\u5927\u5bb6\u7684\u4f7f\u7528\u8207\u8a8d\u540c\uff0c\u96a8\u8457\u4f7f\u7528\u91cf\u589e\u52a0\uff0c\u71df\u6536\u4e5f\u81ea\u7136\u8ddf\u8457\u589e\u52a0\uff0c\u90a3\u9ebc\u6b64\u300c\u9444\u5e63\u7a05\u4ee3\u5e63\u300d\u7684\u50f9\u503c\u5c31\u6703\u6500\u5347\u3002\u7531\u65bc\u6295\u6a5f\uff08\u8cc7\uff09\u4eba\u56e4\u7a4d\u7684\u6703\u662f\u6b64\u300c\u9444\u5e63\u7a05\u300d\u4ee3\u5e63\uff0c\u6eff\u8db3\u5176\u6295\u6a5f\u7684\u9700\u6c42\uff0c\u4e5f\u5c31\u4e0d\u6703\u5f71\u97ff\u300c\u7a69\u5b9a\u5e63\u300d\u7684\u50f9\u683c\uff0c\u4f7f\u5176\u4ecd\u7136\u53ef\u4ee5\u4f5c\u70ba\u597d\u7684\u8a08\u50f9\u55ae\u4f4d\u3002<\/p>\n

\u4ee5 USDC \u70ba\u4f8b\uff0c\u5982\u679c\u5e02\u5834\u770b\u597d USDC \u672a\u4f86\u7684\u4ea4\u6613\u9700\u6c42\uff0c\u4ed6\u5011\u4e0d\u7528\u53bb\u56e4\u7a4d USDC\uff0c\u800c\u662f\u6703\u5927\u91cf\u5165\u624b\u767c\u884c\u5546 Circle \u7684\u80a1\u7968\u3002<\/p>\n

\u540c\u6642\uff0c\u9444\u5e63\u7a05\u4ee3\u5e63\u4e5f\u626e\u6f14\u5438\u6536\u7a69\u5b9a\u5e63\u50f9\u683c\u6d6e\u52d5\uff0c\u4ee5\u53ca\u652f\u6490\u7a69\u5b9a\u5e63\u5e02\u503c\u5169\u5927\u529f\u80fd\u3002<\/p>\n

\u4e0d\u5c11\u65e2\u6709\u7684 DeFi \u7a69\u5b9a\u5e63\u9805\u76ee\uff0c\u53ef\u4ee5\u770b\u51fa Sams \u96d9\u5e63\u6a21\u578b\u7684\u5177\u9ad4\u5be6\u4f5c\u3002<\/p>\n

\"\"\"\"<\/p>\n

\u5340\u584a\u93c8\u7684\u900f\u660e\u6027\u662f\u96d9\u9762\u5203\uff1a\u6210\u4e86 DeFi \u7a69\u5b9a\u5e63\u9677\u5165\u6b7b\u4ea1\u87ba\u65cb\u6642\u7684\u50ac\u547d\u7b26<\/p>\n

\u76f8\u8f03\u65bc\u5b8c\u5168\u5916\u751f\uff08exogenous\uff09\u5132\u5099\u7684 CeFi \u7a69\u5b9a\u5e63\uff0c\u5982\uff1aUSDT \u548c USDC\uff0cDeFi \u7a69\u5b9a\u5e63\u4e2d\u7684\u7b97\u6cd5\u7a69\u5b9a\u5e63\uff0c\u4ee5\u300c\u512a\u5316\u5132\u5099\u8cc7\u91d1\u6548\u7387\u300d\u70ba\u4e3b\u8981\u76ee\u6a19\u5982\uff1aUST\u3001BAC\u3001ESD \u7b49\u7b49\uff0c\u662f\u5c07\u300c\u9444\u5e63\u7a05\u4ee3\u5e63\u300d\u540c\u6642\u7576\u4f5c\u300c\u7a69\u5b9a\u5e63\u300d\u80cc\u5f8c\u7684\u300c\u4e3b\u8981\u300d\u652f\u6490\u3002\u96d6\u5927\u5e45\u63d0\u5347\u4e86\u5176\u5132\u5099\u7684\u8cc7\u91d1\u6548\u7387\uff0c\u4f46\u537b\u4e5f\u8b93\u300c\u9444\u5e63\u7a05\u4ee3\u5e63\u300d\u7684\u50f9\u683c\u614b\u52e2\uff0c\u6210\u4e86\u53cd\u6620\u7a69\u5b9a\u5e63\u9700\u6c42\u73fe\u6cc1\u6216\u672a\u4f86\u8da8\u52e2\u7684\u53e6\u4e00\u500b\u91cd\u8981\u8a0a\u865f\u3002\u9019\u6703\u8b93\u50f9\u683c\u7a69\u5b9a\u6a5f\u5236\u5728\u5371\u6a5f\u7206\u767c\u6642\u66f4\u52a0\u8106\u5f31\uff0c\u4e14\u56de\u7a69\u7684\u96e3\u5ea6\u66f4\u9ad8\u3002\u8fd1\u671f\u5d29\u76e4\u7684 UST \u5c31\u662f\u6700\u8840\u6dcb\u6dcb\u7684\u6848\u4f8b\u3002<\/p>\n

\u6b64\u6b21\u7576 UST \u906d\u5230\u5927\u6236\u62cb\u552e\uff0c\u5e02\u5834\u767c\u751f\u885d\u64ca\u9020\u6210\u64e0\u514c\u5c0e\u81f4 UST \u9700\u6c42\u5927\u5e45\u964d\u4f4e\u6642\uff0c\u8981\u7dad\u6301 UST \u7684\u50f9\u683c\u6301\u7e8c\u8207\u7f8e\u5143\u639b\u9264\uff0c\u4e26\u907f\u514d\u5371\u6a5f\u52a0\u5287\uff0c\u9996\u8981\u4efb\u52d9\u5c31\u662f\u76e1\u53ef\u80fd\u8b93\u53c3\u8207\u8005\u611f\u53d7\u4e0d\u5230 UST \u9700\u6c42\u4e0b\u964d\uff0c\u78ba\u4fdd\u5e02\u5834\u6050\u614c\u60c5\u7dd2\u7372\u5f97\u63a7\u5236\u4e0d\u81f3\u4fe1\u5fc3\u6f70\u6563\u3002\u9019\u4e5f\u662f\u70ba\u4ec0\u9ebc\u6211\u5011\u4e3b\u5f35\uff1a\u6d41\u52d5\u6027\u662f\u7a69\u5b9a\u5e63\u8a2d\u8a08\u7684\u7b2c\u4e00\u9053\u9632\u7dda\u3002<\/p>\n

\u53ea\u8981\u6709\u5145\u8db3\u7684\u6d41\u52d5\u6027\u7a69\u4f4f\u5e02\u5834\u50f9\u683c\uff0c\u5e02\u5834\u53c3\u8207\u8005\u5728\u50f9\u683c\u4e0d\u7e7c\u7e8c\u5d29\u843d\u7684\u60c5\u6cc1\u4e0b\uff0c\u5c31\u7121\u5f9e\u8a8d\u5b9a\u5e02\u5834\u5c0d UST \u7684\u9700\u6c42\u986f\u8457\u964d\u4f4e\uff0c\u4e5f\u5c31\u53ef\u4ee5\u514d\u9664\u5f8c\u7e8c\u7684\u9aa8\u724c\u6548\u61c9\u3002\u9019\u500b\u908f\u8f2f\u5c0d\u65bc\u5132\u5099\u662f\u7f8e\u91d1\u6216\u985e\u7f8e\u91d1\u7684 CeFi \u7a69\u5b9a\u5e63\uff0c\u4f8b\u5982 Tether \u767c\u884c\u7684 USDT \u6210\u7acb\uff0c\u5c0dTerra \u767c\u884c\u7684 DeFi \u7a69\u5b9a\u5e63 UST \u537b\u6548\u679c\u6709\u9650\uff0c\u70ba\u4ec0\u9ebc\uff1f<\/p>\n

\u56e0\u70ba\u5373\u4fbf\u8ca0\u8cac\u7a69\u5b9a UST \u50f9\u683c\u7684 Luna Foundation Guard (LFG) \u914d\u5408\u9020\u5e02\u5546\uff0c\u4e00\u8d77\u7dad\u6301\u5e02\u5834\u4e0a\u7684\u5145\u8db3\u6d41\u52d5\u6027\uff0cUST \u7684\u50f9\u683c\u7a69\u5b9a\u4f4f\u4e86\uff0c \u53ef\u662f\u53e6\u4e00\u908a\u7684 LUNA \u50f9\u683c\u986f\u8457\u4e0b\u8dcc\uff0cUST\u7684\u5371\u6a5f\u5c31\u96e3\u4ee5\u89e3\u9664\u3002\u4f55\u6545\uff1f<\/p>\n

\u56e0\u70ba LUNA \u50f9\u683c\u6703\u662f\u5e02\u5834\u89c0\u5bdf UST \u9700\u6c42\u8b8a\u52d5\u7684\u7684\u53e6\u4e00\u500b\u91cd\u8981\u8a0a\u865f\u3002UST\u50f9\u683c\u7a69\u4f4f\uff0c\u4f46 LUNA \u50f9\u683c\u4e0b\u8dcc\uff0c\u5247\u4f9d\u7136\u6703\u88ab\u5e02\u5834\u89e3\u8b80\u6210 UST \u7684\u9700\u6c42\u4e0b\u8dcc\uff0c\u56e0\u70ba\u5e02\u5834\u6703\u6709\u5169\u7a2e\u89e3\u8b80\uff1a<\/p>\n

\u4e00\u3001 LUNA \u4e0b\u8dcc\u662f\u56e0\u70ba\u300c\u4f7f\u7528\u8005\u300d\u5c0d UST \u9700\u6c42\u964d\u4f4e\uff0c\u4f7f\u7528\u8005\u71d2\u6389 UST\u3001\u9444\u9020 LUNA \u4e26\u62cb\u552e\uff0c\u6240\u4ee5 LUNA \u624d\u6703\u8dcc\u50f9\u3002
\n\u4e8c\u3001 LUNA \u4e0b\u8dcc\u662f\u56e0\u70ba\u300c\u6295\u6a5f\u8005\u300d\u5c0d UST \u672a\u4f86\u7684\u9700\u6c42\u9810\u671f\uff0c\u505a\u4e86\u986f\u8457\u7684\u4fee\u6b63\u3002<\/p>\n

\u4e0d\u8ad6\u662f\u7b2c\u4e00\u7a2e\u9084\u662f\u7b2c\u4e8c\u7a2e\u89e3\u8b80\uff0c\u90fd\u5c07\u5c0e\u81f4\u5e02\u5834\u53c3\u8207\u8005\u5c0d UST \u7684\u73fe\u4eca\u6216\u672a\u4f86\u9700\u6c42\u614b\u52e2\u8f49\u70ba\u60b2\u89c0\uff0c\u5118\u7ba1\u7576\u4e0b\u7684 UST \u50f9\u683c\u4e26\u6c92\u6709\u812b\u9328\uff0c\u9019\u6a23\u7684\u60b2\u89c0\u60c5\u7dd2\u6703\u540c\u6642\u89f8\u52d5\u5169\u80a1 LUNA \u8ce3\u58d3\uff1a<\/p>\n

\u4e00\u3001 UST \u4f7f\u7528\u8005\u56e0\u64d4\u5fc3 LUNA \u50f9\u683c\u4e0b\u6ed1\u9020\u6210 UST \u652f\u6490\u6e1b\u5f31\uff0c\u800c\u71d2\u6bc0 UST \u9444\u9020 LUNA \u4e26\u62cb\u552e\u3002
\n\u4e8c\u3001 LUNA \u6301\u6709\u8005\u770b\u7a7a UST \u672a\u4f86\u9700\u6c42\u800c\u62cb\u552e LUNA\u3002<\/p>\n

\u7b2c\u4e00\u7a2e\u8ce3\u58d3\u662f\u6700\u5371\u96aa\u7684\uff0c\u56e0\u70ba\u4f9d\u7167 UST \u7684\u667a\u80fd\u5408\u7d04\u908f\u8f2f\uff0c\u96a8\u8457 LUNA \u50f9\u683c\u4e0b\u8dcc\uff0c\u6bcf\u4e00\u9846\u88ab\u71d2\u6389\u7684 UST\uff0c\u90fd\u6703\u9444\u9020\u51fa\u66f4\u591a\u7684 LUNA\uff0c\u9020\u6210\u66f4\u5927\u7684\u8ce3\u58d3\u3002\u9019\u5169\u80a1\u8ce3\u58d3\u76f8\u4e92\u758a\u52a0\uff0c\u66f4\u5feb\u901f\u7684\u5c07 LUNA \u8dcc\u52e2\u532f\u805a\u6210\u5e02\u5834\u5171\u8b58\uff0c\u5f15\u767c\u9aa8\u724c\u6548\u61c9\uff0cUST \u56e0\u6b64\u9677\u5165\u6b7b\u4ea1\u87ba\u65cb\u3002<\/p>\n

\u4e0d\u900f\u660e\u662f\u8ca8\u5e63\u5e02\u5834\u81ea\u7136\u7684\u7279\u8272\uff1a\u5c0d\u7b49\u7121\u77e5\u6709\u5229\u65bc\u6d41\u52d5\u6027<\/p>\n

\u5f9e\u4ee3\u5e63\u7d93\u6fdf\u5b78 (tokenomics) \u7684\u89d2\u5ea6\u4f86\u770b\uff0cUST \u5df2\u7d93\u9700\u8981\u9632\u79a6\u50f9\u683c\uff08\u5c0d\u9328\u7f8e\u5143\uff09\u8207\u6d41\u901a\u91cf\uff08\u5e02\u503c\uff09\u5169\u500b\u984d\u5916\u7684\u5e02\u5834\u8a0a\u865f\uff0c\u800c\u53c8\u56e0\u70ba\u5176\u6838\u5fc3\u8a2d\u8a08\uff0c\u8b93 UST \u5c1a\u9808\u9632\u79a6 LUNA \u5e02\u503c\u9019\u7b2c\u4e09\u500b\u5e02\u5834\u8a0a\u865f\u3002<\/p>\n

\u9019\u7274\u89f8\u4e86\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u5f97\u4e3b\u970d\u59c6\u65af\u58ef\u6559\u6388 (Bengt Holmstr\u00f6m) \u8ac7\u8ca8\u5e63\u5e02\u5834\u6d41\u52d5\u6027\u6642\u8aaa\u7684\uff1a\u300c\u6211\u4e3b\u5f35 \u300e\u7121\u4eba\u8cea\u7591\u300f\u662f\u8ca8\u5e63\u5e02\u5834\u6d41\u52d5\u6027\u7684\u7d42\u6975\u76ee\u6a19\u2026 \u4e0d\u900f\u660e\u662f\u8ca8\u5e63\u5e02\u5834\u81ea\u7136\u7684\u7279\u8272\uff0c\u53ef\u4ee5\u63d0\u5347\u6d41\u52d5\u6027\u3002\u300d\u4ed6\u9084\u8aaa\uff1a\u300c\u4eba\u5011\u901a\u5e38\u8a8d\u70ba\u6d41\u52d5\u6027\u5fc5\u9808\u5efa\u69cb\u5728\u900f\u660e\u5ea6\u4e4b\u4e0a\uff0c\u4f46\u9019\u662f\u8aa4\u89e3\u3002\u300d<\/p>\n

\u970d\u59c6\u65af\u58ef\u4e3b\u5f35\uff0c\u512a\u826f\u7684\u6d41\u52d5\u6027\uff0c\u9700\u8981\u5efa\u69cb\u5728\u6b64\u7a2e\u300c\u5c0d\u7b49\u7121\u77e5\u300d(symmetric ignorance) \u7684\u72c0\u614b\u4e0a\uff0c\u300c\u900f\u660e\u8207\u591a\u9918\u7684\u8a0a\u606f\u5c0d\u8ca8\u5e63\u5e02\u5834\u672a\u5fc5\u662f\u5e36\u4f86\u6548\u7387\u7684\u300d\u3002<\/p>\n

\u4ee5\u970d\u59c6\u65af\u58ef\u7684\u7406\u8ad6\u70ba\u8a0e\u8ad6\u57fa\u790e\uff0c\u6211\u5011\u53ef\u4ee5\u5206\u6790\u5e7e\u500b\u6211\u5011\u719f\u6089\u7684\u8ca8\u5e63\uff1a\u53f0\u5e63\u3001USDT\u3001UST<\/p>\n

\u53f0\u5e63\uff1a\u767c\u884c\u91cf\u6c92\u6709\u5373\u6642\u7684\u900f\u660e\u6027\uff0c\u4e5f\u6c92\u6709\u300c\u9444\u5e63\u7a05\u300d\u80a1\u7968\u8b93\u5e02\u5834\u6295\u6a5f\uff08\u8cc7\uff09\uff0c\u5c11\u53bb\u4e86\u9019\u4e9b\u8a0a\u606f\uff0c\u5e02\u5834\u8f03\u6613\u9032\u5165\u300c\u5c0d\u7b49\u7121\u77e5\u300d\u72c0\u614b\uff0c\u9632\u5b88\u8f03\u5bb9\u6613\u3002<\/p>\n

Tether USDT\uff1a\u7531\u65bc\u63a1\u93c8\u4e0a\u767c\u884c\uff0c\u6d41\u901a\u91cf\uff08\u5e02\u503c\uff09\u5373\u6642\u516c\u958b\u900f\u660e\uff0c\u589e\u52a0\u4e86\u5e02\u5834\u89e3\u8b80\u8a0a\u865f\uff0c\u9632\u5b88\u8f03\u70ba\u56f0\u96e3\uff0c\u4f46\u56e0\u70ba\u5176\u8ca1\u5831\u8207\u5132\u5099\u8cc7\u8a0a\u4ecd\u5c6c\u4e2d\u5fc3\u5316\u7ba1\u7406\uff0c\u9084\u662f\u80fd\u9032\u5165\u300c\u5c0d\u7b49\u7121\u77e5\u300d\u72c0\u614b\u3002<\/p>\n

Terra UST\uff1a\u96d9\u5e63\u6a5f\u5236\u7522\u751f\u4e86\u4e09\u9ede\u900f\u660e\u6027\uff0c\u4e00\u662f UST \u767c\u884c\u91cf\u5373\u6642\u516c\u958b\u900f\u660e\uff0c\u4e8c\u662f\u5176\u300c\u9444\u5e63\u7a05\u4ee3\u5e63\u300d LUNA \u7684\u767c\u884c\u91cf\u8207\u50f9\u683c\u4e5f\u516c\u958b\u900f\u660e\uff0c\u7b2c\u4e09\u5247\u662f\u5e02\u5834\u6e05\u695a LUNA \u5c31\u662f UST \u80cc\u5f8c\u7684\u552f\u4e00\u652f\u6490\u3002\u9019\u4e09\u9ede\uff0c\u4f7f\u5f97\u6240\u6709 UST \u7684\u4f7f\u7528\u8005\u8207 LUNA \u6295\u6a5f\uff08\u8cc7\uff09\u8005\uff0c\u90fd\u4e0d\u65b7\u5730\u900f\u904e\u7aba\u63a2 LUNA \u7684\u50f9\u683c\u6f32\u8dcc\uff0c\u63a8\u6e2c\u5e02\u5834\u5c0d UST \u672a\u4f86\u9700\u6c42\u7684\u614b\u5ea6\uff0c\u6839\u672c\u7121\u6cd5\u9032\u5165\u300c\u5c0d\u7b49\u7121\u77e5\u300d\u7684\u72c0\u614b\u3002LFG \u4e0d\u4f46\u8981\u9632\u5b88\u8457 UST \u7684\u52fe\u9328\u8207\u767c\u884c\u91cf\uff0c\u9084\u9700\u8981\u9632\u5b88 LUNA \u50f9\u683c\uff0c\u9632\u7dda\u592a\u9577\uff0c\u9632\u5b88\u56f0\u96e3\u3002<\/p>\n

\u96d9\u5e63\u6a21\u578b\u4e0d\u9069\u5408\u5507\u4ea1\u9f52\u5bd2\u7684\u5167\u751f\u652f\u6490<\/p>\n

\u96d6\u7136\u96d9\u5e63\u6a21\u578b\u672c\u8eab\u8f03\u96e3\u9632\u5b88\uff0c\u4f46\u5c0d\u6bd4\u5d29\u76e4\u7684 Terra UST\uff0c\u540c\u6a23\u63a1\u53d6\u96d9\u5e63\u6a5f\u5236\u7684 MakerDAO \u6240\u767c\u884c\u7684\u7a69\u5b9a\u5e63 DAI\uff0c\u5728\u6b64\u6b21\u98a8\u66b4\u4e2d\u7684\u8868\u73fe\u76f8\u5c0d\u512a\u7570\uff0cDAI \u8207\u7f8e\u91d1\u7684\u5c0d\u9328\u7dad\u6301\u7a69\u5b9a\u3002\u9019\u662f\u56e0\u70ba DAI \u5f8c\u9762\u62b5\u62bc\u8cc7\u7522\u662f USDC\uff08\u904e\u534a\uff09\u3001\u4ee5\u592a\u5e63\u8207\u5176\u4ed6\u52a0\u5bc6\u8ca8\u5e63\uff0c\u90fd\u662f\u5c6c\u65bc\u98a8\u96aa\u5f97\u4ee5\u5207\u5272\u7684\u5916\u751f\u8b8a\u6578\uff08exogenous\uff09\uff0c\u800c\u5176\u300c\u9444\u5e63\u7a05\u4ee3\u5e63\u300dMKR \u4e26\u4e0d\u5728\u5176\u5132\u5099\u8cc7\u7522\u4e4b\u5167\u3002<\/p>\n

\u9019\u7a2e\u98a8\u96aa\u5340\u9694\uff0c\u4ea6\u6216\u8aaa\u4fe1\u5fc3\u7684\u5340\u9694\uff0c\u8b93 MakerDAO \u7684\u53c3\u8207\u8005\uff0c\u4e0d\u6703\u56e0\u70ba MKR \u7684\u8dcc\u50f9\uff0c\u800c\u592a\u904e\u64d4\u5fc3 DAI \u7684\u5c0d\u9328\u80fd\u529b\u6216\u5176\u80cc\u5f8c\u7684\u5132\u5099\u3002\u4e5f\u5c31\u662f\u8aaa\uff0c\u5c0d\u65bc MakerDAO \u7684\u7372\u5229\u80fd\u529b\u55aa\u5931\u4fe1\u5fc3\uff0c\u6216\u5c0d\u65bc DAI \u9700\u6c42\u55aa\u5931\u4fe1\u5fc3\uff0c\u90fd\u4e0d\u6703\u9020\u6210\u5c0d\u300cDAI \u7684\u5c0d\u9328\u80fd\u529b\u300d\u55aa\u5931\u4fe1\u5fc3\u3002\u56e0\u70ba DAI \u80cc\u5f8c\u7684\u62b5\u62bc\uff0c\u662f\u8ddf MakerDAO \u7cfb\u7d71\u5b8c\u5168\u7121\u95dc\u7684\u5916\u751f\u8b8a\u6578\uff1aUSDC\u3001\u4ee5\u592a\u5e63\u8207\u5176\u4ed6\u52a0\u5bc6\u8ca8\u5e63\u3002<\/p>\n

\u800c\u7576 DAI \u88ab\u5927\u91cf\u71d2\u6389\uff0c\u514c\u56de\u62b5\u62bc\u8cc7\u7522\u6642\uff0c\u9019\u4e9b\u514c\u51fa\u4f86\u7684\u8cc7\u7522\uff08USDC\u3001\u4ee5\u592a\u5e63\uff09\u82e5\u5f62\u6210\u8ce3\u58d3\uff0c\u4e5f\u4e0d\u6703\u76f4\u63a5\u5f71\u97ff MKR \u50f9\u683c\u3002<\/p>\n

\u53cd\u89c0 UST\uff0c\u7531\u65bc\u5176\u652f\u6490\u5e7e\u4e4e\u5168\u4f86\u81ea\u672c\u8eab\u7684\u300c\u9444\u5e63\u7a05\u4ee3\u5e63\u300d LUNA\uff0c\u96d6\u7136\u5f8c\u4f86 LFG \u56e4\u7a4d\u4e86\u50f9\u503c 30 \u5104\u7f8e\u91d1\u7684\u8b77\u76e4\u57fa\u91d1\uff0c\u4f46\u5c0d\u6bd4\u7576\u6642\u5e02\u503c\u5df2\u5feb\u901f\u81a8\u8139\u81f3 180 \u5104\u7684 UST \u767c\u884c\u91cf\uff0c\u6548\u7528\u4e0d\u5927\u3002\u6839\u64da\u4e0a\u8ff0\u5e02\u5834\u5fc3\u614b\uff0cLUNA \u57fa\u672c\u4e0a\u662f\u4e0d\u80fd\u8dcc\u7684\uff0c\u53ea\u8981\u6301\u7e8c\u8dcc\uff0c\u6574\u500b\u7cfb\u7d71\u5c31\u5f88\u6709\u53ef\u80fd\u9032\u5165\u6b7b\u4ea1\u87ba\u65cb\uff0c\u5c0e\u81f4\u5d29\u76e4\u3002<\/p>\n

\u64c5\u9577\u884c\u92b7\u7684 UST \u767c\u884c\u5546 Terra \u4e0d\u65b7\u52aa\u529b\u8b93 LUNA \u50f9\u683c\u6500\u5347\uff0c\u4f46\u537b\u4e5f\u57cb\u4e0b\u4e86 UST \u5d29\u76e4\u7684\u56e0\u5b50\u3002\u6211\u5011\u5047\u8a2d\u4e00\u9846 LUNA \u6f32\u5230\u4e00\u842c\u7f8e\u5143\uff0c\u6b64\u6642\uff0c\u6211\u5011\u9444\u9020\u4e00\u767e\u842c\u9846 UST\uff08\u50f9\u503c\u4e00\u842c\u7f8e\u5143\uff09\uff0c\u50c5\u9700 100 \u9846 LUNA\uff01<\/p>\n

\u4e4b\u5f8c\u82e5 LUNA \u56de\u8dcc\u81f3\u4e00\u584a\u7f8e\u5143\uff0c\u5927\u5bb6\u958b\u59cb\u71d2\u6bc0 UST \u63db LUNA \u5462\uff1f\u6b64\u6642\u7576\u521d\u7528 100 \u9846 LUNA \u5c31\u9444\u9020\u51fa\u4f86\u7684\u4e00\u767e\u842c\u9846 UST\uff0c\u5728\u71d2\u6389\u6642\uff0c\u6703\u9444\u9020\u51fa\u4e00\u767e\u842c\u9846 LUNA\uff1b\u6240\u4ee5 100 \u9846 LUNA\uff0c\u8b8a\u6210\u4e86\u4e00\u767e\u842c\u9846 LUNA\uff0c\u800c\u9019\u6191\u7a7a\u589e\u767c\u7684\u4e00\u767e\u842c\u9846 LUNA\uff0c\u53c8\u5c07\u88ab\u62cb\u552e\u800c\u9020\u6210 LUNA \u7e7c\u7e8c\u8dcc\u50f9\u3002\u6b64\u7a2e\u5feb\u901f\u7684\u6b7b\u4ea1\u87ba\u65cb\uff0c\u6975\u96e3\u907f\u514d\u3002<\/p>\n

\u9019\u4e26\u4e0d\u4ee3\u8868 Sams \u7576\u521d\u63d0\u51fa\u7684\u96d9\u5e63\u6a21\u578b\u7406\u8ad6\u662f\u4e0d\u5408\u7406\u7684\u3002Sams \u65bc\u8ad6\u6587\u4e2d\u7279\u5225\u6307\u51fa\uff1a\u9444\u5e63\u7a05\u4ee3\u5e63\u7684\u7e3d\u503c\uff0c\u4e0d\u61c9\u8d85\u904e\u6b64\u7a69\u5b9a\u5e63\u7684\u51c8\u73fe\u503c\uff08Net Present Value, NPV\uff09\u3002\u82e5\u7528\u6b64\u89c0\u9ede\u53bb\u770b Terra UST \u5354\u8b70\uff0c\u5176\u5be6 LUNA \u7684\u5e02\u503c\uff0c\u662f\u88ab\u5e02\u5834\u56b4\u91cd\u7092\u4f5c\u51fa\u4f86\u7684\uff0c\u56e0\u70ba\u6574\u500b\u5354\u8b70\u4e26\u6c92\u6709\u7522\u751f\u5be6\u969b\u71df\u6536\uff0c\u5354\u8b70\u7684 NPV \u7d55\u5c0d\u7121\u6cd5\u652f\u6490\u7576\u6642\u5e02\u503c\u8d85\u904e 180 \u5104\u7f8e\u5143\u6d41\u901a\u91cf\u7684 UST\u3002<\/p>\n

\u540c\u6642\uff0cSams \u7684\u8a2d\u8a08\u4e2d\uff0c\u4e5f\u4e26\u6c92\u6709\u7279\u5225\u6307\u51fa\uff1a\u9444\u5e63\u7a05\u4ee3\u5e63\u662f\u7a69\u5b9a\u5e63\u7684\u552f\u4e00\u652f\u6490\u3002<\/p>\n

UST \u5d29\u76e4\u662f DeFi \u7a69\u5b9a\u5e63\u904e\u53bb\u8207\u672a\u4f86\u7684\u5206\u6c34\u5dba<\/p>\n

MakerDAO \u767c\u884c\u7684 DAI\u662f\u4ee5\u8d85\u984d\u62b5\u62bc\u7684\u601d\u7dad\u5efa\u69cb\uff0c\u4eca\u5929\u7684 DAI \u80cc\u5f8c\u4ecd\u4e00\u76f4\u6709\u8d85\u904e 150% \u7684\u5916\u751f\u62b5\u62bc\u8cc7\u7522\u3002\u5176\u5177\u5099\u5169\u5927\u7279\u8272\uff0c\u4e00\u662f\u8d85\u984d\u62b5\u62bc\uff0c\u4e8c\u662f\u5916\u751f\u8cc7\u7522\u62b5\u62bc\u3002<\/p>\n

\u5404\u570b\u592e\u884c\u5728\u75ab\u60c5\u4e0b\u70ba\u4e86\u632f\u8208\u7d93\u6fdf\u800c\u58d3\u4f4e\u5229\u7387\uff0c\u8b93 2020 \u5e74\u7684\u300cDeFi \u590f\u5929\u300d\u66f4\u70ba\u8000\u773c\u3002\u5728\u90a3\u6bb5\u6642\u9593\u88e1\uff0cDeFi \u7522\u696d\u767c\u73fe\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u7684\u7af6\u722d\u512a\u52e2\uff0c\u5305\u62ec\uff1a\u5c07\u8cc7\u91d1\u6548\u7387\u767c\u63ee\u6975\u81f4\u3001\u7522\u751f\u9ad8\u5229\u606f\u3002\u5c0d\u6bd4\u7576\u6642\u50b3\u7d71\u91d1\u878d\u754c\u7684\u5229\u7387\uff0cDeFi \u7522\u751f\u7684\u5229\u7387\u975e\u5e38\u4eae\u773c\u3002\u6b64\u6642\u671f\u8208\u8d77\u7684 DeFi \u7a69\u5b9a\u5e63 FEI\u3001FRAX\u3001\u8207\u5f8c\u4f86\u7684 Terra UST\uff0c\u90fd\u662f\u5f37\u8abf\u8cc7\u91d1\u6548\u7387\u8207\u8cc7\u91d1\u6d3b\u7528\u3002<\/p>\n

\u4e0d\u540c\u65bc Terra UST \u7684\u662f\uff0cFEI \u8207 FRAX \u53ef\u8aaa\u662f\u300c\u970d\u59c6\u65af\u58ef\u6d3e\u300d\uff0c\u4ed6\u5011\u719f\u7a14\u6d41\u52d5\u6027\u64cd\u4f5c\uff0c\u5373\u4f7f\u5132\u5099\u4e0a\u4e26\u975e\u5982 DAI \u7a69\u56fa\uff0c\u4f46\u628a\u5fc3\u601d\u4e3b\u8981\u653e\u65bc\u6d41\u52d5\u6027\u7684\u5efa\u69cb\u4e0a\uff0c\u5851\u9020\u51fa\u5805\u5be6\u7684\u7b2c\u4e00\u9053\u9632\u7dda\uff0c\u4e14\u5176\u5132\u5099\u8cc7\u7522\u591a\u70ba\u5916\u751f\u8b8a\u6578\uff0c\u5927\u5e45\u964d\u4f4e\u5e02\u5834\u5c0d\u300c\u9444\u5e63\u7a05\u4ee3\u5e63\u300d\u50f9\u683c\u6ce2\u52d5\u7684\u904e\u5ea6\u654f\u611f\uff1b\u6b64\u4e8c\u52aa\u529b\u7686\u6709\u5229\u65bc\u5275\u9020\u8207\u5ef6\u7e8c\u300c\u5c0d\u7b49\u7121\u77e5\u300d\u7684\u72c0\u614b\uff0c\u6b64\u6b21\u7b97\u662f\u5ea6\u904e\u4e86\u5371\u6a5f\u3002<\/p>\n

\u800c\u672c\u6b21\u5d29\u76e4\u7684 Terra UST\uff0c\u5f31\u9ede\u8207\u5931\u8aa4\u5728\u65bc\uff1a<\/p>\n

\u96d9\u5e63\u8a2d\u8a08\u672c\u4f86\u5c31\u8f03\u96e3\u9632\u5b88\uff0c\u537b\u53c8\u76f4\u63a5\u4f7f\u7528\u5167\u751f\u8b8a\u6578\u300c\u9444\u5e63\u7a05\u4ee3\u5e63\u300dLUNA \u4f5c\u70ba\u4e3b\u8981\u652f\u6490\uff0c\u5bb9\u6613\u89f8\u767c\u6b7b\u4ea1\u87ba\u65cb\u3002
\n\u6c92\u6709\u8db3\u5920\u7684\u61c9\u7528\u5834\u666f\uff1bUST 180 \u5104\u7f8e\u5143\u7684\u767c\u884c\u91cf\u4e2d\uff0c\u6709 110 \u5104\u7f8e\u5143\u5b58\u653e\u65bc Anchor \u4e2d\u5b73\u606f\uff0c\u5982\u6b64\u904e\u5ea6\u96c6\u4e2d\u4e14\u50f9\u503c\u7121\u6cd5\u7576\u4e0b\u5be6\u73fe\u7684\u61c9\u7528\u5834\u666f\uff0c\u52a0\u901f UST \u4f7f\u7528\u8005\u65bc\u5371\u6a5f\u6642\u505a\u51fa\u62cb\u552e\u7684\u6c7a\u7b56\uff0c\u4e14\u5e02\u5834\u6c92\u6709\u4efb\u4f55\u63a5\u76e4\u8cb7\u9032\u7684\u8a98\u56e0\u3002
\n30 \u5104\u7f8e\u5143\u7684 BTC \u5132\u5099\uff0c\u7121\u6cd5\u6709\u6548\u4fdd\u8b77 180 \u5104\u7f8e\u5143\u7684 UST \u767c\u884c\u91cf\uff08\u50c5 17%\uff09\u3002
\n\u96d6\u7136 Terra \u5f8c\u4f86\u53e6\u5916\u589e\u52a0\u4e86 BTC \u4f5c\u70ba\u5176\u5132\u5099\uff0c\u4f46\u9019\u4e26\u4e0d\u662f\u4e00\u500b\u6700\u4f73\u7684\u9078\u64c7\u3002Terra \u61c9\u8a72\u9078\u64c7\u62b5\u79a6\u529b\u66f4\u5f37\u5927\u7684 USDC\u3001USDT \u7b49\u4f5c\u70ba\u7b2c\u4e00\u9053\u9632\u7dda\u3002\u5c31\u5982\u540c\u4efb\u4f55\u592e\u884c\u7684\u7b2c\u4e00\u9053\u9632\u7dda\uff0c\u90fd\u6703\u662f\u5916\u532f\u5b58\u5e95\uff0c\u800c\u4e0d\u662f\u9ec3\u91d1\u5132\u5099\u3002
\n\u88ab\u5927\u6236\u7838\u76e4\u7684 UST \u525b\u525b\u958b\u59cb\u812b\u9264\u6642\uff0c\u767c\u884c\u5546\u5728\u6d41\u52d5\u6027\u64cd\u4f5c\u4e0a\u592a\u904e\u751f\u758f\u8f15\u7387\uff0c\u932f\u5931\u8b77\u76e4\u7684\u9ec3\u91d1\u6642\u6a5f\uff0cUST \u8207 Luna \u90fd\u5728\u4e00\u9031\u5167\u5168\u6578\u5d29\u76e4\uff0c\u52a0\u8d77\u4f86\u8d85\u904e 500 \u5104\u7f8e\u5143\u5e02\u503c\u6191\u7a7a\u84b8\u767c\u3002
\n\u7b97\u6cd5\u7a69\u5b9a\u5e63\u7684\u672a\u4f86<\/p>\n

Terra UST \u4e0d\u6703\u662f\u6700\u5f8c\u4e00\u500b\u7b97\u6cd5\u7a69\u5b9a\u5e63\uff0c\u52a0\u5bc6\u8ca8\u5e63\u7684\u6b77\u53f2\u6d2a\u6d41\u9084\u6703\u6709\u66f4\u591a\u7684\u5be6\u9a57\u8207\u632b\u6557\uff0c\u624d\u80fd\u5e36\u9818\u4eba\u985e\u627e\u5230\u6700\u597d\u7684\u6a5f\u5236\u8207\u65b9\u6cd5\u3002\u8a55\u4f30\u8207\u8a2d\u8a08\u65b0\u4e00\u4ee3 DeFi \u7a69\u5b9a\u5e63\u6642\uff0c\u6211\u5011\u5fc5\u9808\u8003\u616e\u4e09\u7a2e\u5171\u5b58\u4e14\u76f8\u8f14\u7684\u652f\u6490\uff1a<\/p>\n

\u4e00\u3001 \u512a\u8cea\u5132\u5099\u8207\u98a8\u96aa\u5207\u5272\u5132\u5099<\/p>\n

\u5fc5\u9808\u5916\u751f\uff0c\u4e14\u5132\u5099\u7684\u54c1\u8cea\u8d8a\u9ad8\u8d8a\u80fd\u964d\u4f4e\u5e02\u5834\u95dc\u6ce8\u5ea6\u8207\u654f\u611f\u5ea6\uff0c\u4e0d\u8ddf\u5e63\u5e02\u9023\u52d5\u7684\u8cc7\u7522\u8f03\u512a\uff0c\u6700\u597d\u662f\u6703\u88ab\u300c\u907a\u5fd8\u300d\u7684\u7a2e\u985e\uff0c\u4ee5\u671f\u9054\u5230\u300c\u5c0d\u7b49\u7121\u77e5\u300d\u72c0\u614b\u3002<\/p>\n

\u5132\u5099\u7684\u7a2e\u985e\u53ef\u5206\u6210\uff1a<\/p>\n

\u62b5\u62bc\u8cc7\u7522\uff1a\u5982 DAI \u7684\u8a2d\u8a08\uff0c\u8d85\u984d\u62b5\u62bc\uff0c\u4e14\u62b5\u62bc\u8cc7\u7522\u53ef\u88ab\u62b5\u62bc\u8005\u8d16\u56de\u3002
\n\u5132\u5099\u8cc7\u7522\uff1a\u5982 FRAX\u3001FEI \u7684\u8a2d\u8a08\uff0c\u8d85\u984d\u5132\u5099\uff0c\u800c\u5132\u5099\u5b8c\u5168\u5c6c\u65bc\u5354\u8b70\uff0c\u4e0d\u80fd\u88ab\u8d16\u56de\u3002<\/p>\n

\u4e8c\u3001\u5805\u5f37\u7684\u6d41\u52d5\u6027\u9632\u79a6\u529b<\/p>\n

\u7a69\u5b9a\u5e63\u7684\u8a2d\u8a08\u4e0d\u80fd\u53ea\u8003\u616e\u5132\u5099\uff0c\u5c1a\u9808\u8003\u616e\u9632\u885b\u901f\u5ea6\u8207\u6d41\u52d5\u6027\u3002\u52a0\u5f37\u672c\u8eab\u8207\u5176\u4ed6\u4e3b\u6d41\u7a69\u5b9a\u5e63\u4e4b\u9593\u7684\u6d41\u52d5\u6027\uff0c\u53ef\u4ee5\u5438\u6536\u5e02\u5834\u62cb\u58d3\u4e26\u7a69\u5b9a\u5e02\u5834\u4fe1\u5fc3\uff0c\u503c\u5f97 DeFi \u7a69\u5b9a\u5e63 DAO \u7d44\u7e54\u6295\u5165\u8cc7\u6e90\u5efa\u7acb\u3002Curve \u4ecd\u662f\u672a\u4f86\u5e7e\u5e74\u91cd\u8981\u7684\u6d41\u52d5\u6027\u57fa\u790e\u67b6\u69cb\u3002\u7a69\u5b9a\u5e63 DAO \u61c9\u81f4\u529b\u65bc\u5efa\u7acb\u5132\u5099\u4e4b\u5916\uff0c\u984d\u5916\u7684\u9632\u885b\u9810\u7b97\uff0c\u5c31\u5982\u540c\u592e\u884c\u7684\u5916\u532f\u5b58\u5e95\u4e00\u6a23\u3002\u9019\u90e8\u5206\u7684\u7d93\u8cbb\u61c9\u8a72\u5b8c\u5168\u5c6c\u65bc\u5354\u8b70\uff08protocol-owned value\uff09\u3002<\/p>\n

\u9632\u885b\u9810\u7b97\u61c9\u4f7f\u7528\u6bd4\u4f8b\u8a08\u7b97\uff0c\u7b49\u6bd4\u7a69\u5b9a\u5e63\u5728\u5916\u7684\u6d41\u901a\u91cf\uff0c\u4e26\u81f3\u5c11\u53c3\u8003\u5404\u570b\u592e\u884c\u7684\u5916\u532f\u5132\u5099\u6bd4\u4f8b\u3002<\/p>\n

\u4e09\u3001 \u81ea\u8eab\u7684\u525b\u9700<\/p>\n

\u4eca\u5929\u7684\u5e63\u5e02\u7121\u6cd5\u6c92\u6709 USDT\uff0c\u56e0\u70ba USDT \u4ea4\u6613\u5c0d\uff0c\u64c1\u6709\u6700\u597d\u7684\u6df1\u5ea6\u8207\u50f9\u5dee\uff0c\u540c\u6642\uff0c\u65b0\u8208\u5e02\u5834\u7684\u7f8e\u5143\u6d41\u52d5\u6027\u8207\u8cbf\u6613\uff0c\u4e5f\u5927\u5e45\u4ef0\u8cf4 USDT\u3002\u9019\u662f\u70ba\u4f55 2019 \u5e74\u521d\uff0c\u7576 BitFinex\uff08Tether \u95dc\u4fc2\u4f01\u696d\uff09\u4ea4\u6613\u6240\u6709 8.5 \u5104\u7f8e\u5143\u5361\u5728\u67d0\u5df4\u62ff\u99ac\u9280\u884c\u6642\uff0c\u8ddf\u696d\u754c\u52df\u6b3e\u5341\u5104\u7f8e\u5143\uff0c\u5341\u5929\u5167\u5c31\u5b8c\u6210\u3002\u56e0\u70ba USDT \u5c0d\u6574\u500b\u5e63\u5e02\u592a\u91cd\u8981\uff0c\u6240\u4ee5\u696d\u754c\u5fc5\u9808\u4fdd\u4f4f Tether \u8207 BitFinex\u3002<\/p>\n

USDC \u4e5f\u6162\u6162\u5efa\u7bc9\u8d77\u4e86\u9700\u6c42\uff1aDeFi \u751f\u614b\u4e2d\u7684\u7684\u5132\u5099\u8207\u4ea4\u6613\u3002\u6b64\u7a2e\u300c\u525b\u9700\u300d\u6709\u52a9\u65bc\u62b5\u6297\u5e02\u5834\u5171\u8b58\u60b2\u89c0\u6240\u5f15\u767c\u7684\u8ce3\u58d3\u3002<\/p>\n

\u61c9\u7528\u5834\u666f\u7684\u591a\u5143\u6027\u4e5f\u6703\u5728\u5371\u6a5f\u767c\u751f\u6642\uff0c\u56e0\u5e02\u5834\u53c3\u8207\u8005\u5c0d\u8a72\u7a69\u5b9a\u5e63\u7684\u61c9\u7528\u8207\u9700\u6c42\u4e0d\u540c\u800c\u9032\u5834\u63a5\u76e4\u3002\u6b64\u6b21 USDT \u53d7\u5230 UST \u5d29\u76e4\u6ce2\u53ca\u800c\u77ed\u66ab\u812b\u52fe\u6642\uff0c\u6211\u5011 XREX \u4ea4\u6613\u6240\u4e0a\u5c31\u51fa\u73fe\u4e86\u6b64\u73fe\u8c61\uff0c\u4e0d\u5c11\u7528\u6236\u9022\u4f4e\u8cb7\u9032 USDT\uff1b\u50b3\u7d71\u8ca8\u5e63\u4ea6\u662f\u5982\u6b64\uff0c\u4f8b\u5982\u65e5\u5e63\u72c2\u8cb6\uff0c\u4f46\u662f\u6709\u8a31\u591a\u4eba\u6709\u5230\u65e5\u672c\u65c5\u904a\u6216\u9032\u53e3\u7522\u54c1\u7684\u9700\u6c42\uff0c\u5c31\u6703\u6436\u9032\u8cb7\u5165\u3002<\/p>\n

\u6d77\u660e\u5a01\u66fe\u8aaa\uff1a\u5728\u5e73\u975c\u7684\u5927\u6d77\u4e0a\uff0c\u6bcf\u500b\u4eba\u90fd\u53ef\u4ee5\u662f\u500b\u6c34\u624b\u3002\u6240\u4ee5\u6211\u5011\u4e5f\u76f8\u4fe1\u6bcf\u4e00\u500b\u5371\u6a5f\u6216\u718a\u5e02\u624d\u662f\u7a69\u5b9a\u5e63\u7684\u6230\u5834\uff0c\u6bcf\u4e00\u6b21\u5371\u6a5f\u90fd\u662f\u5f62\u5851\u5b89\u5168\u8072\u8b7d\u7684\u6a5f\u6703\u3002\u6b64\u6b21 Terra UST \u5d29\u76e4\u98a8\u66b4\u4e2d\uff0cDAI \u5c0d\u9328\u7a69\u5b9a\u3001USDT \u9806\u5229\u61c9\u4ed8\u5e02\u5834\u64e0\u514c\u8d85\u904e 100 \u5104\u7f8e\u91d1\uff0c\u90fd\u5c07\u8b93\u4ed6\u5011\u7d2f\u7a4d\u7d93\u9a57\u8207\u5546\u8b7d\u3002<\/p>\n

\u4e00\u8d77\u8d70\u904e Terra UST \u60b2\u5287\uff0c\u6211\u5011\u4e86\u89e3\u5230\uff1a\u552f\u6709\u4e0d\u65b7\u63d0\u5347\u793e\u7fa4\u5c0d DeFi \u7a69\u5b9a\u5e63\u7684\u4e86\u89e3\u8207\u8a55\u4f30\u80fd\u529b\uff0c\u624d\u6709\u6a5f\u6703\u671f\u5f85\u7522\u696d\u6301\u7e8c\u5275\u65b0\u51fa\u66f4\u7a69\u5b9a\u597d\u7528\u7684\u7a69\u5b9a\u5e63\u5354\u8b70\u3002\u4e5f\u5e0c\u671b\u63d0\u9192\u793e\u7fa4\uff1a\u7a69\u5b9a\u5e63\u6700\u91cd\u8981\u7684\u50f9\u503c\uff0c\u4e0d\u662f\u5132\u5099\u7684\u8cc7\u91d1\u6548\u7387\uff0c\u800c\u662f\u4f5c\u70ba\u300c\u8a08\u50f9\u55ae\u4f4d\u300d\u8207\u300c\u4ea4\u6613\u5a92\u4ecb\u300d\u7684\u6d41\u52d5\u6027\u8207\u5b89\u5168\u6027\u3002<\/p>\n

\u9019\u662f\u70ba\u4f55\u4eca\u5e74\u56db\u6708\u6642\u91dd\u5c0d\u7f8e\u570b\u7576\u5c40\u7a69\u5b9a\u5e63\u6cd5\u8349\u6848\uff0c\u7f8e\u8ca1\u653f\u90e8\u6b21\u9577\u6881\u5167\u5229\u65bc\u807d\u8b49\u6703\u4e2d\u4e0d\u65b7\u5f37\u8abf\uff1a\u7a69\u5b9a\u5e63\u76e3\u7ba1\uff0c\u4e0d\u50c5\u8981\u6c42\u5132\u5099\u54c1\u8cea\uff0c\u800c\u66f4\u56e0\u70ba\u7a69\u5b9a\u5e63\u70ba\u652f\u4ed8\u5de5\u5177\uff0c\u6545\u4e5f\u9808\u8981\u6c42\uff1a\u7cfb\u7d71\u65bc\u6975\u7aef\u5e02\u5834\u4e0b\u7684\u6301\u7e8c\u6027\u3001\u4ee5\u53ca\u4e0d\u540c\u7a69\u5b9a\u5e63\u9593\u7684\u6d41\u52d5\u6027\u8207\u6613\u8f49\u63db\u6027\u3002<\/p>\n

\u4f7f\u7528\u8005\u56e0\u70ba\u50f9\u683c\u6216\u50f9\u503c\u300c\u7a69\u5b9a\u300d\u800c\u4f7f\u7528\u7a69\u5b9a\u5e63\uff0cDeFi \u8a2d\u8a08\u8005\u66f4\u61c9\u4ee5\u300c\u7a69\u5b9a\u300d\u4f5c\u70ba\u4e00\u500b\u7a69\u5b9a\u5e63\u7684\u6700\u5927\u8a34\u6c42\u3002<\/p>\n

\u76f8\u95dc\u95b1\u8b80\uff1a<\/p>\n

\u7f8e\u5143\u7a69\u5b9a\u5e63 UST \u6b7b\u4ea1\u87ba\u65cb\u9084\u6709\u6551\u55ce\uff1f\u7b97\u6cd5\u7a69\u5b9a\u5e63\u77ac\u9593\u812b\u9264\u5e36\u7d66\u6211\u5011\u7684\u555f\u793a
\n\u5f9e UST \u5d29\u76e4\uff0c\u770b\u7a69\u5b9a\u5e63\u639b\u9264\u7f8e\u5143\u7684\u4e09\u9053\u9632\u7dda
\nUST \u5d29\u76e4\u9023\u52d5 USDT \u77ed\u66ab\u812b\u9264\u59cb\u672b\uff1a\u5f9e\u93c8\u4e0a\u5206\u6790\u770b\u7a69\u5b9a\u5e63\u6d41\u52d5\u6027\u98a8\u96aa
\n2022 \u5e74\uff0c\u4e09\u500b\u7dad\u5ea6\u5b9a\u7fa9\u300c\u53bb\u4e2d\u5fc3\u5316\u300d\uff1a\u4ee5\u7a69\u5b9a\u5e63\u8207 DAO \u70ba\u4f8b
\n

\n\u672c\u6587\u8f49\u81ea\u7db2\u8def\uff0c\u5982\u6709\u4fb5\u6b0a\u8acb\u4f86\u4fe1\u544a\u77e5\uff0c\u672c\u7db2\u7ad9\u4e0d\u4ee3\u8868\u4efb\u4f55\u6295\u8cc7\u5efa\u8b70\uff0c\u50c5\u63d0\u4f9b\u8cc7\u8a0a\uff0c\u82e5\u7528\u6236\u6709\u4efb\u4f55\u6295\u8cc7\u76f8\u95dc\u884c\u70ba\u7686\u8207\u672c\u7ad9\u7121\u95dc<\/p>","protected":false},"excerpt":{"rendered":"

(\u672c\u6587\u4f5c\u8005\u70ba XREX \u4ea4\u6613\u6240\u5718\u968a\uff1aWayne \u9ec3\u8000\u6587\u3001\u9673\u5b89\u7956\u3001\u5c24\u82b7\u8587\u3001Aditya Gupta) \u4e0d\u8ad6\u662f\u8fd1\u671f\u5d29\u76e4\u7684 TerraUSD (UST)\uff0c\u6216\u6b77\u7d93\u6b64\u6b21\u5e02\u5834\u64e0\u514c\u8003\u9a57\uff0c\u4f9d\u7136\u6490\u4f4f\u5176\u7f8e\u91d1\u639b\u9264\u7684\u5176\u4ed6 D <\/p>","protected":false},"author":1,"featured_media":4354,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[141,55,221,74],"tags":[94,252,54,47,282,123,111,258,118,186,38,279,56,75,154,95,109,127,106,117,108,206,107,112],"_links":{"self":[{"href":"https:\/\/airdropscoin.com\/ja\/wp-json\/wp\/v2\/posts\/4355"}],"collection":[{"href":"https:\/\/airdropscoin.com\/ja\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/airdropscoin.com\/ja\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/airdropscoin.com\/ja\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/airdropscoin.com\/ja\/wp-json\/wp\/v2\/comments?post=4355"}],"version-history":[{"count":1,"href":"https:\/\/airdropscoin.com\/ja\/wp-json\/wp\/v2\/posts\/4355\/revisions"}],"predecessor-version":[{"id":6133,"href":"https:\/\/airdropscoin.com\/ja\/wp-json\/wp\/v2\/posts\/4355\/revisions\/6133"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/airdropscoin.com\/ja\/wp-json\/wp\/v2\/media\/4354"}],"wp:attachment":[{"href":"https:\/\/airdropscoin.com\/ja\/wp-json\/wp\/v2\/media?parent=4355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/airdropscoin.com\/ja\/wp-json\/wp\/v2\/categories?post=4355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/airdropscoin.com\/ja\/wp-json\/wp\/v2\/tags?post=4355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}