【Block Rhythm】Vitalik recently shared his views on stablecoins in the crypto industry, pointing out that current decentralized stablecoins still have many pitfalls to navigate.
First is the issue of index tracking. Most stablecoins today are pegged to the US dollar, but this actually carries a hidden risk — if the goal is truly to achieve resistance to state risk, one cannot rely on the dollar forever. The ideal approach is to find a more representative basket of assets or index to track, which would enable true independence.
Second, oracle design is extremely challenging. Decentralized stablecoins require oracles that cannot be manipulated by large capital to maintain price stability. However, in reality, if oracles can easily be bought off by wealthy players, the protocol must defend itself through higher value extraction costs, which escalates continuously and may ultimately prove counterproductive.
There is also an often-overlooked issue: competition for staking yields. If stablecoins cannot offer competitive yield rates, it will be difficult to attract capital away from other staking products. Currently, stablecoin yields typically fall several percentage points below mainstream staking products, which poses a challenge to long-term attractiveness.
These three dilemmas appear independent but are actually interconnected. Resolving these issues requires finding new balance points in technology, economics, and incentive mechanisms.
Vitalikが語る分散型ステーブルコイン：突破すべき3つの核心的課題
【Block Rhythm】Vitalik recently shared his views on stablecoins in the crypto industry, pointing out that current decentralized stablecoins still have many pitfalls to navigate.
First is the issue of index tracking. Most stablecoins today are pegged to the US dollar, but this actually carries a hidden risk — if the goal is truly to achieve resistance to state risk, one cannot rely on the dollar forever. The ideal approach is to find a more representative basket of assets or index to track, which would enable true independence.
Second, oracle design is extremely challenging. Decentralized stablecoins require oracles that cannot be manipulated by large capital to maintain price stability. However, in reality, if oracles can easily be bought off by wealthy players, the protocol must defend itself through higher value extraction costs, which escalates continuously and may ultimately prove counterproductive.
There is also an often-overlooked issue: competition for staking yields. If stablecoins cannot offer competitive yield rates, it will be difficult to attract capital away from other staking products. Currently, stablecoin yields typically fall several percentage points below mainstream staking products, which poses a challenge to long-term attractiveness.
These three dilemmas appear independent but are actually interconnected. Resolving these issues requires finding new balance points in technology, economics, and incentive mechanisms.