Vitalik nói về stablecoin phi tập trung: Ba thách thức cốt lõi cần vượt qua

【Block Beats】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 sovereign risk, then perpetual reliance on the dollar cannot continue. The ideal approach is to find a more representative basket of assets or index to track, which would enable true independence.

Second, oracle design presents significant challenges. 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, making expenses increasingly prohibitive and potentially defeating the purpose.

There’s also a commonly overlooked issue: competition in staking rewards. If stablecoins cannot offer competitive yield rates, it will be difficult to attract capital away from other staking products. Currently, stablecoin yields typically lag mainstream staking products by several percentage points, which poses a challenge to long-term appeal.

These three dilemmas may appear independent, but are actually interconnected. Resolving these issues requires finding new equilibrium points in technology, economics, and incentive mechanisms.