2026-01-12 13:34:23

Why are decentralized stablecoins still a challenge? There are actually three core bottlenecks. First is the long-term dependence on the US dollar peg—it's easy to say but very difficult to implement. Second is oracle design, which must ensure it isn't captured by economic interests, involving game theory in the entire price feed mechanism. The last issue, often overlooked but crucial, is yield competition. When staking other tokens yields higher returns, who still wants to hold stablecoins? These three factors are interconnected; failing to address any one of them can hinder the entire system. To truly achieve reliable decentralized stablecoins, these three bottlenecks must be overcome simultaneously.

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DAOdreamer

· 01-12 13:49

Honestly, the issue of USD pegging has been a well-known topic, but I didn't expect the oracle to be "corrupted" by economic interests to such a degree... --- Profit competition is the real killer, no one is foolish enough to treat stablecoins as fixed-term deposits. --- Three bottlenecks breaking through simultaneously? How many years would that take? I think this needs to be slowly pondered in the background. --- Bro, you're right, but all these projects are working hard now. Let's see who can come out first. --- The oracle part is indeed vulnerable to attacks. Several projects have fallen here before, it's concerning...

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TestnetScholar

· 01-12 13:39

Basically, it's a dead loop. We've been talking about decoupling from the dollar for so many years, but it's still just talk on paper. No one can clearly explain the risk of oracle capture, and profit competition is even more painful... If none of these three issues are properly addressed, the other two are pointless.

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APY追逐者

· 01-12 13:39

Basically, all the current decentralized stablecoins are a false proposition; the shadow of the US dollar is too strong. I've said it before about oracles—whenever there's profit, manipulation is inevitable. Game theory simply doesn't work on-chain. The core issue is still the yield. Why should I hold stablecoins? Isn't farming more profitable? Why not just do DeFi arbitrage and stake directly? If it really gets done, it'll probably be in the distant future...

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Degentleman

· 01-12 13:39

Break free from the US dollar? It sounds simple, but in reality, it's extremely difficult. From the day oracles were compromised, we knew something would go wrong, but the competition for returns is indeed easy to overlook. Who would be foolish enough to use low-interest stablecoins...

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