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Indlela yokuvavanya i-Stablecoins yoTyalo-mali

4.3 kwi 5 iinkwenkwezi (4 iivoti)

Kwihlabathi elivela ngokukhawuleza le-cryptocurrencies, ezizinzileyo ziye zavela njengecandelo elibalulekileyo, linikezela ukuzinza kweemali ze-fiat ngelixa zixhamla ukusebenza kweteknoloji ye-blockchain. Ngokungafaniyo nee-cryptocurrencies zemveli, ezaziwa ngokuguquguquka kwexabiso eligqithisileyo, ezizinzileyo ziyilelwe ukugcina ixabiso elingaguqukiyo, lizenza zibe lukhetho olukhethwayo traders, abatyali-zimali, kunye namashishini ngokufanayo.

Eli nqaku liphonononga iintlobo ezahlukeneyo ze ezizinzileyo, imingcipheko yabo, kunye namaqhinga abatyali-mali abanokusebenzisa ukwenza uninzi lwezi asethi zedijithali. Nokuba ujonge ukugcina imali eyinkunzi, urhola ingeniso, okanye ujonge indawo yezemali (DeFi), ukuqonda ii-stablecoins kubalulekile kwimpumelelo kwimeko yezemali yanamhlanje.

Ukutyala imali kwi-Stablecoins

💡 Izinto ezibalulekileyo ezithathwayo

  1. I-Stablecoins inika uzinzo kwimarike eguquguqukayo: Yenzelwe ukugcina ixabiso elimiselweyo, i-stablecoins ivala umsantsa phakathi kwezemali zemveli kunye nehlabathi elikhawulezayo le-cryptocurrencies.
  2. Iindidi ezahlukeneyo ze-stablecoins ziza neengozi ezizodwa: I-Fiat-backed, i-crypto-backed, kunye ne-algorithmic stablecoins nganye inentengiso eyahlukileyovantagekunye nemingcipheko, nto leyo eyenza ukuba kubaluleke kakhulu ukuvavanya iindlela zabo ngononophelo.
  3. Ukunyamekela kubalulekile xa utyala imali kwi-stablecoins: Abatyali-mali kufuneka baphande abakhupheli, baqinisekise isibambiso, kwaye bavavanye ukungafihli ukuqinisekisa ukuzinza kunye nokhuseleko lotyalo-mali lwabo.
  4. I-Stablecoins inikezela ngamathuba ahlukeneyo esivuno: Ngokusebenzisa i-staking, ukubolekisa, kunye nokubonelela nge-liquidity, abanini be-stablecoin banokuvelisa ingeniso ye-passive, rhoqo ngembuyekezo ephezulu kuneemveliso zebhanki eziqhelekileyo.
  5. Ulawulo kunye nokunciphisa imingcipheko ihleli iyinkxalabo engundoqo: I-Stablecoins ijongene neendawo ezilawulayo eziguqukayo kunye neziganeko ezinokubakho zokucima, ezibonisa ukubaluleka kokulawulwa komngcipheko kubatyalo-mali be-stablecoin.

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1. Isishwankathelo seStablecoins

I-Stablecoins iba yinxalenye ebalulekileyo ye cryptocurrency imbonakalo-mhlaba. Njengebhulorho phakathi kwee-asethi zedijithali eziguquguqukayo kunye neenkqubo zemali zemveli, zibonelela ngokuzinza kweemali ze-fiat ngelixa zigcina intengiso.vantages Iteknoloji ye-blockchain. Eli candelo liza kuphonononga ukuba zeziphi i-stablecoins, izizathu zokutshala imali kuzo, kunye nokubaluleka okubalulekileyo kokuvavanya i-stablecoins ngaphambi kokwenza. utyalo-mali zigqibo.

1.1 Yintoni ii-stablecoins?

I-Stablecoins luhlobo olulodwa lwe-cryptocurrency eyenzelwe ukunciphisa ixabiso ukungazinzi. Ngelixa ngokwesiko i-cryptocurrencies njengeBitcoin okanye i-Ethereum namava okuguquguquka okubalulekileyo kwamaxabiso, i-stablecoins ijonge ukuhlala izinzile, ngokuqhelekileyo ngokubotshelelwa kwi-asethi ezinzileyo. Ngokuqhelekileyo, i-stablecoins ibotshelelwe kwiimali ze-fiat njenge Idola yaseMelika (USD), kodwa zinokudityaniswa nazo Iimpahla (efana igolide) okanye ezinye ii-cryptocurrencies.

Injongo ephambili ye-stablecoins kukubonelela ngemali yedijithali egcina ixabiso layo ngokuhamba kwesikhathi, evumela abasebenzisi ukuba batshintshe, bagcine, okanye batyale imali kwi-blockchain ngaphandle kokukhathazeka malunga nokuguquka kweemarike. Ngokunika uzinzo, badlala indima ebalulekileyo ekwamkelweni okubanzi kwee-cryptocurrencies, ngakumbi kusetyenziso olusebenzayo olufana neentlawulo, ukuthunyelwa kwemali, okanye imali yokwabela amagunya.Defi).

1.2 Kutheni utyala imali kwi-stablecoins?

Abatyalomali batsalwa kwi-stablecoins ngezizathu ezahlukahlukeneyo, ngokukodwa kuba banikezela indibaniselwano ekhethekileyo yokuzinza kwezinto zemveli kunye nokusebenza kakuhle kwe-blockchain-based assets. Izinto ezininzi ezikhuthazayo ziqhuba utyalo-mali lwe-stablecoin:

Ukugcina inkunzi ngexesha lokuguquguquka kweemarike

Kwimarike ye-cryptocurrency eguquguqukayo kakhulu, i-stablecoins ibonelela ngendlela yokugcina ixabiso. Nini traders balindele ukuhla kwi crypto kwimarike, bahlala beguqula ukubamba kwabo kwi-stablecoins ukuphepha ukulahlekelwa ixabiso. I-Stablecoins isebenza njengendawo ekhuselekileyo, eyenza traders ukuhlala ngaphakathi kwe-crypto ecosystem ngelixa unqanda ukuvezwa kukwehla kwentengiso.

Ukufikelela kwiinkonzo zezimali ezinatyisiweyo (DeFi).

I-Stablecoins ingundoqo kumaqonga e-DeFi, apho abasebenzisi banokuboleka, ukuboleka, okanye trade ii-asethi ngaphandle kokuxhomekeka kumaziko emali emveli. Ngotyalo-mali kwi-stablecoins, abasebenzisi banokuthatha inxaxheba kwindawo ye-DeFi, bafumane inzala nge-staking, ukuboleka iiprothokholi, okanye utywala amadama. Ukuzinza kwezi ngqekembe kuzenza zilungele abasebenzisi abafuna imbuyekezo eqikelelweyo ngaphandle kweengozi ezinxulumene nempahla eguquguqukayo kakhulu.

Ukuququzelela iintlawulo zamazwe ngamazwe kunye nokuthunyelwa kwamanye amazwe

I-Stablecoins nayo iye yavela njengesixhobo esinamandla sokwenza iintlawulo zamazwe ngamazwe kunye nokuthunyelwa kwemali. Ekubeni zibotshelelwe kwiimali ze-fiat, zingasetyenziselwa ukudlulisa ixabiso kwimida ngokukhawuleza, ngokufanelekileyo, kunye neentlawulo eziphantsi kuneenkonzo zokuthunyelwa kwendabuko. I-Stablecoins yenza ukuthengiselana ngokukhawuleza, okwenza kube nomtsalane kubantu okanye amashishini afuna ukuhambisa imali kwihlabathi jikelele.

1.3 Ukubaluleka kokuvavanya ii-stablecoins

Nangona i-stablecoins ibonakala ngathi ibheji ekhuselekileyo, ayizizo zonke zikhuselekile ngokulinganayo okanye zithembekile. Ukuvavanya i-stablecoins ngaphambi kokutyala imali kubalulekile ngenxa yezizathu ezininzi:

Ukubambisana kunye nokwenza izinto elubala

Enye yeengozi ezibaluleke kakhulu ezinxulumene ne-stablecoins kukuba ngaba zikhonjiswa ngokufanelekileyo. I-stablecoins ye-Fiat-backed stablecoins kufuneka ixhaswe ngokupheleleyo ngoovimba abagcinwe ngendlela ecacileyo kunye nokuphicothwa. Ukuba umniki-mali akagcini ukugcinwa okwaneleyo, i-stablecoin inokukhupha i-asethi yayo ephantsi, ekhokelela kwilahleko enokubakho kubatyalo-mali.

Ulawulo lokongamela

Ubume bokulawula i-stablecoins yenye into ebalulekileyo ekufuneka iqwalaselwe. Ezinye i-stablecoins zixhomekeke kwimimiselo engqongqo, ngelixa ezinye zisebenza kwiindawo ezingalawulwayo. Ukuqonda isakhelo esilawulayo esilawula i-stablecoin ethile inokubonelela ngengqiqo ekuzinzeni kwayo kwexesha elide kunye nobungozi obunokwenzeka.

Thembela kulowo ukhuphayo

I-Stablecoins ixhomekeke ekuthembekeni komkhuphi. Ingaba i-stablecoin ixhaswa yi-fiat, i-cryptocurrency, okanye i-algorithm, ukuzithemba kwiqumrhu elilawula ingqekembe kubaluleke kakhulu. Abatyali-mali kufuneka baphonononge irekhodi yomkhondo walowo ukhuphayo, izenzo ezingafihliyo, kunye nempilo yezemali phambi kokuba benze imali.

Stablecoins

umba inkcazelo
inkcazelo I-Stablecoins ziimali zedijithali ezixhonywe kwii-asethi ezizinzileyo njengeemali ze-fiat okanye imveliso, eyilelwe ukunciphisa ukuguquguquka kwexabiso.
IiNkuthazo zoTyalo-mali Ndakanya ukugcinwa kwenkunzi Ngexesha okungazinzi kweemalike, ukuthatha inxaxheba kwi-DeFi, kunye nokuququzelela iintlawulo zamazwe ngamazwe kunye nokuthunyelwa kweemali.
Ukubaluleka koVavanyo Ukuvavanya i-stablecoins kubandakanya ukuhlolwa kokubambisana, ukungafihli, ukulawulwa kokulawula, kunye nokuthembeka komniki.

2. Ukuqonda iintlobo zeStablecoin

I-Stablecoins iza ngeendlela ezininzi, nganye ineendlela ezizodwa kunye neenzuzo. Nangona zonke i-stablecoins zijolise ekugcineni ukuzinza kwexabiso, zihluke kakhulu kwindlela ezifezekisa ngayo le njongo. Kweli candelo, siya kuphonononga iintlobo ezahlukeneyo ze-stablecoins, kubandakanywa i-fiat-backed, i-crypto-backed, kunye ne-algorithmic stablecoins. Nganye ineempawu zayo, imingcipheko, kunye nemivuzo ekufuneka abatyali-mali bayiqonde phambi kokuba benze izigqibo ezizizo.

2.1 Fiat-backed stablecoins

I-Fiat-backed stablecoins lolona hlobo luxhaphakileyo lwe-stablecoin kwaye lukhonjelwe ngokuthe ngqo kwimali ye-fiat, ngokuqhelekileyo idola laseMelika. Ezi stablecoins zigcina umlinganiselo we-1: 1 kunye nemali engaphantsi ngokubamba inani elilinganayo lokugcinwa kwibhanki okanye kwelinye iziko lezemali. Abatyalomali bathemba ukuba kuyo yonke i-stablecoin ekhutshwe, kukho inani elilinganayo lemali ye-fiat egcinwe kwindawo yokugcina.

2.1.1 Imizekelo (USDT, USDC, BUSD)

Ezinye zezona stablecoins ziyaziwa ngokubanzi nge-fiat-backed ziquka:

  • ITether (USDT): I-Tether yenye yezona stablecoins ezindala kunye nezona zidumileyo. Ekuqaleni impikiswano ngenxa yemibuzo malunga nezenzo zayo zogcino, iTether ukusukela ngoko yenza imitsi ukuya elubala kwaye ihlala ingumdlali ophambili kwimarike ye-stablecoin.
  • Imali ye-USD (USDC): Iqaliswe yi-Circle kunye ne-Coinbase, i-USDC ithathwa njengenye ye-stablecoins ecacileyo, kunye nophicotho oluqhelekileyo lokugcinwa kwayo. Ifumene ukuthandwa ngenxa yokuthembeka kwayo kunye nokuxhaswa yi-consortium yamaziko emali.
  • Binance USD (BUSD): I-BUSD, ekhutshwe nguBinance ngokubambisana nePaxos, yi-stablecoin elawulwa ngokupheleleyo exhomekeke kwidola yaseMelika. Isebenza phantsi koqwalaselo lwabalawuli base-US, yongeza umaleko owongezelelweyo wokuthembela kubatyali-mali.

2.1.2 Izinto eziluncedo nezingalunganga

Iipros of fiat-backed stablecoins

I-stablecoins exhaswa yi-Fiat inikezela ngeentengiso ezininzivantagekubatyali mali kunye nabasebenzisi:

  • Uzinzo kunye nokuthembeka: Ekubeni ezi zi-stablecoins ziboshwe ngokuthe ngqo kwiimali ze-fiat, zibonelela ngezinga eliphezulu lokuzinza, okwenza kube lula kubasebenzisi abafuna ukuphepha ukuguquguquka kwe-crypto.
  • Ukulula: Ingcamango emva kwe-fiat-backed stablecoins iqondile - ixhaswa yi-fiat reserves, eyenza kube lula ukuyiqonda kubatyalo-mali abatsha.
  • Ukuthotyelwa kwemigaqo: I-stablecoins eninzi exhaswa yi-fiat ikhutshwe ziinkampani ezithobela imigangatho yokulawula, zongeza uluhlu olongezelelweyo lokhuseleko.
I-Cons of fiat-backed stablecoins

Nangona kunjalo, kukwakho ezinye izinto eziphantsi ekufuneka ziqwalaselwe:

  • Ukubekwa kwindawo ekumbindi: I-Fiat-backed stablecoins idla ngokukhutshwa ngamaziko aphakathi, oku kuthetha ukuba abasebenzisi kufuneka bathembe iqumrhu elisemva kwengqekembe ukulawula oovimba ngokufanelekileyo.
  • Ukuxhomekeka kwiinkqubo zebhanki: Ezi stablecoins zithembele kwiziseko zebhanki zemveli, ezinokuthi zibonise ukuphazamiseka okulawulwayo okanye imiba ngaphakathi kwecandelo lebhanki.
  • Ukunqongophala kwezinto ezixhalabisayo: Ezinye ii-stablecoins ezixhaswa nge-fiat, ezifana ne-USDT, ziye zajamelana nokugxekwa ngenxa yokungafihli kweendawo zabo zokugcina imali, ezinokuthi zikhokelele ekunqongopheni kokuzithemba komtyali-mali.

2.2 I-Crypto-backed stablecoins

I-Crypto-backed stablecoins, ngokungafaniyo ne-fiat-backed counterparts, ixhaswa yi-cryptocurrencies kunokuba i-fiat currencies. Ukunciphisa ukuguquguquka kwezinto zabo ezisisiseko, ezi stablecoins zihlala zikhonjiswa ngokugqithisileyo, oku kuthetha ukuba i-cryptocurrency igcinwe kwindawo yokugcina ixabiso le-stablecoins ekhutshiweyo. Esi sakhiwo sinceda ukugcina isikhonkwane kwixabiso elizinzile nangona kukho ukuguquguquka kwimarike ye-cryptocurrency.

2.2.1 Imizekelo (DAI, FRAX)

  • I-DAI: I-DAI yenye yezona zinto ziyaziwa kakhulu ze-crypto-backed stablecoins, ezilawulwa yi-protocol ye-MakerDAO. Ixhomekeke kwidola yaseMelika kodwa ixhaswa yibhaskithi ye-cryptocurrencies, ngokuyintloko i-Ethereum (ETH). I-DAI yabelwe ngokupheleleyo amagunya, nto leyo eyenza ukuba ixhathise ngakumbi uphazamiseko lolawulo.
  • I-FRAX: I-FRAX luhlobo olutsha lwe-crypto-backed stablecoin esebenzisa imodeli ye-algorithmic ye-fractional, ixhaswa ngokuyinxenye yi-collateral kwaye iqiniswe ngokuyinxenye i-algorithmically. Le ndlela ye-hybrid inika i-FRAX ukuguquguquka ngelixa igcina ixabiso elizinzileyo.

2.2.2 Izinto eziluncedo nezingalunganga

IiPros ze-crypto-backed stablecoins
  • Ukwabela amagunya: I-Crypto-backed stablecoins, ngokukodwa efana ne-DAI, ilawulwa yi-protocols ephantsi, ukunciphisa isidingo sokuthembela kumaziko aphakathi.
  • Ukomelela ngokuchasene ne-fiat ingozi: Ekubeni ezi stablecoins zixhaswa yi-crypto assets, azixhomekeke kwiinkqubo zebhanki zendabuko kunye nokugcinwa kwe-fiat, okwenza kube nzima ngakumbi xa bejongene nezenzo zokulawula ngokuchasene ne-stablecoins ephakathi.
Iingxaki ze-crypto-backed stablecoins
  • Ukusebenzisana ngokugqithisileyo: Ukugcina uzinzo, ezi zi-stablecoins kufuneka zigqithise-i-collateralized, ezinokuthi zibophe ubuninzi beemali ezinkulu kwaye zibenze bangabi namali-mali.
  • Ukuvezwa kukuguquguquka kwemarike ye-crypto: Nangona i-stablecoin ngokwayo yenzelwe ukuba ihlale izinzile, isibambiso esingaphantsi sinokuguquguquka kwixabiso, sidinga ukulungiswa okuqhubekayo ukugcina isikhonkwane.

2.3 Algorithmic stablecoins

I-stablecoins ye-algorithmic ihluke kwi-fiat-backed kunye ne-crypto-backed stablecoins ngokuthembela kwi-algorithms kunye neekontraki ezihlakaniphile ukugcina ixabiso labo, kunokugcinwa ngokuthe ngqo kwe-fiat okanye i-cryptocurrency. Ezi ngqungquthela zilungelelanisa ukunikezelwa kwe-stablecoin ngokusekelwe kwiimeko zemarike ukugcina ixabiso lizinzile.

2.3.1 Imizekelo (UST, Luna Classic)

  • I-UST (TerraUSD): I-TerraUSD (UST) yayiyenye yezona zinto zibalaseleyo kwi-algorithmic stablecoins, igcina isikhonkwane sayo ngobudlelwane kunye ne-cryptocurrency yaseTerra, uLuna. Nangona kunjalo, ukuwa kwe-UST ngo-2022 kwaphakamisa imibuzo malunga nokusebenza kwe-algorithmic stablecoins.
  • Luna Classic: Emva kokuwa kweTerra, iLuna Classic yavela kwiintsalela zeTerra ecosystem. Ngelixa ingasekho ngumdlali obalulekileyo, isebenza njengenqaku lokulumkisa malunga neengozi ezibandakanyekayo kwi-algorithmic stablecoins.

2.3.2 Izinto eziluncedo nezingalunganga

IiPros of algorithmic stablecoins
  • Ukusabalala: I-stablecoins ye-algorithmic yenzelwe ukulinganisa ngokukhawuleza nangokufanelekileyo ngaphandle kwesidingo sokugcinwa kwezinto eziphathekayo okanye ukudibanisa ngaphezulu.
  • Ukusungula okunokwenzeka: Ukusetyenziswa kwe-algorithms ukuzinzisa ixabiso lengqekembe limele indlela entsha kwi-crypto space, enokuthi ivumele iinkqubo zemali eziguquguqukayo kunye neziguquguqukayo.
Iingxaki ze-algorithmic stablecoins
  • Umngcipheko ophezulu wokunciphisa i-pegging: I-stablecoins ye-algorithmic iyaziwa ngokuba nzima ukuyigcina kwixabiso elimiselweyo, kwaye iyakwazi ukukhupha i-pegging ngexesha loxinzelelo lwemarike.
  • Imiba entsonkothileyo kunye nokungafihli nto: Iindlela ezingemva kwe-algorithmic stablecoins zinokuba nzima kumtyali-mali ophakathi ukuba aziqonde, okukhokelela ekubhidekeni okunokwenzeka okanye ukuthembana okungafanelekanga.

2.3.3 Iingozi ezinxulumene ne-algorithmic stablecoins

Umngcipheko ophambili we-algorithmic stablecoins kumngcipheko wabo wokuwa ngokukhawuleza, njengoko kubonwa ngeTerraUSD. Xa ukuzithemba kwi-algorithm okanye i-asethi exhasayo iyancipha, i-stablecoin inokulahlekelwa ngokukhawuleza isikhonkwane sayo, okubangela ilahleko enkulu yemali kubatyalo-mali.

Ukuqonda i-stablecoins

Uhlobo lweStablecoin Ixhaswa ngu imizekelo IiPros eziphambili Iingxaki eziphambili
I-Fiat ixhaswe Oovimba bemali yeFiat USDT, USDC, BUSD Ukuzinza, ukulula, ukuthotyelwa kolawulo Ibekwe kwindawo enye, ixhomekeke kwiinkqubo zebhanki
I-Crypto-backed Oovimba be-Cryptocurrency I-DAI, FRAX Ukunatyiswa, kuxhomekeke kancinci kwiinkqubo ze-fiat I-over-collateralized, evezwe kwi-crypto volatility
Ubuchule Izilungiso UST, Luna Classic I-Scalability, uyilo oluyilayo Umngcipheko ophezulu wokucima i-pegging, iindlela ezinzima

3. Ukuvavanya i-Stablecoin Risk Factors

Ngelixa i-stablecoins ibonelela ngembonakalo yozinzo ngaphakathi kwemarike ye-cryptocurrency eguquguqukayo kakhulu, zisabonisa imingcipheko emininzi ekufuneka abatyali-mali bayivavanye ngononophelo. Ukuqonda ngokucokisekileyo le miba yengozi kubalulekile ukwenza izigqibo ezinolwazi xa ujongene ne-stablecoins. Eli candelo liza kuxubusha izinto eziphambili zengozi, kubandakanywa ukuguquguquka, ukuthengiswa kweemarike, ukuthengiswa kwemali, ukulawulwa, ukhuseleko, kunye nokungafihli, konke oku kunokuchaphazela uzinzo kunye nokuthembeka kwe-stablecoin.

3.1 Ukuguquguquka

Nangona i-stablecoins yenzelwe ukugcina ixabiso elizinzile, iintlobo ezithile ze-stablecoins ziyakwazi ukuguquguquka kunabanye. I-stablecoins ye-Fiat-backed stablecoins ngokubanzi ibonisa ubuncinci bexabiso lokuguquguquka ekubeni ixabiso labo libotshelelwe ngokuthe ngqo kwindawo yokugcina imali ye-fiat, ezinzile ngokwendalo. Nangona kunjalo, i-stablecoins ye-algorithmic kunye ne-crypto-backed stablecoins iyakwazi ukuguquguquka ngenxa yee-asethi zabo eziphantsi okanye iindlela.

Ukuguquguquka okusekwe kwintengiso

I-Stablecoins inokufumana ukuguquguquka okusekelwe kwimarike xa kukho utshintsho olubalulekileyo kwimfuno okanye ukubonelela. Ngokomzekelo, ngexesha leemfuno eziphezulu, intengo ye-stablecoin inokunyuka ngaphezu kwexabiso layo le-pegged, okanye ngexesha lokuthengisa i-market-off, ixabiso linokuthi lidibanise ngaphantsi kwesikhonkwane esijoliswe kuyo. I-stablecoins ye-algorithmic isengozini kakhulu kule mikhosi yemarike, njengoko kubonwa kwimeko yokuwa kweTerraUSD, apho iimeko zemarike ezigqithisileyo zabangela ukuba i-stablecoin ilahlekelwe isikhonkwane sayo ngokupheleleyo.

Ukuguquguquka kwakhona kunokuvela kwimiba yokungabikho kwemali. Ukuba i-stablecoin ayinayo i-liquidity eyaneleyo kuwo wonke utshintshiselwano, ayinakubamba isikhonkwane sayo ngexesha loxinzelelo, olukhokelela ekuguquguqukeni kwexabiso lexesha elifutshane. Oku kuyinyani ngakumbi kwii-stablecoins ezincinci okanye ezincinci ezaziwayo, ezinokusokola ukugcina amaxabiso azinzileyo ngokuncinci. traded iimarike.

3.2 Ukwenziwa kweemalikethi

I-capitalisation ye-Market luphawu oluphambili lozinzo oluhambelanayo kunye nokwamkelwa kwe-stablecoin. I-capitalization yemalike ephezulu ibonisa ukuthembela okukhulu kunye nokuzithemba kubatyali-mali, kunye namatyala okusetyenziswa kakhulu. I-Stablecoins eneemali ezinkulu zemarike, njenge-Tether (USDT) kunye ne-USD Coin (USDC), ngokuqhelekileyo zibhekwa njengezinzile kwaye zincinci ukufumana ukuphazamiseka ngokukhawuleza.

Ukubaluleka kokuthengiswa kwemalike enkulu

I-Stablecoins eneemalikethi ezinkulu zentengiso zikholisa ukuba ne-liquidity engcono kwaye azithandeki kakhulu ekuguquguqukeni ngokukhawuleza. Abatyalomali babona ezi stablecoins zikhuselekile kuba zamkelwe ngokubanzi kwaye traded, kwaye nasiphi na isiganeko esibalulekileyo semarike asinakukwazi ukuchaphazela ixabiso labo ngokumangalisayo.

Imingcipheko yokwenza imali kwimarike encinci

Ngokwahlukileyo, i-stablecoins kunye ne-capitalization yemarike ephantsi inokujongana nemingcipheko ephezulu. Ezi stablecoins zihlala zisemngciphekweni wokuphathwa kakubi, ukunqongophala kwemali, kunye nokutshintsha kwamaxabiso ngequbuliso. Ukongeza, banokuswela iziseko zophuhliso okanye inkxaso efunekayo yokugcina isikhonkwane sabo ngexesha lesiphithiphithi semarike.

3.3 Ubungakanani bemali

I-Liquidity ibhekisela kwindlela ngokulula ngayo i-stablecoin inokuthengwa okanye ithengiswe ngokutshintshiselana ngaphandle kokuchaphazela kakhulu ixabiso layo. I-liquidity ephezulu yimpawu ezintle kuyo nayiphi na i-stablecoin, njengoko iqinisekisa ukuba i-asethi ingaba traded ngokukhululekileyo, nangamaxesha oxinzelelo lwemarike.

Ukubaluleka kokuhlawula amatyala

Ubuncwane buyimfuneko kwi-stablecoins ukugcina isikhonkwane sabo. Ngamaxesha okuhla kweemarike okanye imfuno ephezulu, ii-stablecoins ezinamachibi anzulu okuthengiswa kwe-liquidity zinokufunxa ukuthengwa okukhulu okanye ukuthengisa iiodolo ngaphandle kotshintsho olubalulekileyo kwixabiso. Iingqekembe ezinkulu ezifana ne-USDT kunye ne-USDC zikholisa ukuba nobutyebi obaneleyo kulo lonke utshintshiselwano olukhulu, nto leyo ebenza ukuba bangabinangxaki yokufumana imiba yokugcina isikhonkwane sabo.

Iziphumo zokungabi namali yokuhlawula amatyala

I-Stablecoins ene-liquidity ephantsi inokuthi ibe namava eziganeko zokucima. Xa kungekho manzi aneleyo okuxhasa urhwebo Imiqulu, amaxabiso anokwahluka ngokukhawuleza kwisikhonkwane esicetywayo. Le meko inokukhokelela kwilahleko ebukhali kubatyali-mali ababambe i-stablecoin ngexesha leengxaki zokungabi namali.

3.4 Ummiselo

Imeko elawulayo ejikeleze i-stablecoins ikhula ngokukhawuleza, kunye noorhulumente behlabathi lonke banikela ingqalelo engakumbi kwezi asethi zedijithali. Ummiselo unokuba nemiphumo emihle kunye nembi kwimarike ye-stablecoin, kwaye kubalulekile ukuba abatyali-mali baqonde indlela ukulawulwa-okanye ukungabikho kwayo-kunokuchaphazela i-stablecoin abayicinga ngayo.

Ulawulo lokongamela

I-Stablecoins esebenza phantsi kwemimiselo eqinile yokulawula, njenge-USDC okanye i-BUSD, inika abatyali-mali uxolo lwengqondo olongezelelweyo. Ezi stablecoins zihlala ziphantsi kophicotho oluqhelekileyo kwaye kufuneka zihambelane nezikhokelo ezingqongqo, ezinokunciphisa umngcipheko wobuqhetseba, ukuphatha kakubi, okanye ukutshona.

Ukunqongophala kwengcaciso yolawulo

Ngokwahlukileyo, i-stablecoins esebenza kwiindawo ezingalawulwayo okanye ezingalawulwayo zibeka ingozi enkulu kubatyalo-mali. Ngaphandle kolongamelo olululo, kusenokubakho iinkxalabo malunga nokubekwa elubala kogcino, ukwenza isibambiso, kunye nokukwazi komniki ukugcina isikhonkwane. Oku kungaqiniseki kunokukwenza ukuba ezi stablecoins zichaphazeleke ngakumbi kwiintengiso okanye ukutshatyalaliswa kolawulo kwixesha elizayo.

Ukhuseleko lwe3.5

Imingcipheko yokhuseleko kwi-stablecoins ihlala ibhekiselele kumaqonga apho bakhutshwe okanye traded. I-stablecoin inokuzinza kwi-theory, kodwa ukuba iziseko ezijikelezayo azikhuselekanga, imali ingaba yingozi.

Ukhuseleko lwe-blockchain ephantsi

Ukhuseleko lwenethiwekhi ye-blockchain exhasa i-stablecoin yinto ebalulekileyo. Ngokomzekelo, ii-stablecoins ezikhutshwe kwii-blockchains ezisekelwe kakuhle ezifana ne-Ethereum okanye i-Binance Smart Chain inzuzo kwiziseko zokhuseleko eziqinileyo zala manethiwekhi. Ngokwahlukileyo, i-stablecoins kwi-blockchains emitsha okanye engangqinwanga kangako inokujongana nemingcipheko efana nokuhlaselwa kwenethiwekhi okanye ubuthathaka kwiikontraki ezihlakaniphile.

Imingcipheko yenqanaba leqonga

Ukongezelela, imingcipheko yenqanaba leqonga idlala ukuba i-stablecoin igcinwe kwi-centralized exchange okanye umboneleli we-wallet. I-Hacks, ukuphulwa kwedatha, okanye ukungabikho kwemali kula maqonga kunokubangela ukulahlekelwa yimali, nokuba i-stablecoin ngokwayo ihlala izinzile.

3.6 Ukungafihli

Ukungafihli ekukhutshweni kwe-stablecoin kunye nolawulo lovimba kubalulekile ekugcineni ukuthembela. Abatyalomali badinga ukuzithemba ukuba i-stablecoins ixhaswa ngokupheleleyo yimpahla abayibangayo kwaye ezi vimba ziphicothwa ngokufanelekileyo kwaye zibalwa.

Uphicotho lwarhoqo

I-Stablecoins efana ne-USDC, ebonelela ngophicotho-zincwadi rhoqo kunye neengxelo ezineenkcukacha malunga nokugcinwa kwazo, zithembeke ngakumbi ngabatyalo-mali. Ukungafihlisi kuqinisekisa ukuba umkhuphi unempahla eyaneleyo yokuxhasa i-stablecoins ekhutshiweyo kwaye inceda ukunciphisa iinkxalabo malunga nokusetyenziswa kakubi okanye ubuqhophololo.

Ukungabikho kokungafihli

Ngakolunye uhlangothi, i-stablecoins enganikeli ulwazi olucacileyo okanye oluqhelekileyo malunga nokugcinwa kwabo-njenge-Tether etyholwa ngaphambili-inokujamelana nokungaqiniseki. Ukungabikho kokungafihlisi kuphakamisa imibuzo malunga nokuba i-stablecoin ixhaswa ngokupheleleyo, enokubangela ukungaqiniseki kwiimarike kwaye ichaphazele uzinzo lwemali.

Ukuvavanya iingozi zeStablecoins

I-Risk Factor inkcazelo Iinkxalabo ezingundoqo
Ukunyanzelisa I-Stablecoins isenokufumana ukuguquguquka kwexabiso, ngokukodwa iintlobo ze-crypto-backed kunye ne-algorithmic. Ukuguquguquka okuqhutywa yintengiso kunye nokungabikho kwemali kunokubangela imisitho yokuphelisa.
Ukuthengiswa kwemali kwiNtengiso Ibonakalisa inqanaba lokuthembela kunye nokwamkelwa kwe-stablecoin. Umthamo wemarike ophezulu uthetha uzinzo olungcono kunye nokungabi namali. Iinkozo zemali ezisezantsi zisesichengeni sokuqhathwa kunye nokutshintsha kwamaxabiso ngesiquphe.
kwamatyala Ukukwazi ukuthenga / ukuthengisa i-stablecoins ngaphandle kokuchaphazela ixabiso. Ukungabikho kwemali okuphezulu kuzinzisa isikhonkwane ngexesha loxinzelelo lwemarike. I-Stablecoins ene-liquidity ephantsi ithande uku-de-pegging ngexesha lemfuno ephezulu okanye ukuthengisa.
ummiselo Ukongamela okusemthethweni kunika ukhuseleko kunye nokuthembana kubatyali-mali. Ukunqongophala kolawulo kunokukhokelela ekubambeni okungacacanga kunye nemingcipheko ephezulu yesenzo solawulo.
ukhuseleko Ukuzinza kwe-blockchain kunye neqonga lokurhweba elixhasa i-stablecoin. Ukwaphulwa kokhuseleko okanye ubuthathaka beqonga kunokubeka imali emngciphekweni.
elubala Iqinisekisa ukuba i-stablecoins ixhaswa ngokupheleleyo kwaye ihlolwe rhoqo. Ukungabikho elubala kuphakamisa inkxalabo malunga nokugcinwa kwangempela kunye nokuzinza kwengqekembe.

4. Inkqubo yoKukhuthala

Utyalo-mali kwi-stablecoins, njengayo nayiphi na i-asethi yezemali, ifuna ukunyamekela ngokucokisekileyo. Nangona isithembiso sabo sokuzinza, akuzona zonke ii-stablecoins ezenziwe ngokulinganayo. Abanye banokujamelana nemingcipheko ebalulekileyo enxulumene nomkhuphi wabo, isibambiso, okanye i-algorithm. Kweli candelo, siza kuphonononga amanyathelo abalulekileyo abandakanyekayo ekusebenzeni ngokucokisekileyo kwi-stablecoins. Isinyathelo ngasinye siya kubakhokela abatyali-mali ekuhloleni ukuthembeka, ukhuseleko, kunye nokuthembeka kwee-stablecoins abanqwenela ukutyala kuzo.

4.1 UPhando ngoMkhuphi

Inyathelo lokuqala lokuvavanya i-stablecoin liphanda iqumrhu elisemva kwayo. I-Stablecoins idla ngokukhutshwa ziinkampani, ii-consortiums, okanye iiprothokholi ezinatyisiweyo, kwaye ukuqonda ukuthembeka komkhuphi kubalulekile.

Abakhupheli abakwindawo enye

Kwi-fiat-backed stablecoins efana ne-USDT (Tether), i-USDC (i-USD Coin), okanye i-BUSD (i-Binance USD), ukuzinza kunye nokuthembeka kwe-stablecoin kuxhomekeke kakhulu kumniki ophakathi. Abatyali-mali kufuneka bajonge kwimbali yalowo ukhuphayo, ukuma ngokusemthethweni, kunye nodumo kwimarike. Ngokomzekelo, i-USDC ixhaswa yi-Circle, inkampani elawulwa kakuhle kunye nehloniphekileyo, kwaye iphinda ihlolwe rhoqo ukuze iqinisekise oovimba bayo. Ngokwahlukileyo koko, iTether iye yajongana nokuphononongwa kunye namanyathelo asemthethweni ngaphezulu kokubekwa elubala kwayo.

Abatyalomali kufuneka bafune i-stablecoins ekhutshwe yimibutho ecacileyo kunye nethobelayo kunye nerekhodi yolawulo olufanelekileyo lovimba. Ukuqinisekisa ukuba ngaba umkhuphi usebenza phantsi kwesakhelo esilawulayo unokubonelela ngokhuseleko olongezelelweyo.

Abaniki magunya

Kwi-crypto-backed stablecoins njenge-DAI, umkhuphi akayena umbutho omnye kodwa ngumbutho ozimeleyo ozimeleyo (DAO). Kwiimeko ezinjalo, abatyali-mali kufuneka baphande indlela iprothokholi elawulwa ngayo, iindlela zokuvota ezikhoyo, kunye nokuba izigqibo ezinxulumene njani nesibambiso kunye ulawulo lwengozi zenziwe. Imodeli yolawulo eyakhiwe kakuhle kwaye ecacileyo inokunyusa ukuzinza kwexesha elide le-stablecoin.

4.2 Ukuqinisekisa i-Collateral (ye-Fiat-Backed kunye ne-Crypto-Backed Stablecoins)

I-Collateralization yinto ephambili kwi-fiat-backed kunye ne-crypto-backed stablecoins. Ukuqinisekisa ukuba i-stablecoin i-collateralized ngokwaneleyo ibalulekile ekugcineni isikhonkwane sayo kwi-asethi ephantsi. Ubume kunye nomgangatho wokubambisa kuyahluka ngokuxhomekeka kuhlobo lwe-stablecoin.

Fiat-backed stablecoins

Kwi-fiat-backed stablecoins, abatyali-mali kufuneka baqinisekise ukuba umkhuphi we-stablecoin ubambe inani elilinganayo le-fiat reserves ukubuyisela iingqekembe ezikhutshiweyo. Le nkqubo yokuqinisekisa ibandakanya ukuphononongwa kweengxelo zophicotho-zincwadi ezivela kwiifemu zeqela lesithathu. Uphicotho-zincwadi olungafihliyo nolwenziwa rhoqo luqinisekisa ukuba umniki-nkonzo ubambe oovimba kumaziko emali athembekileyo, kwaye aba bagcini-mali bamanzi kwaye bayafikeleleka kwimeko yokuhla kweemarike.

Ii-Stablecoins ezifana ne-USDC kunye ne-BUSD zipapasha rhoqo iziphumo zophicotho-zincwadi, ngelixa abanye, njengeTether, baye bajamelana nokugxekwa ngenxa yokungabi namfihlo okungaguqukiyo malunga nokugcinwa kwabo. Ukuqinisekisa ukuba lowo ukhuphayo unefiat reserves eyaneleyo kwaye efikelelekayo kubalulekile ekudambiseni umngcipheko wokususwa kwepegging.

Crypto-backed stablecoins

Kwimeko ye-crypto-backed stablecoins, abatyali-mali kufuneka bajonge ukuba i-stablecoin i-collateralized over-collateralized. I-over-collateralization ithetha ukuba ixabiso le-cryptocurrency egcinwe kwindawo yokugcina lidlula ixabiso le-stablecoins ekhutshwe. Esi sithinteli sinceda ukunciphisa umngcipheko wokuguquguquka kwizinto ezisisiseko. Ngokomzekelo, i-DAI ifuna abasebenzisi ukuba bafake i-Ethereum (ETH) okanye enye i-cryptocurrencies kwi-Mint DAI, kunye nexabiso le-asethi egciniweyo kufuneka ibe mkhulu kunexabiso le-DAI ekhutshwe.

Abatyalomali kufuneka bahlaziye umlinganiselo wokubambisana we-crypto-backed stablecoin kwaye baqinisekise ukuba i-protocol ineendlela zokulondoloza loo mlinganiso ngexesha lokuguquguquka kweemarike. Inkqubo eyomeleleyo yokubhangisa xa kuthe kwawa amaxabiso okubambisa nawo ibalulekile ekugcineni uzinzo.

4.3 Ukuqonda i-algorithm (ye-Algorithmic Stablecoins)

I-algorithmic stablecoins, ngokungafaniyo ne-fiat okanye i-crypto-backed counterparts, ithembele kwiikontrakthi ezihlakaniphile kunye ne-algorithms ukugcina ukuzinza kwexabiso labo. Ukuqonda ukuba ezi algorithms zisebenza njani kubalulekile ekuhloleni umngcipheko obandakanyekayo kwi-algorithmic stablecoins.

Iinkqubo emva kozinzo lwe-algorithmic

I-stablecoins ye-algorithmic efana neTerraUSD (UST) isebenzisa indibaniselwano yokubonelela kunye nohlengahlengiso lwemfuno ukugcina isikhonkwane sabo. Ngokomzekelo, i-ecosystem ye-Terra yasebenzisa imodeli ye-double-token kunye ne-UST kunye ne-Luna, apho uLuna watshiswa okanye waxutywa ngokusekelwe kwiimeko zemarike ukugcina i-UST izinzile. Nangona kunjalo, ukuwa kweTerraUSD kuqaqambise iingozi zeemodeli ze-algorithmic ezingenazo izikhuselo ezifanelekileyo.

Abatyali-mali kufuneka bafunde ubuchwephesha obusemva kwe-algorithm, ngakumbi indlela ehlengahlengisa ngayo unikezelo ngexesha loxinzelelo lwentengiso. Ngaphezu koko, ukuqonda ukusebenza kwembali ye-algorithm phantsi kweemeko ezahlukeneyo zeemarike kunokubonelela ngolwazi malunga nobuthathaka obunokubakho okanye ubuthathaka. I-stablecoins ye-algorithmic ngokuqhelekileyo ithathwa njengeyona nto iyingozi kakhulu ye-stablecoin ngenxa yokuxhomekeka kwabo kwiindlela eziyinkimbinkimbi ezinokuthi zingaphumeleli ngexesha leziganeko zemarike ezigqithiseleyo.

4.4 Ukutshekisha iMbali yoPhicotho-zincwadi

Uphicotho oluthe gqolo lubalulekile ekuqinisekiseni oovimba kunye nesibambiso ngasemva kwee-stablecoins. Umniki ohloniphekileyo we-stablecoin uya kusebenzisana nabaphicothi-zincwadi beqela lesithathu ukuba baphonononge kwaye baqinisekise oovimba abaxhasa iingqekembe zabo ezikhutshiweyo. Uphicotho-zincwadi luqinisekisa ukuba lowo ukhuphayo akagqithisi ngokugqithisileyo okanye akameli gwenxa isixa esibambileyo.

Ukubaluleka kophicotho rhoqo kunye nokungafihli nto

Abatyali-mali kufuneka bajonge ii-stablecoins ezihamba rhoqo kunye nophicotho olucacileyo. Olu phicotho kufuneka lwenziwe ziifemu ezaziwayo kwaye zenziwe zifumaneke kuluntu. Ngokomzekelo, i-USDC ibonelela ngophicotho-zincwadi oluqhelekileyo oluvela kwiifemu ezaziwayo-kakuhle, ngelixa ezinye ii-stablecoins zinokunika ingxelo encinci okanye ecacileyo. Ukuba umniki we-stablecoin akafiki ngolwazi lophicotho-zincwadi, uphakamisa imibuzo malunga nokhuseleko kunye nokuthembeka kwe-asethi.

Impembelelo yophicotho olungaphumelelanga

Uphicotho olungaphumeleliyo okanye olubi lunokuba nempembelelo enkulu ekuthembekeni kwe-stablecoin. Ukuba umkhuphi ufunyaniswa engenawo ukugcinwa okwaneleyo, kunokukhokelela ekulahlekelweni kokuzithemba kunye nokuthengiswa kobuninzi, okunokubangela ukuba i-stablecoin ilahlekelwe isikhonkwane sayo. Abatyalomali kufuneka baphephe i-stablecoins enembali yophicotho olungaphumeleliyo okanye ukungabikho elubala malunga nokugcinwa kwabo.

4.5 Uvavanyo lweNkxaso yoLuntu

Kwii-stablecoins ezibekwe phantsi, inkxaso yoluntu idlala indima ebalulekileyo ekuzinzeni nasekulawuleni iprojekthi. Uluntu oluqinileyo nolubandakanyekayo luqinisekisa ukuba iprotocol iyaguquka ngokweemeko zemarike kwaye iyaqhubeka nokusebenza ngokufanelekileyo.

Ukubaluleka kolawulo olunatyisiweyo

I-Crypto-backed stablecoins efana ne-DAI ilawulwa yimibutho ezimeleyo yokuzimela (DAOs). Amalungu oluntu, ahlala ephethe amathokheni, athatha inxaxheba kwizigqibo zolawulo, ezifana nokulungelelanisa imilinganiselo yesibambiso okanye ukuphumeza amanyathelo okulawula umngcipheko omtsha. Uluntu olulawulwa kakuhle lunokuphucula ukuqina kunye nokulungelelaniswa kwe-stablecoin kwimarike eguqukayo ngokukhawuleza.

Ukuvavanya amandla oluntu

Abatyalomali kufuneka bavavanye ubungakanani, ukubandakanyeka, kunye nobuchule boluntu emva kwe-stablecoin ebekwe phantsi. Uluntu olukhulu kunye olusebenzayo lubonisa ukuba i-stablecoin inenkxaso ebanzi kwaye iyakwazi ukumelana noxinzelelo lwangaphandle. Ukongezelela, ukungafihli kwinkqubo yokulawula kubalulekile-uluntu oluxoxa ngokukhululekileyo kunye nokuvota kwizigqibo ezibalulekileyo negalelo ekuzinzeni nasekuthembekeni kwe-stablecoin.

Into efunekayo yokukhuthala Iingqwalaselo eziphambili Ukubaluleka kozinzo
Ukuphanda uMkhuphi Vavanya irekhodi lomniki-nkonzo, ukungafihli, kunye nokuma kokulawula. Umniki ohloniphekileyo uqinisekisa ukuthembela kunye nolawulo olufanelekileyo lovimba.
Ukuqinisekisa Isibambiso Khangela ukuba i-stablecoins ye-fiat-backed collateralized ngokupheleleyo kwaye ukuba i-crypto-backed stablecoins i-collateralized over-collateralized. Ukubambisana okufanelekileyo kuthintela ukuchithwa kunye nokugcina ukuzinza kwe-stablecoin.
Ukuqonda i-algorithm Funda iindlela ze-algorithm kunye nokusebenza kwembali ye-algorithmic stablecoins. I-algorithms ebuthathaka inokusilela ngexesha lokuguquguquka kweemarike, okukhokelela ekupheliseni.
Ijonga iMbali yoPhicotho Jonga uphicotho oluthe gqolo noluselubala oluqhutywa ziifemu ezaziwayo. Uphicotho-zincwadi luqinisekisa ukuba oovimba bakwimeko entle kwaye banciphisa umngcipheko wokuphatha kakubi okanye ubuqhophololo.
Ukuvavanya iNkxaso yoLuntu Kwii-stablecoins ezibekwe phantsi kolawulo, vavanya amandla kunye nokuzibandakanya koluntu kulawulo. Inkxaso yoluntu eyomeleleyo iqinisekisa ulawulo olunatyisiweyo kunye nokuzinza kweprothokholi.

5. Ukuthelekisa iStablecoins

Ngenani elikhulayo le-stablecoins ekhoyo kwiimarike, abatyali-mali bafuna indlela ecwangcisiweyo yokuthelekisa. I-stablecoin efanelekileyo kumntu ngamnye ixhomekeke kwizinto ezininzi, kuquka umgangatho wenzala, iifizi, amaqonga axhaswayo, kwaye okona kubaluleke kakhulu, ukunyamezela umngcipheko kunye neenjongo zotyalo-mali. Eli candelo liza kuhlolisisa kwiikhrayitheriya ezahlukeneyo zokuthelekisa i-stablecoins, kubandakanywa iimpawu, uvavanyo lomngcipheko, kunye nokukhetha olona khetho lufanelekileyo olusekelwe kwizinto ezikhethiweyo.

5.1 Uthelekiso loMcimbi (Inzala, iMirhumo, amaQonga aXhasiweyo)

Enye yezinto eziphambili ekufuneka ziqwalaselwe xa kuthelekiswa ne-stablecoins yisethi yeempawu abazinikezelayo. I-Stablecoins inokwahluka kwimilinganiselo yenzala (ye-staking okanye ukuboleka), iifizi zokuthengiselana, kunye namaqonga axhasayo. Ezi mpawu zinokuchaphazela kakhulu ukusetyenziswa kunye nenzuzo yokubamba okanye ukusebenzisa i-stablecoin.

Umgangatho wenzala

Ezinye ii-stablecoins zibonelela ngamathuba okufumana inzala ngokubeka i-staking, ukuboleka, okanye ukubonelela nge-liquidity kumaqonga olawulo lwezemali (DeFinance). Ngokomzekelo, i-USDC inokubolekwa kwiiplatifomu ze-DeFi ezifana ne-Aave okanye i-Compound, apho abasebenzisi banokufumana imbuyekezo. Ezi nzala zinokuguquguquka ngokusekelwe kwimfuno yemarike kunye neemeko zokungabi namali. Ngokwesiqhelo, inzala yee-stablecoins isezantsi kunezo zee-cryptocurrencies eziguquguqukayo kodwa ziphezulu kune-akhawunti yokonga yemveli.

Kubatyali-mali abafuna ukwandisa imbuyekezo kwi-stablecoins, ukuthelekisa inzala enikezelwa ngamaqonga ahlukeneyo kubalulekile. Amanye amaqonga anokubonelela ngamaxabiso aphezulu ee-stablecoins ezifana ne-DAI okanye i-FRAX, ngakumbi xa uthatha inxaxheba kumachibi ombane okanye iinkqubo zokubeka i-staking.

Iimali zokuthenga

Enye into ebalulekileyo ekufuneka iqwalaselwe yimali yokuthengiselana ehambelana ne-stablecoins. Iibhloko ezihlukeneyo zenza iintlawulo ezahlukeneyo, kwaye ezinye i-stablecoins zingabangela iindleko eziphezulu xa zithengisa. Ngokomzekelo, i-Tether (i-USDT) kwinethiwekhi ye-Ethereum ingaba neentlawulo eziphezulu zegesi xa kuthelekiswa ne-stablecoin efanayo kwinethiwekhi engaphantsi kwe-Tron okanye i-Binance Smart Chain. Abatyalomali kufuneka baqwalasele zombini inethiwekhi kunye neqonga xa bevavanya iindleko zentengiselwano, njengoko ukuthengiselana rhoqo kunokongeza ngokuhamba kwexesha, ngakumbi kwizicelo zeDeFi.

Amaqonga axhaswayo

Ubuninzi be-stablecoin bunokuvavanywa kwakhona ngamanani amaqonga axhasayo. Iimali ezinkulu ze-stablecoins ezifana ne-USDT kunye ne-USDC zixhaswa ngokubanzi kutshintshiselwano oluphakathi (CEXs) kunye neqonga le-DeFi, libanika umbane omkhulu kunye nokuguquguquka. I-stablecoins engaphezulu ye-niche, efana ne-algorithmic okanye i-crypto-backed stablecoins engaziwayo, inokukhawulelwa kwiiplatifomu ezithile, ukunciphisa ukusetyenziswa kwazo.

Umzekelo, i-USDC yamkelwe kuluhlu olubanzi lwamaqonga kwaye idityaniswe kwiinkqubo ezininzi zokuhlawula, iyenza ibe lukhetho oluphezulu kuzo zombini. traders kunye namashishini. Ngokwahlukileyo, i-stablecoins efana ne-FRAX inokufumaneka kuphela kwiiplatifomu ezithile ze-DeFi, ukunciphisa ukusetyenziswa kwazo ngaphandle kweeprothokholi ezithile.

5.2 I-Risk Assessment Matrix

Ukukhetha i-stablecoin kukwabandakanya ukuqonda iingozi ezinxulumene nohlobo ngalunye. Le matrix yovavanyo lomngcipheko ithelekisa izinto eziphambili zengozi ye-fiat-backed, i-crypto-backed, kunye ne-algorithmic stablecoins. Le miba yomngcipheko ibandakanya ukuguquguquka, ukwenza isibambiso, ukungakwazi ukuhlawula amatyala, ukungafihli, kunye nemeko yolawulo.

Fiat-backed stablecoins

I-stablecoins ye-Fiat-backed stablecoins ngokubanzi ibonwa njengeyona nto inobungozi obuncinci, njengoko ixhaswa yimpahla yemveli njenge-dollar yase-US. Nangona kunjalo, basajongene nemingcipheko enxulumene ne-centralization, ukulawulwa, kunye nokungafihli. Ngokomzekelo, ii-stablecoins ezifana ne-USDC kunye ne-BUSD ziyaziwa ngokungafihli kunye nophicotho oluqhelekileyo, olunciphisa umngcipheko wolawulo olugwenxa. Kwelinye icala, iTether iye yajongana nokuphononongwa malunga nezenzo zayo zogcino, izisa umngcipheko othile kwinto ekufuneka ibe ludidi olunomngcipheko ophantsi.

Crypto-backed stablecoins

I-Crypto-backed stablecoins, njenge-DAI, yazisa i-element of volatility ngenxa yokuguquguquka kwexabiso le-collateral (oko kukuthi, i-cryptocurrencies njenge-Ethereum). Nangona kunjalo, ngenxa yokuba zi-collateralized over-collateralized, zivame ukugcina uzinzo olungcono kune-algorithmic stablecoins. Imingcipheko ephambili apha inxulumene nokuwa kweemarike ezinokuthoba ixabiso lesibambiso ngaphantsi komqobo ofunekayo, okunokubangela ilahleko yesikhonkwane. Nangona kunjalo, ulawulo olunatyisiweyo kwiiprojekthi ezifana ne-DAI ziqinisekisa ukuba iindlela ezikhoyo zokujongana nokupheliswa kunye nokuthintela ukuthotywa kwepegging ngexesha lokuguquguquka okugqithisileyo.

Iingqekembe zeAlgorithmic

I-algorithmic stablecoins yinqanaba eliyingozi kakhulu, njengoko lithembele kuphela kwi-algorithms kunye nohlengahlengiso lokubonelela ukugcina isikhonkwane sabo. Ukuwa kweTerraUSD (UST) ngo-2022 kubonise imingcipheko engokwemvelo kwi-algorithmic stablecoins, apho ukulahlekelwa kokuzithemba okanye ukungaphumeleli kwe-algorithm kunokukhokelela ekuweni ngokupheleleyo. Ezi stablecoins ziqikelelwa kakhulu kwaye azikhuthazwa kubatyalo-mali abanobungozi. Nangona kunjalo, iimodeli ezintsha ze-algorithmic, ezifana ne-FRAX, zijolise ekunciphiseni le mingcipheko ngokubambisa ngokuyinxenye i-stablecoin, nangona zisaphethe ukungaqiniseki okubalulekileyo.

5.3 Ukukhetha i-Stablecoin eLungileyo esekelwe kwiiNjongo zoTyalo-mali lomntu ngamnye kunye nokunyamezela koMngcipheko

Abatyalomali kufuneka balungelelanise ukhetho lwabo lwe-stablecoin kunye neenjongo zabo ngabanye kunye nokunyamezela umngcipheko. Ngokomzekelo, abatyali-mali abalondolozayo abafuna ukuzinza banokukhetha i-stablecoins exhaswa nge-fiat efana ne-USDC okanye i-BUSD, njengoko ezi zinika umngcipheko ophantsi kwaye zamkelwe ngokubanzi kuwo wonke utshintshiselwano kunye neeplatifti ze-DeFi.

Kwabo bazimisele ukuthatha umngcipheko ngakumbi ngokutshintshiselana ngembuyekezo ephezulu, i-crypto-backed stablecoins efana ne-DAI okanye i-FRAX inokuba nomtsalane ngakumbi. Ezi zi-stablecoins zibonelela ngolawulo olunamagunya kwaye zinokuvelisa izivuno eziphezulu ngokusebenzisa iiprothokholi ze-DeFi kodwa ziza kunye nomngcipheko owongezelelweyo wokuguquguquka kwesibambiso.

I-stablecoins ye-algorithmic, ngelixa i-innovative, kufuneka ithathelwe ingqalelo kuphela ngabatyalo-mali abanokunyamezela okuphezulu kwingozi. Banikezela ngembuyekezo enokubakho kwiimarike eziqikelelwayo kodwa beza nemingcipheko ebalulekileyo yokuphengula okanye ukuwa, njengoko kubonisiwe ngokusilela kwexesha elidlulileyo.

Isishwankathelo, ukukhetha i-stablecoin efanelekileyo kuxhomekeke ekubeni ngaba umtyalo-mali ubeka phambili ukuzinza, ukuchithwa kwe-decentralization, i-liquidity, okanye isizukulwana sesivuno. I-stablecoin nganye inika ibhalansi ekhethekileyo yale miba, kwaye ukuqonda ukunyamezela komntu kumngcipheko kubalulekile ekwenzeni ukhetho olufanelekileyo.

Factor uthelekiso IFiat-Backed (umzekelo, USDC) I-Crypto-Backed (umzekelo, iDAI) I-algorithmic (umz., FRAX)
Umgangatho wenzala Ngokubanzi ngaphantsi Ephakamileyo kumaqonga eDeFi Iyahluka ngokusekwe kwiprothokholi
Imali yokuThengiswa Ixhomekeke kwinethiwekhi Iyahluka ngokweqonga Umngcipheko ophantsi kodwa ophezulu wokuguquguquka
Amaqonga axhaswayo Yamkelwe ngokubanzi Ilinganiselwe kwi-DeFi ecosystems I-niche engaphezulu, eyamkelwa kakhulu
Umngcipheko wokuguquguquka low Phakathi (ngenxa yesibambiso) Phezulu (esekwe kwi-algorithm)
kwamatyala phezulu Moderate ukuya Phezulu Phantsi ukuya phakathi
elubala Phezulu (oovimba abaphicothiweyo) Phakathi (crypto-backed) Phantsi ukuya phakathi

6. IziCwangciso zoTyalo-mali ze-Stablecoin

I-Stablecoins inikezela ngamathuba amaninzi otyalo-mali, ngakumbi abo bafuna ukunciphisa ukubhengezwa kokuguquguquka kwee-cryptocurrencies zemveli ngelixa besebenzisa intengiso.vantages yemali yokwabela amagunya (DeFi). Ngokusebenzisa isandi qhinga, abatyali-mali banokusebenzisa i-stablecoins ukugcina ixabiso, ukwahlula iiphothifoliyo zabo, kunye nokungenisa imali engenayo. Kweli candelo, siza kuphonononga izicwangciso ezahlukeneyo ezinokunceda abatyali-mali benze okuninzi kwi-stablecoins, njenge ukulinganiselwa kwexabiso ledola, ulwahlulo, ukugcina ixabiso, nokuvelisa isivuno.

6.1 iDola-Ixabiso eliphakathi

I-dollar-cost averaging (DCA) lutyalo-mali oludumileyo qhinga isetyenziswa kwiiklasi ezahlukeneyo ze-asethi, kwaye inokusebenza ngakumbi xa utyala imali kwi-stablecoins. Ngale ndlela, abatyali-mali bathenga i-dollar esisigxina ye-stablecoins ngamaxesha aqhelekileyo, kungakhathaliseki ukuba ixabiso langoku okanye iimeko zemarike. Nangona esi sicwangciso ngokuqhelekileyo sisetyenziselwa ukunciphisa umngcipheko wokuguquguquka kwimpahla eguquguqukayo ngakumbi, inokusetyenziswa kwi-stablecoins njengenxalenye yesicwangciso sepotifoliyo ebanzi.

Izibonelelo ze-dollar-ixabiso eliphakathi kunye ne-stablecoins

Kubatyalo-mali abasebenzisa i-stablecoins kwi-decentralized finance (DeFi), i-dollar-cost averaging ivumela ukuba bakhe indawo ngokuthe ngcembe kwaye banciphise umngcipheko wokwabiwa kwemali eninzi ngexesha elingafanelekanga. Le ndlela inganceda ukugudisa ukuguquguquka kumaxabiso esivuno kwiiplatifti kunye namaqonga okubolekisa ngemali. Ngokusasaza utyalo-mali lwabo ngokuhamba kwexesha, abatyali-mali banokulawula ngcono imingcipheko yenzala enokuthi ivele kutshintsho kwimfuno kunye nokungabinamali kwiiprothokholi zeDeFi.

Ukongeza, i-avareji yeendleko zeedola kwi-stablecoins inokuba luncedo kubatyali-mali abazimisele ukuguqula ii-asethi zabo kwii-cryptocurrencies eziguquguqukayo njengeBitcoin okanye i-Ethereum. Ngokuhambisa imali ngokuthe ngcembe kwi-stablecoins, abatyali-mali banqanda ilahleko enokubakho kwiidiphu zentengiso ngequbuliso.

6.2 Ukwahluka phakathi kweeStablecoins

Ukwahluka lilitye lembombo laso nasiphi na isicwangciso esivakalayo sotyalo-mali. Kulabo babambe okanye batyala imali kwi-stablecoins, ukuhlukahluka kunokunciphisa ukuvezwa kwimingcipheko efana nokuqhekeka okulawulwayo, ukuchithwa, okanye imiba yokusebenza ehambelana nomkhuphi othile we-stablecoin.

Ukwahluka kwiintlobo ezahlukeneyo ze-stablecoin

Abatyalomali banokuhlukahluka ngokubamba iintlobo ezahlukeneyo ze-stablecoins, ezifana ne-fiat-backed, i-crypto-backed, kunye ne-algorithmic stablecoins. Ngokomzekelo, ukubamba zombini i-USDC (i-fiat-backed) kunye ne-DAI (i-crypto-backed) inikezela ukuvezwa kweendlela ezimbini ezihlukeneyo zokuzinza, ukunciphisa umngcipheko wokungaphumeleli kwimodeli enye. Ngelixa i-USDC ixhaswa ngoovimba be-fiat abaphakathi, i-DAI ixhomekeke kulawulo olunatyisiweyo kunye ne-crypto collateral, nganye ibonisa imingcipheko kunye neenzuzo ezizodwa.

Ngokwahluka kwiindidi ezahlukeneyo, abatyali-mali banokunciphisa umngcipheko wenkqubo yayo nayiphi na i-stablecoin enye engaphumeleli ngenxa yemicimbi efana nokuphatha kakubi okanye ukuchithwa.

Ukwahluka kwiiplatifti ezahlukeneyo

Enye indlela yokwahlukahlukana ibandakanya ukusebenzisa amaqonga amaninzi e-staking okanye ekubolekeni i-stablecoins. Kunokuba uthembele kwiprotocol eyodwa ye-DeFi okanye utshintshiselwano oluphakathi, abatyali-mali banokusasaza ukubamba kwabo kwiiplatifti ezininzi ukunciphisa umngcipheko wokuphulukana nokufikelela kwiimali ngenxa yemicimbi ethile yeqonga, efana nee-hacks okanye ukutshona. Umzekelo, umntu unokuthatha i-USDC kwi-Aave ngelixa eboleka i-DAI kwiCompound, eqinisekisa ukuba inkunzi yabo isasazeke kwiindawo ezahlukeneyo zendalo.

6.3 Ukusebenzisa iiStablecoins njengeSitora seXabiso

Enye yezona zinto zikhangayo kwi-stablecoins yinto esetyenziswayo njengevenkile yexabiso. Ngokungafaniyo ne-cryptocurrencies eguquguqukayo, i-stablecoins igcina ixabiso elimiselweyo, elihlala libotshelelwa kwiimali ze-fiat njengedola yaseMelika. Oku kubenza babe lukhetho olunomtsalane kubatyali-mali abafuna ukugcina amandla abo okuthenga ngelixa behlala ngaphakathi kwe-cryptocurrency ecosystem.

Ukuthintela ukuguquguquka kweemarike

I-Stablecoins ivumela abatyali-mali ukuba bakhusele iipotfoliyo zabo kumaxabiso aguqukayo axhaphakileyo kwiimarike ze-cryptocurrency. Ngokomzekelo, ukuba umtyalo-mali ulindele ukuhla kwe-Bitcoin okanye i-Ethereum, banokuhambisa inxalenye yempahla yabo kwii-stablecoins ezifana ne-USDC okanye i-BUSD. Olu tshintsho lusebenza njengendawo ekhuselekileyo yethutyana, evumela abatyali-mali ukuba balinde ukuba imarike izinze phambi kokuba baphinde bangene kwiindawo zabo zokuqala.

Uzinzo kudluliselo kunye neentlawulo zehlabathi

Ngaphandle kokusebenza njenge-a kwinqaba, I-stablecoins ingaba yivenkile ethembekileyo yexabiso labantu okanye amashishini abandakanyekayo ekutshintshelweni kwamanye amazwe. Uzinzo lwabo ngokuchasene iimali ezinkulu ze-fiat ivumela utshintshiselwano olunqumla imida ngaphandle kokukhathazeka ngokuguquguquka kwemali. Kwimimandla ene-hyperinflation okanye ukuhla kwexabiso lemali, i-stablecoins ibonakalise iluncedo ngokukodwa njengendlela yokugcina ixabiso ekuhambeni kwexesha.

6.4 Ukuvelisa iSivuno kunye nenzala ye-Stablecoin

Esinye sezona zicwangciso zinengeniso kutyalo-mali lwe-stablecoin lubandakanya ukufumana izivuno ngokubeka i-staking, ukubolekisa, okanye ukuthatha inxaxheba kwi-liquidity pools. I-Stablecoins, ngenxa yokuzinza kwazo, ziqhele ukusetyenziswa kwiiprothokholi zeDeFi, ezivumela abatyali-mali ukuba bafumane inzala ephezulu xa kuthelekiswa neeakhawunti zogcino lwemveli.

Staking stablecoins

Amaqonga amaninzi eDeFi anikezela ngamathuba abambekayo apho abasebenzisi banokuvala i-stablecoins yabo ngokutshintshiselana kwenzala. Umzekelo, abatyali-mali banokubeka i-USDC kumaqonga afana ne-Aave okanye iCurve Finance ukuze bafumane isivuno. Intengisovantage I-staking kukuba ibonelela ngendlela esebenzayo yokungenisa imali ngaphandle kokulawula izikhundla.

Ukuboleka ii-stablecoins

Iiplatifti zokuboleka ezifana neCompound, Aave, kunye neBlockFi zivumela abasebenzisi ukuba babolekise i-stablecoins yabo kubaboleki, abahlawula inzala kwimali ebolekiweyo. Amazinga enzala ayahluka ngokuxhomekeke kubonelelo kunye nemfuno kodwa aqheleke ukuba phezulu kunezo zibonelelwa ngamaziko ezemali emveli. Abatyali-mali ababoleka i-stablecoins nabo baxhamla kwi-volatility ephantsi ye-asethi ephantsi, okwenza kube yindlela ekhuselekileyo xa kuthelekiswa nokuboleka imali ye-cryptocurrencies.

Ukubonelela ngemali yokuhlawula amatyala kutshintshiselwano olunatyisiweyo (DEXs)

Abatyali-zimali banokufumana isivuno ngokubonelela ngemali yokuhlawula amatyala kutshintshiselwano olunabileyo (DEXs) njenge-Uniswap, iSushiSwap, okanye iCurve. Olu tshintshiselwano luhlala lufuna ababoneleli bemali yokuhlawula amatyala (LPs) ukuba bafake ii-stablecoins kumachibi ombane, ukuququzelela. trades phakathi kwee-asethi ezahlukeneyo. Ngembuyekezo, ii-LPs zifumana isabelo semali yokuthengiselana eyenziwa yi-pool. Nangona kunjalo, abatyali-zimali kufuneka baqaphele imingcipheko efana nelahleko engapheliyo xa bebonelela ngemali yokuhlawula amatyala, ngakumbi kumadama abandakanya ii-asethi eziguqukayo.

Icebo lokutyala imali inkcazelo IziBonelelo eziPhambili Imingcipheko enokubakho
Ixabiso leDola- avareji Ukutshala imali rhoqo kwi-stablecoins ngokuhamba kwexesha. Yehlisa ifuthe lokuguquguquka kweemarike kunye nokuguquguquka kwexabiso lenzala. Isivuno esisezantsi kwiimarike ezitshintsha ngokukhawuleza.
ukohlulwa Ukubamba ii-stablecoins ezahlukeneyo kunye nokusebenzisa iiplatifti ezahlukeneyo ze-staking okanye ukuboleka. Ukunciphisa imingcipheko enxulumene nokungaphumeleli okuthile kwe-stablecoin okanye imiba yeqonga. Inokufuna ukulawula iiakhawunti ezininzi okanye iwallet.
Ivenkile yexabiso Ukusebenzisa i-stablecoins ukugcina amandla okuthenga ngexesha lokuguquguquka kweemarike. Ikhusela ukuhla kwempahla eguquguqukayo njengeBitcoin okanye i-Ethereum. Ukunyuka okulinganiselweyo xa kuthelekiswa nolunye utyalo-mali lwe-crypto.
Ukuvelisa isivuno (Ukubambelela/Ukuboleka) Ukufumana inzala ngokubeka i-stablecoins kumaqonga e-DeFi okanye ukubaboleka kubaboleki. Izivuno eziphezulu xa kuthelekiswa nokugcinwa kwendabuko, kunye nokhuseleko lwe-stablecoin. Inzala iyaguquguquka, kwaye umngcipheko weqonga unokubakho.

7. Imingcipheko kunye neMvuzo

Utyalo-mali kwi-stablecoins lunika zombini imivuzo ebalulekileyo kunye nemingcipheko ekhethekileyo. Ngelixa ezi asethi zedijithali zihlala zibonwa njengezikhuselekileyo xa zithelekiswa nee-cryptocurrencies eziguquguqukayo, azikho ngaphandle kweengozi. Kweli candelo, siza kuphonononga imingcipheko enokubakho ehambelana notyalo-mali lwe-stablecoin, imivuzo abayinikelayo, kunye nendlela ukubuyisela kwabo kuthelekiswa ngayo nezinye iiklasi ze-asethi.

7.1 Imingcipheko enokubakho yoTyalo-mali kwi-Stablecoins

Nangona igama labo, i-stablecoins ayikhululekile ngokupheleleyo kumngcipheko. Abatyalomali kufuneka baqaphele izinto ezininzi ezinobungozi ezinokuchaphazela ixabiso okanye ukusetyenziswa kwee-stablecoins zabo. Le mingcipheko iyahluka ngokuxhomekeke kuhlobo lwe-stablecoin kunye neendlela ezisisiseko ezisetyenziselwa ukugcina ukuzinza kwazo.

Imingcipheko yoLawulo

Njengoko oorhulumente kunye nemibutho elawulayo kwihlabathi liphela besonyusa uphononongo lwabo lwe-cryptocurrencies, i-stablecoins iba yeyona nto iphambili ekugxilwe kuyo kulawulo. Ezinye ii-stablecoins ezixhaswa nge-fiat, njenge-USDC kunye ne-BUSD, sele zisebenza phantsi kwezicwangciso zokulawula, ziqinisekisa ukungafihli kunye nokugcinwa kwenkxaso. Nangona kunjalo, indawo yokulawula ikude ukuhambelana kwimimandla eyahlukeneyo kunye ne-stablecoins. Oorhulumente banokubeka imimiselo emitsha okanye izithintelo kwiistablecoins ezithile, ngakumbi ezo zisebenza ngendlela engacacanga okanye yokwabela amagunya.

Umzekelo, iTether (USDT) iye yajongana nemingeni yezomthetho kunye nophando lolawulo malunga nezenzo zayo zogcino. Iziganeko ezinjalo zidala ukungaqiniseki kwaye zingakhokelela kwiingxaki ze-liquidity ukuba ukuzithemba kwi-stablecoin kulahlekile. Abatyalo-mali kufuneka balungiselele ukuba kunokwenzeka utshintsho olulawulayo oluchaphazela ukufumaneka okanye ixabiso le-stablecoin Holdings yabo.

De-pegging Iziganeko

Ukuchithwa kwe-pegging kwenzeka xa i-stablecoin ilahlekelwa yizinga layo lokutshintshiselana elisisigxina kunye ne-asethi ephantsi (ngokuqhelekileyo i-fiat currency efana ne-dollar yase-US). Iziganeko ze-de-pegging zingaba yintlekele kubanikazi be-stablecoin, njengoko ixabiso le-stablecoin linokuhla ngokukhawuleza. Lo mngcipheko uphezulu kakhulu kwi-algorithmic kunye ne-crypto-backed stablecoins.

Ukuwa kweTerraUSD (UST) ngo-2022 ngumzekelo obalaseleyo weengozi zokucima. I-UST, i-stablecoin ye-algorithmic, yalahlekelwa isikhonkwane sayo kwaye yawa ngexabiso, yacima iibhiliyoni zeedola kwiimali zotyalo-mali. Nangona i-stablecoins ye-fiat-backed stablecoins ngokubanzi izinzile ngakumbi, inokufumana kwakhona i-de-pegging ukuba kukho ukungabikho kokuzithemba kulowo okhuphayo okanye oovimba bayo.

Imingcipheko yokuBambisana

Kwi-crypto-backed stablecoins njenge-DAI, ixabiso le-collateral liyakwazi ukuguquguquka ngokusekelwe kwiimeko zemarike. Ngethuba lexesha lokuguquguquka okukhulu kweemarike, ixabiso lee-asethi ezingaphantsi linokuwela ngaphantsi kwexabiso elifunekayo ukuze kugcinwe isikhonkwane se-stablecoin. Oku kunokubangela ukuchithwa kwezinto ezininzi kwaye kunokubangela ukuba i-stablecoin ilahlekelwe ukuzinza kwayo. I-over-collateralization iyayinciphisa enye yalo mngcipheko, kodwa ayiwuphelisi ngokupheleleyo.

Iqonga kunye nemingcipheko yoKhuseleko

Abasebenzisi abaninzi be-stablecoin baxhomekeke kwiiplatifomu zeqela lesithathu, ezifana notshintshiselwano oluphakathi okanye iiprothokholi ze-decentralized finance (DeFi), ukugcina, ukubeka, okanye ukuboleka impahla yabo. La maqonga anokuba sesichengeni kwii-hacks, ukwaphulwa kokhuseleko, okanye ukutshona, okunokubangela ilahleko yemali. Nokuba i-stablecoin ihlala izinzile, imingcipheko enxulumene neqonga inokuchaphazela kakhulu inkunzi yomtyali-mali.

Ukungafihli kunye nemingcipheko yoPhicotho-zincwadi

Ukungabikho elubala malunga nokugcinwa kwe-stablecoin okanye isibambiso kunokudala ukungaqiniseki kubatyalo-mali. I-stablecoins ye-Fiat-backed stablecoins izinzile kuphela njengeendawo zabo zokugcina, kwaye ukuba umniki-mali akahlali epapasha iingxelo zophicotho-zincwadi okanye anike ulwazi olucacileyo malunga nokubamba kwabo, kuphakamisa imibuzo malunga nokuba i-stablecoin ixhaswa ngokwenene 1: 1. I-Tether, umzekelo, iye yagxekwa ngenxa yokungahambelani ekubhengezweni kwayo okugciniweyo, okuye kwaba negalelo kwinkxalabo yomtyali-mali.

7.2 Ukubanakho ukuvuzwa

Nangona i-stablecoins yenzelwe ukunika uzinzo kunembuyekezo ephezulu, kusekho amathuba amaninzi okuba abatyali-mali bafumane umvuzo ngokusebenzisa utyalo-mali lwe-stablecoin. Le mivuzo iza ngohlobo lokuvelisa isivuno, ukusebenza kakuhle kwemarike, kunye neenzuzo ezinokubakho zenkunzi kwiimeko ezithile zokusetyenziswa.

IsiZukulwana seZivuno ngeDeFi

Omnye wemivuzo ekhangayo kubanikazi be-stablecoin kukukwazi ukufumana inzala ngokuthatha inxaxheba kwiiplatifti ze-decentralized finance (DeFi). Iiprothokholi ezininzi zeDeFi zibonelela ngestaking, ukuboleka, kunye neenkonzo zobonelelo lwemali yokuhlawula amatyala ezivelisa isivuno esiphezulu kakhulu kuneeakhawunti zogcino lwemveli. Ngokomzekelo, ii-stablecoins ezifana ne-USDC kunye ne-DAI zinokufakwa kwiiplatifomu ezifana ne-Aave okanye i-Compound, evumela abatyali-mali ukuba bafumane ingeniso ye-passive kunye nomngcipheko omncinci welahleko eyintloko.

Ubuchule kuRhwebo kunye noTshintsho

I-Stablecoins yenza ukudluliselwa ngokukhawuleza, okuncinci, kunye nokusebenza kakuhle xa kuthelekiswa neenkqubo zemali zemveli. Kuba traders, i-stablecoins ibonelela ngendlela esebenzayo yokugcina ixabiso ngelixa uhambisa imali phakathi kotshintshiselwano okanye ukuthatha inxaxheba arbitrage amathuba. Ukongeza, i-stablecoins ingasetyenziselwa ukuthunyelwa kweemali kunye neentlawulo ezinqamlezayo, ezinikezela ngokukhawuleza nangexabiso eliphantsi kwiinkonzo zokuthunyelwa kwemveli.

Uzinzo lwexabiso

Kubatyali-mali abajonge ukugcina imali eyinkunzi ngaphandle komngcipheko wokuvezwa kwi-cryptocurrency volatility, i-stablecoins ibonelela ngesisombululo esifanelekileyo. Ngokugcina ixabiso elimiselweyo malunga neemali ze-fiat, i-stablecoins inika indawo ekhuselekileyo ngexesha lokungaqiniseki kweemarike. Abatyali-mali banokuguqula ii-cryptocurrencies eziguquguqukayo zibe yi-stablecoins ukukhusela i-asethi yabo ngelixa behlala ngaphakathi kwe-cryptocurrency ecosystem.

7.3 Ukuthelekisa i-Stablecoin ibuyela kwezinye iiklasi ze-Asethi

I-Stablecoins inika ibhalansi ekhethekileyo yokuzinza kunye nesizukulwana sesivuno, okwenza kube yiklasi ye-asethi ekhangayo kubatyalo-mali abathile. Noko ke, xa kuthelekiswa asethi zemveli ezifana esitokisini or amabhondi, Ukubuyisela i-stablecoin ngokuqhelekileyo kuphantsi ngenxa yoyilo olugxininisekileyo.

Uthelekiso kwiiBhondi kunye neeAkhawunti zoLondolozo

I-Stablecoins inokubonelela ngembuyekezo ephezulu kuneeakhawunti zogcino zemveli okanye iibhondi, ngakumbi xa zibolekwa okanye zibolekwe ngamaqonga eDeFi. Nangona ii-akhawunti zokulondoloza zihlala zibonelela ngenzala engaphantsi kwe-1%, ii-platforms ze-DeFi zinokunika inzala kwi-stablecoins ukusuka kwi-3% ukuya kwi-12%, kuxhomekeke kwiimeko zemarike. Oku kwenza i-stablecoins ibe yindlela enomtsalane kwabo bafuna imbuyekezo ephezulu ngelixa benqanda ukuguquguquka kwesitokhwe okanye imali ye-crypto.

Ukuthelekisa kwiiCryptocurrencies

Xa kuthelekiswa ne-cryptocurrencies njenge-Bitcoin okanye i-Ethereum, i-stablecoins inikezela ngembuyekezo ephantsi ngenxa yokuzinza kwexabiso. Ii-Cryptocurrencies ziyaziwa ngokukwazi kwazo ukuhambisa imbuyekezo ephezulu ngexesha leemarike zenkunzi kodwa kunokubangela ilahleko enkulu ngexesha lokuhla. I-Stablecoins, ngokuchaseneyo, ayinikezeli ngokukhula okufanayo kokuqhuma kodwa ibonelela ngexabiso elihambelanayo kunye namathuba okuvelisa.

I-Stablecoin Yield Uzinzo

Umbuzo omnye obalulekileyo kubatyalo-mali kukuba ngaba izivuno ezinikezelwa ngamaqonga e-DeFi kwi-stablecoins zizinzileyo kwixesha elide. Ngelixa ezi zivuno zinokuba nomtsalane, zixhomekeke kutshintsho kwimfuno yemarike, iimeko zokungabi namali yokuhlawula amatyala, kunye nemingcipheko ethe ngqo yeprothokholi. Izivuno ezibonakala ziphezulu kwixesha elifutshane zinokuncipha njengoko abaninzi abathathi-nxaxheba bangena kwimarike okanye ukuba iiplatifomu zeDeFi zijongene nemingeni yokusebenza.

umba iingozi imivuzo
Imingcipheko yoLawulo Utshintsho olulawulayo lunokuchaphazela ukufumaneka okanye imeko esemthethweni ye-stablecoins. Ii-Stablecoins ezifana ne-USDC kunye ne-BUSD zisebenza phantsi kwemimiselo eqinile yokulawula, yongeza ukuthembela.
De-pegging Imingcipheko I-Stablecoins, ngakumbi i-algorithmic kunye ne-crypto-backed, inokulahlekelwa isikhonkwane sayo. I-Fiat-backed stablecoins idla ngokugcina isikhonkwane, ibonelela ngokuzinza kwexabiso.
Imingcipheko yokuBambisana I-Crypto-backed stablecoins ijongene nokuguquguquka kwixabiso labo elingaphantsi. I-Crypto-backed stablecoins inikezela ngolawulo oluphantsi kunye nezivuno eziphezulu kwiiplatifti zeDeFi.
Iqonga kunye nemingcipheko yoKhuseleko IiHacks, ukophulwa, okanye ukungakwazi ukuhlawula amatyala kumaqonga kunokukhokelela kwilahleko yemali. I-Stablecoins yenza ukuba kuthathelwe inxaxheba kwiiprothokholi ze-DeFi ezinokuvelisa isivuno esiphezulu.
Imingcipheko yokungafihli Ukungabikho kophicotho olucacileyo kunokudala ukungaqiniseki malunga nokugcinwa kwe-stablecoin. Ii-Stablecoins ezinezenzo zophicotho-zincwadi ezicacileyo, njenge-USDC, zinika ukuzithemba kunye nokuthembela.
Isizukulwana sesivuno Izivuno kwi-stablecoins zinokuguquguquka okanye zingabi nazinzo ngokuhamba kwexesha. Izivuno eziphezulu kwiiplatifti zeDeFi zibonelela ngamathuba abalulekileyo ongeniso.
Ukuthelekiswa nezinye ii-asethi Imbuyekezo ephantsi xa ithelekiswa nezitokhwe okanye i-cryptocurrencies eguquguqukayo. Imbuyekezo ephezulu kuneeakhawunti zogcino zemveli, ezinokuguquguquka okuncinci kunemali ye-crypto.

8. Isiphelo

I-Stablecoins yenze indima ebalulekileyo kwi-cryptocurrency ecosystem, inika ibhulorho phakathi kwehlabathi eliguquguqukayo le-asethi yedijithali kunye nokuzinza kweenkqubo zemali zemveli. Ukukwazi kwabo ukugcina ixabiso elingaguqukiyo libenza babaluleke kakhulu ekurhwebeni, ukugcina ixabiso, kunye nokuthatha inxaxheba kwi-decentralized finance (DeFi). Nangona kunjalo, njengoko siye sahlola kule bhlog, i-stablecoins ayinayo ingozi, kwaye abatyali-mali kufuneka basondele kubo ngenqanaba elifanayo lenkuthalo kunye nokuphonononga abanokuthi basebenzise kulo naluphi na olunye utyalo-mali.

Ukubaluleka koVavanyo lweStablecoins

Ukuvavanya i-stablecoins ngaphambi kokuba utyalo-mali lubaluleke kakhulu, njengoko imingcipheko ehambelana nayo ingahluka ngokuxhomekeke kuhlobo lwabo kunye neendlela ezisetyenziselwa ukugcina isikhonkwane sabo. I-Fiat-backed stablecoins inikezela ngokulula kunye nokuzinza kodwa iza kunye ne-centralization kunye nemingcipheko yokulawula. I-Crypto-backed stablecoins ibonelela ngokunikezela kunye namathuba aphezulu esivuno, kodwa ukuthembela kwabo kwisibambiso esiguquguqukayo kwazisa imingeni yayo. I-algorithmic stablecoins imele umda wezinto ezintsha kwi-stablecoins kodwa iza neengozi ezinkulu zokungaphumeleli, njengoko kuboniswe ngokuwa kwangaphambili.

Kubatyalo-mali, ukuqonda iintlobo ezahlukeneyo ze-stablecoins, imiba yabo yomngcipheko, kunye nendlela yokuqhuba ukunyamekela umniki, oovimba, kunye nokungafihli nto ingundoqo ekwenzeni izigqibo ezinolwazi.

IziCwangciso zoTyalo-mali eziPhambili

Izicwangciso ezininzi zotyalo-mali zinokunceda ukwandisa amandla e-stablecoins, nokuba ngokuvelisa isivuno kwiiprotocol ze-DeFi okanye ukuzisebenzisa njengendawo yokugcina ixabiso ngexesha lokuhla kweemarike. I-avareji yeendleko zeedola, ukuhlukahluka, kunye nokubeka i-staking ziindlela ezimbalwa abatyali-mali abanokusebenzisa ngazo i-stablecoins ukuhlangabezana nazo. iinjongo zemali. Nangona kunjalo, ezi zicwangciso kufuneka zihambelane nokunyamezela komtyalo-mali, njengoko i-stablecoins, nangona igama labo, isenokujongana nemingcipheko efana ne-pegging okanye imingeni yokulawula.

Ukulungelelaniswa koMngcipheko kunye neMivuzo

Ekugqibeleni, isigqibo sokutyala imali kwi-stablecoins kufuneka sisekelwe ekuqondeni okucacileyo kokubini okunokubakho kwembuyekezo kunye nobungozi obukhoyo. Nangona i-stablecoins inokubonelela ngembuyekezo engaguqukiyo ngokusebenzisa i-staking kunye neeplatifomu zokuboleka, azikho mngcipheko ngokupheleleyo. Utshintsho lolawulo, ukuphulwa kokhuseleko, kunye nokuwa kweendlela ze-algorithmic zizinto zonke ezinokuchaphazela ixabiso kunye nokuzinza kwe-stablecoin.

Ukuthelekisa i-stablecoin ibuyela kwezinye iiklasi ze-asethi, ezifana neebhondi, i-stocks, okanye i-akhawunti yokonga yemveli, ibonisa ukuba ngelixa i-stablecoins isenokunganikeli ukukhula okuqhumayo kwe-cryptocurrencies, inika indawo ephakathi phakathi. umngcipheko kunye nomvuzo. Banokubonelela ngembuyekezo ephezulu kuneemveliso zebhanki zemveli ezinokuguquguquka okuncinci kunemali yemali yemveli.

Iingcinga Final

I-Stablecoins imele ukutsha okunyanzelisayo kwihlabathi lezemali, ukuvala umsantsa phakathi kwe-crypto market's dynamism kunye nokuzinza kwezemali zemveli zehlabathi. Kuba traders, abatyali-mali, kunye namashishini, i-stablecoins inika uluhlu lweenzuzo, ukusuka ekukhuseleni inkunzi ngokuchasene nokuguquguquka ukufumana isivuno kwi-DeFi.

Njengoko imarike ye-stablecoin iqhubeka nokuguquka, imimiselo, ukuqhubela phambili kwezobuchwepheshe, kunye nemikhosi yemarike iya kubumba indima yabo yexesha elizayo. Okwangoku, ii-stablecoins zihlala zisisixhobo esinamandla kwabo bafuna uzinzo kwimarike ye-cryptocurrency ehamba ngokukhawuleza, kodwa inkuthalo efanelekileyo kunye nokuqwalasela ngokucophelela imingcipheko kufuneka ihlale ikhokele izigqibo zotyalo-mali.

📚 Izincedisi ezingakumbi

Nceda qaphela: Izibonelelo ezibonelelweyo zisenokungalungiselelwa abaqalayo kwaye zisenokungafaneleki traders ngaphandle kwamava yobungcali.

Ukuze ufunde ngakumbi malunga nokutyalomali kwi-stablecoins, nceda undwendwele Investopedia.

❔ Imibuzo edla ngokubuzwa

unxantathu sm ekunene
Ziziphi ii-stablecoins, kwaye zahluke njani kwezinye ii-cryptocurrencies?

I-Stablecoins ziimali zedijithali ezenzelwe ukugcina ixabiso elizinzileyo, elixhomekeke kwiimali zemali njengedola yaseMelika. Ngokungafaniyo ne-cryptocurrensets eguquguqukayo njengeBitcoin, i-stablecoins ibonelela uzinzo lwexabiso, ibenza balungele ukuthengiselana kunye nokugcina ixabiso.

unxantathu sm ekunene
Ziziphi iintlobo eziphambili zee-stablecoins?

Iintlobo ezintathu eziphambili ze-stablecoins zixhaswa yi-fiat (umzekelo, i-USDC), i-crypto-backed (umzekelo, i-DAI), kunye ne-algorithmic (umzekelo, i-FRAX). Ngamnye usebenzisa iindlela ezahlukeneyo zokugcina uzinzo, kunye namanqanaba ahlukeneyo omngcipheko.

unxantathu sm ekunene
Ndingayifumana njani ingeniso kwi-stablecoins?

Abanini be-Stablecoin banokufumana ingeniso ye-passive ngokubeka i-staking, ukuboleka, okanye ukubonelela nge-liquidity kwiiplatifti ze-decentralized finance (DeFi). La mathuba ahlala ebonelela ngezivuno eziphezulu kuneeakhawunti zogcino lwemveli.

unxantathu sm ekunene
Ziziphi iingozi ezinxulumene ne-stablecoins?

Imingcipheko ye-Stablecoin ibandakanya ukungaqiniseki kokulawula, ukuchithwa (ukulahlekelwa ixabiso ngokumalunga ne-asethi yabo ekhonjiweyo), kunye nemiba yokhuseleko lweqonga. Ukuqonda le mingcipheko kubalulekile ekunciphiseni ilahleko enokwenzeka.

unxantathu sm ekunene
Ingaba i-stablecoins ingena njani kwi-decentralized finance (DeFi)?

I-Stablecoins isetyenziswa ngokubanzi kwi-DeFi njengoko ibonelela nge-liquidity kunye ne-stable medium exchange. Bavumela abasebenzisi ukuba bathathe inxaxheba ekubolekeni, ekubambeni, nasekufumeni isivuno ngelixa benciphisa ukuvezwa kokuguquguquka kwe-cryptocurrency.

Umbhali: UArsam Javed
UArsam, iNgcali yoRhwebo enamava angaphaya kweminyaka emine, waziwa ngohlaziyo lwakhe lwemalike yezemali. Udibanisa ubuchule bakhe bokurhweba kunye nezakhono zokucwangcisa ukuphuhlisa abacebisi bakhe beeNgcali, ukuzenzekelayo kunye nokuphucula izicwangciso zakhe.
Funda ngakumbi ngoArsam Javed
Arsam-Javed

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