与FRAX、MITH Cash和PEGS创始人共同探讨算法稳定币的未来

原文标题：《FRAX、MITH、PEGS 专场，算法稳定币的未来 | AMA 回顾》

原文来源：BlockArk

从Ampleforth到ESD，从Basis到Frax，在DeFi蓬勃发展的加密货币市场，算法稳定币不断在迭代，一次又一次掀起了滔天巨浪。1月13日下午4点，我们邀请到了市场上三位算法稳定币的核心开发者——FRAX，MITH Cash和PEGS的创始人，对话BlockArk首席分析师墨客，共同探讨“算法稳定币的未来”。这是中文加密社区首次与多位算法稳定币开发者公开对话，本次算法稳定币专场AMA直播由区块方舟BlockArk支持，链闻ChainNews、星球日报Odaily、区块律动BlockBeats、加密阁媒体支持，分享内容整理如下：

墨客：Hello everyone, I am Moc, the chief analyst of BlockArk.

大家好，我是区块方舟的墨客。

BlockArk is an investment banking and marketing firm, providing branding, user growth and marketing advisory. Founded in 2017, BlockArk has a background from Accenture, Tencent, Samsung and PwC.

区块方舟是一家投资与营销机构，提供品牌定位，增长和市场咨询服务。成立于2017年，核心成员来自于埃森哲，腾讯，三星和普华永道。 

We are so proud to invite 3 core developers of algorithmic stablecoins to discuss the "future of algorithmic stablecoins".

我们请三位项目方代表自我介绍。

SauR0n：Sauron bleeds evil but in this case, believes in the Mithril cause and uses his evil instincts to coordinate efforts between the team and community.

大家好, 我是索伦（Sauron），我相信秘银（Mithril）的事业，并利用我的邪恶本能来协调团队和社区之间的努力。 

Sam：I'm Sam Kazpian founder of frax.finance, the first fractional algorithmic stablecoin. Before Frax, I was cofounder of Everipedia.org. Now I'm working on the fastest growing algorithmic stablecoin project in the space.

我是 frax.finance（第一个分数算法稳定币）的创始人 Sam Kazemian。在加入 Frax 之前，我是 Everipedia.org 的联合创始人。现在我正在研究增长最快的算法稳定币项目。

James：Hi this is James from Pegs.cash. Pegs Cash is an algorithmic bank backed by real assets. We aim at exploring the wide adoption of algorithmic stablecoin in crypto world.

大家好，我是 Pegs.cash 的 James。Pegs.cash 是一个由实物资产支持的算法银行。我们的目标是探索算法稳定币在加密世界的广泛应用。

墨客：接下来我们正式进入交流环节。观众如果有疑问，在后面我们有自由交流环节。

墨客：What do you think of AMPL/ESD, the earlier algorithmic stablecoins? Is your own project algorithmically innovative? What are the advantages and disadvantages?

怎么看待 AMPL/ESD 这两个比较早出现的算法稳定币？自己的项目在算法上有和创新？又有何优劣？

SauR0n：We believe that a seigniorage shares model, that separates the stablecoin from the inflation token, has the best chance of wider adoption. Our team continues to innovate on a daily basis, with 3 passed Mithril Cash Improvement Proposals (MIPs) awaiting deployment as we speak. We prefer not to comment on other projects models.

我们认为，将稳定币与通货膨胀代币分开的铸币税共享模型最有可能被广泛采用。我们的团队每天都在不断创新，此时，有 3 项已通过的秘银现金改善提案（MIP）等待部署。我们希望不对其他项目模型发表评论。

Sam：Frax is the most innovative algorithmic project currently in crypto. We introduced the concept of a「fractional-algorithmic stablecoin.」The name FRAX means fractional-algorithmic currency. Before FRAX, there was no partial-collateral design and as you can see in this panel itself, there is already another project inspired by our design. So yes, I think we are the most innovative project in the space as of today.

Frax 是当前加密领域最具创新性的算法稳定币项目。我们介绍了「分数算法稳定币」的概念。名称 FRAX 表示分数算法货币。在 FRAX 之前，没有局部抵押设计，我们可以看到，已经有另一个项目受到我们设计的启发。是的，我认为我们是迄今为止该领域最具创新性的项目。

James：We think that AMPL and ESD are relatively close.ESD has reduced volatility by allocating dividend rights to locked LPs and DAOs, and has developed debt functions to ensure that ESD values do not deviate too much from 1. But when the ESD gets too much in debt, it can't repair itself.

PEGS is an algorithmic stablecoin with asset collateral, so it can better anchor 1U and realize the value of 1U. At the same time, compared with MKR, PEGS tokens have more value capture function, can be used as collateral, and enjoy the dividends and buyback destruction.

AMPL 跟 ESD 我们认为是比较接近的。ESD 通过把分红的权利分配给锁仓的 LP 和 DAO 降低了波动性，并且开发了债务功能来确保 ESD 价值不偏离 1 太多。但是当 ESD 的债务太多的时候，它是没有自我修复能力的。

Pegs 是带资产抵押的算法稳定币，所以可以更好的锚定 1U，实现 1U 的价值。同时相对于 MKR，PEGS 的代币有更多的价值捕获功能，可以作为抵押品，并享受分红权跟回购销毁。

墨客：In general, we think that Basis's algorithmic central bank model and Frax/Pegs's mortgage algorithmic stable currency model are more forward-looking representatives, so this time we invited them to share.

总的来说，我们认为 Basis 的算法央行模式跟 Frax/Pegs 的抵押算法稳定币模式是更前沿的代表，所以本次邀请了他们过来做分享。

墨客：What is the necessity of algorithmic stablecoins? What are the application scenarios in the future? We see that algorithmic stablecoins are not used as circulation no matter whether it is fundraising, exchange trading pairs, or reserve pools like Curve. People think that the algorithmic stablecoin is a variant of ponzi, how does the algorithmic stablecoin prove its use value?

算法稳定币存在的必要性是什么？未来将会有哪些应用场景？我们看到当前不管是在募资，还是交易所基础交易对，还是 Curve 这样的储备池中，都没有使用算法稳定币作为流通。在很多人的观点中，会认为算法稳定币是一种变种 ponzi，算法稳定币怎么证明自己的使用价值。

SauR0n：At MITH Cash, we strongly believe that decentralized stablecoins will be the currencies of the future. The space is new and evolving quickly with a combined market cap of over $600M. Our project is only 2 weeks old, and we are already working with many DeFi partners to foster wider adoption across the board including more trading pairs and an upcoming StableSwap pool.

在 MITH Cash，我们坚信去中心化稳定币将成为未来的货币。这个领域是新的并且正在迅速发展，总市值超过 6 亿美元。我们的项目仅上线 2 周，已经与许多 DeFi 合作伙伴合作，以促进广泛传播，包括更多交易对和即将推出的 StableSwap 池。

Sam：Algorithmic stablecoins increase capital efficiency and create trustless mediums of exchange. Algorithmic coins are the first fully decentralized way to hold stable purchasing power without custodial risk. I think they will continue to be one of the most important parts of DeFi.

算法稳定币提高了资本效率，并创建了不信任的交易媒介。算法稳定币是第一种完全分散的方法，可以保持稳定的购买力而不会带来托管风险。我认为它们将继续成为 DeFi 最重要的部分之一。

James：Algorithmic stablecoins definitely need to be embedded in the crypto economy to realize their self-worth. At present, the market is mainly dominated by centralized stablecoins such as USDT.But with the stricter regulation, there must be room for algorithmic stablecoins in the future. Anti-censorship is the strength of the algorithmic stablecoin.

Some people doubts this as Ponzi, the reason comes from the scalability, no matter AMPL, ESD model of the single currency, or Mith, Frax, Pegs dual-currency model, has the scalability design. This design has two sides, although in the short term will give people the sense of Ponzi, but there's no denying it also greatly increase the user group of the algorithm stable coin. AMPL has proved that..

算法稳定币一定是需要嵌入到加密经济中才能实现它的自我价值。目前市场上主要是以 USDT 这样的中心化稳定币为主。但是随着监管的趋严，未来一定有算法稳定币的生存空间。抗审查是算法稳定币的强项。

对于 Ponzi 这样的质疑声音来说，我们认为这是算法稳定币的可伸缩性带来的，不管是 AMPL，ESD 这样的单币模型，还是 Mith，Frax，Pegs 这样的双币模型，都有可伸缩性的设计，这种设计具备两面性，尽管在短期内会给人 Ponzi 的感觉，但不可否认它也极大的增加了算法稳定币的用户群，这点在 AMPL 上得到了极佳的验证。

墨客：The supervision of USDT has always been a potential black swan risk. Although the applicability of algorithmic stablecoins has not been revealed in the short term, it is definitely worthy of long-term attention.

USDT 的监管一直是一个潜在的黑天鹅风险，虽然短期内算法稳定币的应用性还没有提现出来，但是绝对值得长期关注。

墨客：In the early stage of project operation, the way to attract users is mostly to give high APY to improve TVL. But after a period of time, the APY of liquid mining will inevitably decrease. In this case, how can we continue to attract external users to continue to follow the project?

在项目运行初期，吸引用户关注到项目的方式大多是给与高 APY 来提高 TVL。但一段时间后，流动性挖矿的 APY 必然会降低，在这样的情况下，该如何继续吸引外部的用户继续关注到项目？

SauR0n：Bootstrapping new DeFi projects through liquidity mining is a good way to get new projects off the ground. At MITH cash, our strategy revolves around generating new use-cases for MIC. We have many ambitious plans to make Mithril Cash as ubiquitous as USDC. However, our primary focus at this time is ensuring that MIC stays on peg and expands to a substantial circulating supply. We will then be in a much stronger position to develop and release new uses for MIC.

通过流动性挖掘引导新的 DeFi 项目是使新项目启动的好方法。使用 MITH Cash，我们的策略围绕为 MIC 生成新用例而展开。我们有许多雄心勃勃的计划，以使秘银现金像 USDC 一样广泛被使用。但是，我们目前的主要重点是确保 MIC 保持钉住并扩大到大量的循环供应。然后，我们将处于更加强大的位置，以开发和发布 MIC 的新用途。

Sam：We have one of the longest LP programs lasting around 3 years. By the time that 3 years is over, FRAX will either be larger than Tether and USDC or we will have to vote with governance how to create new LP programs. Tether and USDC don』t need any LP programs haha they are already the most liquid cryptos and I think FRAX could get close to it this year.

我们拥有最长的 LP programs，持续 3 年左右。到 3 年结束时，FRAX 可能会比 Tether 和 USDC 更大，或者我们将不得不与治理部门投票决定如何创建新的 LP programs。Tether 和 USDC 不需要任何 LP programs，因为它们已经是流动性最高的加密货币，我认为 FRAX 今年可能会接近。

墨客：How to solve the problem of algorithmic stablecoins returning to $1 after falling below $1. We are concerned that ESD and BAC have been below $1 for a long time. When we observed that many investors felt panic about the BAB『s 38 million redemption. And we also believe that a high premium pricing method such as BAB=BAC*BAC will generate more BAC circulation and cause market pressure. How to break this debt black hole when investors lose their confidence?

如何解决算法稳定币在低于 1 后重新回到 1 的问题，我们关注 ESD 与 BAC 已经长时间低于 1。当我们观察到很多投资者对 BAB 3800 万的兑付感觉很恐慌。而且我们也认为 BAB=BAC*BAC 这样的高溢价的定价方式，会产生更多的未来 BAC 流通，造成市场压力。失去投资者信心的时候，如何打破这种债务黑洞？

SauR0n：It is natural for investors to worry, given the price action we have seen in the space over the last few weeks. At MITH cash, we follow an iterative process that seeks to learn from industry experiences and we constantly adjust our protocol in order to make it more robust. With regards to debt issuance, we believe that the large number of bonds issued shows that investors have confidence in the protocol's ability to return to peg and expand again. It would be more concerning if there was no demand for bonds. Pricing is not the only issue here. We believe that tweaking our bond redemption mechanism and establishing a secondary market for bonds would alleviate many investors' concerns about the lack of exit liquidity once bonds are purchased.

鉴于过去几周我们在该领域看到的价格走势，投资者自然会担心。在 MITH Cash，我们遵循一个反复的过程，该过程试图从行业经验中学习，并且我们不断调整协议以使其更加强大。关于债务发行，我们认为发行的大量债券表明，投资者对议定书能够重回钉住并再次扩张的能力充满信心。如果没有债券需求，那将更加令人担忧。定价不是这里唯一的问题。我们认为，调整我们的债券赎回机制并建立债券二级市场可以缓解许多投资者对购买债券后缺乏退出流动性的担忧。

墨客：How to solve the problem of algorithmic stablecoins returning to $1 after falling below $1. Frax Finance's design is to guarantee redemption ability through the value of the collateral. The proportion of Algoithmic in Total Value is no longer small. If there is a crisis at this time that causes the prices of FRAX and FXS to fall, there will be panic and no one will use the recollateralize function, even if it is used, it will cause greater FXS selling pressure. At this time, there will be a problem of insufficient collateral, how to ensure that the FRAX price can be re-anchored to $1.

如何解决算法稳定币在低于$1 后重新回到$1 的问题。我们可以看到 Frax 的设计是通过质押品的价值来保证这种兑付能力。我们看到 Total Value 中 Algoithmic 的占比已经不小了。如果此时遇到危机导致 FRAX 跟 FXS 价格的下跌，那会出现恐慌导致没人使用 recollateralize 功能，即使使用了也是产生更大的 FXS 抛压。这个时候会出现抵押品不足的问题，怎么保证 Frax 价格可以重新锚定为$1.

Sam：So far after 3 weeks of launch, this has not happened a single time with FRAX so until it actually happens, in my opinion we don』t need to worry about it.

在启动 3 周后，到目前为止，FRAX 并没有发生过一次。因此，在实际发生之前，我认为我们不必担心。

墨客：We believe that in reasoning, no project party has proposed a solution to the negative rebase that we think is bright. This point has yet to be verified. Basis is undergoing this test, and we need to maintain continuous attention.

我们认为在推理上，目前并没有项目方提出让被我们觉得眼前一亮的解决死亡螺旋的问题。这点也待进行验证，Basis 正在经受这个考验，我们还需要保持持续关注。

墨客：In historical experience, most of the forks will fail, and we have also seen a large number of projects that imitate Basis have failed. MITH Cash and Pegs Cash as forks, what changes have been made to Basis Cash and Frax Finance. How did MITH Cash and Pegs Cash succeed?

在历史的经验中，大部分的仿盘会消亡，我们也看到大量模仿 Basis 的项目已经死掉。Mith 与 Pegs 作为仿盘，对 Basis 和 Frax 做了什么改变。Mith 与 Pegs 怎么保证自己可以活下来。

SauR0n：MITH Cash has forged our own path on our quest to become the One Algo Stable to Rule them All. Rapid iteration is key. Ideas are a dime a dozen, execution and speed differentiate winners from laggards.

MITH Cash 已迈出了自己的道路，力求成为一个统御所有的算法稳定币。快速迭代和创新是关键。执行力和速度使落后者脱颖而出。

Evolutions include:

- Seigniorage and Bond redemption threshold reduced to 1.01

- DAO fund is funded by just 1% of Seigniorage for a lean operation

- MIS stakers will now earn 20% of Seigniorage when bonds are outstanding.

- Time-weighted staking in the Boardroom has been voted on

- Giving MIS stakers additional rewards through a staking pool / community vault is being considered

演变包括：

-铸币税和债券赎回门槛降低至 1.01

-DAO 资金仅由铸币税的 1％进行精益运营

-当债券未偿还时，MIS 质押者现在将获得铸币税的 20％

-董事会对时间加权放样进行了投票

-正在考虑通过放样池/社区保险库为 MIS 质押者提供更多奖励

James：Thanks for the question. Fork is usual in the crypto world, and for the most occasions it's not going to be able to dislodge the status of inventor.

感谢提问，对于加密世界来说，Fork 不是问题，大部分情况下 Fork 无法撼动首创者的地位。

We were early players and supporters of Basis, MITH and FRAX.We've seen MITH』s grow, and we've seen MITH's speed in DAO governance and iteration, which may be the reason why it has recently outperformed Basis in the marketplace and community.We also hold a significant amount of FXS, and as Sam said, we were inspired by FRAX. We choose Frax because there was scare of selling from private investors in the early community. As Sams said, we were inspired by FRAX. This led us to the idea of doing a collage-based algorithmic stablecoin for a Fair Launch.

我们是 basis、mith 与 Frax 等项目的早期玩家与支持者。我们看到了 Mith 的成长，看到了 Mith 在 DAO 治理跟迭代上更快的相应速度，或许这是它最近在市场跟社区上优于 Basis 的原因。我们也持有了大量的 FXS，之所以会选择 frax，是因为我们在早期社区中感受到了私募投资者的抛售压力，这让我们产生了做一个 Fair Launch 的抵押型算法稳定币的想法。

At the same time, we also believe that the current economic model of FRAX does not effectively energize the share token, so we propose the design of dividend.We believe both Frax and PEGS are pioneering experiments in the great crypto economy. And the ultimate option is depending on the market.At the same time, we don't see Frax as a competitor. The collateral algorithmic stablecoin is a growing market that can accommodate enough players.

同时我们也认为 Frax 目前的经济模型没有有效的赋能股份代币，所以我们提出了分红的设计。不管是 Frax 还是 Pegs，都是在伟大的加密经济进行先行者实验。最终的选择权在市场。同时我们也不认为 Pegs 与 Frax 是竞争关系，抵押型算法稳定币是一个成长性的市场，可以容纳足够的玩家。

墨客：From the investor's point of view, we do not reject forks, but reject the proliferation of forks with no new ideas. At least during this time, MITH's overall performance is respectable, and PEGS has yet to be shown.

从投资人的角度出来，我们并不排斥仿盘，而是排斥泛滥没有新意的仿盘。至少这段时间 MITH 的整体表现是让人尊敬的，而 PEGS 还有待继续展现。

墨客：Are there any more open thinking for the design of algorithmic stablecoins?

对算法稳定币的设计，还有什么更开放的思考和设计吗？

SauR0n：At MITH cash, we try to find a balance between simplicity and robustness of the system. By starting with a fairly simplified protocol, we have built a strong foundation from which to launch the future MITH ecosystem. We definitely agree that there is room for improvement. As Andre tweeted recently, constant product AMMs are not ideal for stablecoin swaps. We're working on our own innovative design that we'll be sharing shortly. Great things are coming from MITH cash!

在 MITH Cash，我们试图在系统的简单性和健壮性之间找到平衡。从一个相当简化的协议开始，我们为启动未来的 MITH 生态系统奠定了坚实的基础。我们绝对同意，还有改进的空间。正如安德烈（Andre）最近在推特上说的那样，恒定产品 AMM 并不是稳定币互换的理想选择。我们正在研究自己的创新设计，不久将与大家分享。伟大的事情来自 MITH 现金！

Sam：Yes, Frax will be leading the way in fractional-algorithmic design a lot this year. We have many integrations in the pipeline and new features coming like a bond token and updated collateral options so that it is not just USDC.

是的，今年 Frax 将在分数算法设计中遥遥领先。我们正在筹划中进行许多集成，并引入了新功能，例如债券 token 和更新的抵押品期权，因此不仅仅是 USDC。

James：One of the things that we find interesting is that the demand for stablecoins is not just for dollars, but also for euros, yen, yuan, etc.These currencies do not have good crypto stablecoin products due to their size.For non - dollar asset investors to face the risk of exchange rate fluctuations.The framework of the collateral-based algorithmic stablecoin is suitable for solving this problem. We have that in our roadmap as well.

我们觉得一个比较有意思的地方是，其实稳定币的需求并不止美元，还有欧元，日元，人民币等。而这些货币因为体量的问题并没有很好的加密稳定币产品。而对于非美元资产投资者来说要面临汇率波动的风险。而抵押型算法稳定币的框架正适合解决这个问题，这也是我们的 Roadmap 里面规划的设计。

墨客：Thank you for sharing, I have benefited a lot. If users have questions, we have 10 minutes of free questioning time, and our staff will collect and translate them.

谢谢三位创始人的分享，受益匪浅。如果有用户有疑问，我们有 10 分钟的自由提问时间，我们的工作人员会收集并进行翻译。

【自由问答环节】

问：I want to ask MITH. MIC and BAC fell to less than $1 at the same time a few days ago. Now the price of MIC has been fixed, but BAC is still below $1. Some people think that it's Jeffery Huang's increasing positions and support that makes MIC community regain confidence. If Jeffery doesn't want to play one day, will MIC crush?

请问下 MITH，MIC 和 BAC 前几天同时跌到 1 美金以下，现在 MIC 的价格已经修复了，但 BAC 仍在 1 以下。有人认为这是 Jeffery Huang 不断加仓和护盘才让 MIC 社区重拾信心，那如果某天 Jeffery 不想玩了，MIC 会不会崩盘？

SauR0n：I cannot comment on Machi's position because I'm not monitoring his wallets. However, it is true that we have major community members increasing position and new community members joining taking up new positions, which results in a strong peg of our MIC to $1.

我不能评论 Jeffery 的仓位，因为我没有监视他的钱包。但是，我们的主要社区成员的仓位也在不断上升，新社区成员也在不断的加仓，这才使得我们的 MIC 能与 1 美元保持挂钩。

问：May I ask Sam, I really like Frax's design, especially the sentence: "Let the market choose the share of algorithmic stablecoins", do you have any plans to further increase Frax's market demand? Cause most value of FXS is from FRAX market demand:).

请问 Sam，我非常喜欢 Frax 的设计，尤其是让那句：「让市场来选择算法稳定币的份额」，请问你们有进一步提高 Frax 市场需求的计划吗？

Sam：Yes, we want to get help from community members to increase our integration with other defi dapps. If you are in the FRAX community and hold FXS, help the project get listed on your favorite defi platforms because that is how we expand.

是的，我们希望获得社区成员的帮助，以加强与其他 defi Dapps 的集成。如果您在 FRAX 社区并持有 FXS，请帮助该项目在您喜欢的 Defi 平台上提及 Frax，因为这就是我们扩展的方式。

问：Hello Sam, I'm a loyal user of FRAX and have been participating in FRAX project since the beginning. But during this process, I found that many of centralized parts of FRAX, such as the price Oracle is constantly changing, the collaborative ratio can be directly modified by the contract creator, and the functions of gevernance and DAO on the web page are actually not open. When will FRAX give these permissions to the community?

你好 Sam，我是 FRAX 的忠实用户，从一开始就在参与 FRAX 项目。但这个过程中我发现很多 FRAX 比较中心化的地方，比如预言机的价格来源不断在变化，Collateral ratio 可以通过合约创建者直接修改，以及网页上的 Gevernance 和 DAO 的功能实际上没有开放。想问下 FRAX 什么时候才会把这些权限给社区？

Sam：We are actually going to renounce ownership of keys as soon as enough FXS is emitted to make governance actions on the governance module. We also have set up a https://snapshot.page/#/frax.eth to allow for governance voting on important parameters. Right now, we have a bit of team control since we are not anon but after a few weeks, we will fully move over to the governance voting mechanism only+timelock.

实际上，一旦 mint 出足够多的 FXS 以对治理模块进行治理操作，我们就会放弃密钥的所有权。我们还设置了一个 https://snapshot.page/#/frax.eth，以便对重要参数进行治理投票。现在，我们有一些团队控制权，因为我们还没来得及，但过了几周，我们将完全过渡到社区治理投票机制（时间权重投票治理模式）。

问：Hey, guys, do you think that with more and more severe supervision, is it possible to bypass supervision to a certain extent by using algo stablecoins?

请问下各位嘉宾，你们认为在监管越发严峻的当下，用算法稳定币是否可以一定程度上绕开监管？

Sam：100% yes, another way I like to think about algorithmic stablecoins is "trustless mediums of exchange"

100％，我认为算法稳定币的另一种模式就是「无需信任的交换媒介」

SauR0n：Sam is right: By definition, algo stables are in themselves trustless mediums of exchange

Sam 是对的：根据定义，算法稳定区本身就是不信任的交换媒介

James： Compared with the centralized stablecoin, the biggest advantage of algorithmic stablecoin is that it does not rely on any centralized institution to issue.

Anti-censorship is its biggest feature. Big reason for this algorithmic stablecoin explosion is that people have become less trust of institutions and more trust of math itself.

与中心化的稳定币相比，算法稳定币的最大优势在于它不依赖任何集中式机构来发行。抗审查是它的最大特色。这种算法稳定币爆炸的主要原因是人们对机构的信任度降低了，对数学本身的信任度提高了。

问：A year later, if MIC has not found a wide range of application scenarios, and the liquidity mining of MIS is finished, what will be done then?

一年后，如果 MIC 还没有找到广泛的应用场景，同时流动性挖矿 MIS 又挖完了，届时怎么办？

SauR0n：Finding application scenario is the easy part. Once you're able to prove consistent reliable peg, application will come. 1 year is the time we have set for the project to achieve consistent peg.

实现其他得到应用程序场景很容易。只要您能够证明你能维持 MIC 的稳定，那么应用就来了。我们为 Mith cash 设定的目标是实现时间为 1 年的稳定挂钩。

问：Will digital RMB(DCEP) have an impact on stable currency?

数字人民币会对稳定币造成冲击吗？

SauR0n：For sure, anything related to the Chinese economy will have major global impact. This is The Economy that the world is watching. How it will impact stable currency remains to be seen.

当然，任何与中国经济有关的事情都会对全球产生重大影响。这就是全世界都在关注的经济。但它将如何影响稳定币的发展仍有待观察。

Sam: I really like how the digital RMB has a lot of promising use cases. I think it will lead the way in many parts of finance. I actually think it is a brilliant move to create it. But overall, I think there is great use for FRAX as well as digital RMB together even domestically in the PRC since they have entirely different use cases and denominations. I think they are symbiotic and help each other's value overall.

我真的很喜欢数字人民币有很多有希望的用例。我认为它将在金融的许多领域起主导作用。我实际上认为创建它是一个绝妙的举动。但是总的来说，我认为 FRAX 和数字人民币在中国会有很大的用途，因为它们的用例和面额完全不同。我认为它们是共生的，可以在整体上帮助彼此的价值。

James : I agree with Sam that this is a good move. To some degree, I think centralization and algorithmic stablecoins will co-exist. In particular, the native DeFi stablecoin usage scenario will definitely be the home field of algorithmic stablecoin in the future.

我同意 Sam 的看法，这是一个很好的举措。在某种程度上，我认为中心化和算法稳定币将共存。特别是 DeFi 稳定币的本土使用场景，必将成为算法稳定币未来的主战场。

问：A simple question to ask FRAX: why not use USDC directly, but use FRAX which mainly depends on USDC pledge?

一个简单的问题问 frax：为什么不直接使用 USDC，而要使用主要依靠 USDC 质押的 frax？

Sam：Because FRAX is not completely backed by USDC. It is only 85% backed right now. Maybe next month it is only 65% backed. In 3 months maybe it could be 40% etc to 0%...and after a long time of FRAX usage it could be almost entirely algorithmic, private, and trustless stablecoin that is more stable than other algorithmic tokens that started at 0%.

因为 FRAX 并非完全由 USDC 支持。目前仅支持 85％。也许下个月只有 65％的人支持。在 3 个月内，可能是 40％到 0％... 并且在长时间使用 FRAX 之后，它可能完全是算法化的，私有和无需信任的稳定币，比其他以 0％开始的算法代币更稳定。

问：Thank you all for the fantastic sharing! May I ask @JamesKarn that with the involvement of seigniorage for every pegs, how can we provide the pegs cash to be declined under $1?

谢谢大家的精彩分享！我可以问下 @JamesKarn，由于每个 PRGS 都带有铸币税，我们如何才能将钉子现金减少到 1 美元以下？

James : In theory the PUSD was worth $1, but in times of market panic the PUSD could reach $0.9, in which case clever users could make an arbitrage by buying the PUSD and making a profit of 0.1U.The act of buying will drive 1PUSD=1USD

理论上，PUSD 的价值为 1 美元，但在市场恐慌时期，PUSD 可能达到 0.9 美元，在这种情况下，聪明的用户可以通过购买 PUSD 并获利 0.1U 进行套利。购买行为将推动 1PUSD = 1USD

墨客：好的，辛苦三位创始人了。我们稍后会整理今天的 AMA 发在 Blockark 的微博/推特上。

墨客：对算法稳定币有疑问的也可以群里发出来跟我讨论。整体来说，我们最近 1 个月在算法稳定币的投资还是非常成功的。不管是在 Basis、mith 还是 Frax 上，都要不错的回报，并且几个明显的大坑都避过了。

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