论文标题
Stablecoins 2.0：经济基础和基于风险的模型
Stablecoins 2.0: Economic Foundations and Risk-based Models
论文作者
论文摘要
稳定币是资本最广泛的加密货币类型之一。但是，它们的风险根据他们的设计而有很大差异，并且常常被鲜为人知。我们试图为Stablecoin理论提供一个合理的基础，并具有基于风险的稳定结构的功能表征。首先，我们将现有的经济模型与不同的托管系统集相匹配。接下来，我们表征了非习惯稳定剂中出现的独特风险，并开发了一个模型框架，该框架将现有模型从经济学和计算机科学中统一起来。我们进一步讨论了该建模框架如何适用于广泛的加密经济系统，包括跨链协议，抵押贷款和分散交换。这些独特的风险产生了未解决的研究问题，这将构成未来分散财务研究的研究症结。
Stablecoins are one of the most widely capitalized type of cryptocurrency. However, their risks vary significantly according to their design and are often poorly understood. We seek to provide a sound foundation for stablecoin theory, with a risk-based functional characterization of the economic structure of stablecoins. First, we match existing economic models to the disparate set of custodial systems. Next, we characterize the unique risks that emerge in non-custodial stablecoins and develop a model framework that unifies existing models from economics and computer science. We further discuss how this modeling framework is applicable to a wide array of cryptoeconomic systems, including cross-chain protocols, collateralized lending, and decentralized exchanges. These unique risks yield unanswered research questions that will form the crux of research in decentralized finance going forward.
