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https://opensea.io/collection/dev-21
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Chris
@piffie
Every major stablecoin is a confidence game: → Fiat-backed (USDC, USDT) Trust in reserves. What happens when access is restricted? → Algorithmic (LUNA/UST) Trust in models. We saw how that ended. → Hybrid (DAI, Frax, GHO) Trust in collateral balancing. The hardest model to scale. MakerDAO pivoted from pure decentralization to RWA-backed reserves. Frax blends collateral with algorithmic controls. GHO is Aave’s attempt to integrate borrowing mechanics. The problem is that no one has cracked true, independent stability yet. Most designs still rely on centralized assets, governance intervention, or market reflexivity. Stablecoins are DeFi’s foundation. If they aren’t robust, nothing built on them is.
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