Cake Wallet представил децентрализованный стейблкоин dEURO с доходностью 10% по залогу

cryptonews.ruPublicado em 2025-04-04Última atualização em 2025-07-04

Во вторник кошелек Cake Wallet расширил линейку продуктов, добавив децентрализованный стейблкоин dEURO, привязанный к евро. Это решение предоставляет пользователям новый способ работать с цифровыми активами, деноминированными в европейской валюте.

Особенность dEURO заключается в избыточном обеспечении другими криптовалютами, такими как биткоин и Monero (XMR). Для выпуска стейблкоина пользователям необходимо внести залог в виде цифровых активов, стоимость которого превышает номинал создаваемых токенов.

Как пояснили разработчики dEURO, избыточное обеспечение служит защитой от девальвации. Система также включает механизм автоматической ликвидации, который активируется при падении коэффициента обеспечения ниже установленного уровня.


Схема процесса выпуска dEURO. Источник: dEURO

По данным Cake Wallet, пользователи могут получать 10% годовых от залоговых активов, сохраняя при этом доступ к своим средствам. Доход формируется за счет комиссий за стабильность, которые платят эмитенты стейблкоина и которые направляются в резервный пул.

Этот подход не только поддерживает стабильность курса dEURO, но и позволяет владельцам криптовалют получать ликвидность, не продавая свои активы. Пользователи могут создавать токены, привязанные к евро, используя свои цифровые активы в качестве обеспечения.

Проблемы децентрализованных стейблкоинов

Децентрализованные и алгоритмические стейблкоины представляют собой перспективное направление, соответствующее идеалам криптосообщества. Однако эксперты отмечают существенные риски, связанные с подобными активами, указывая на многочисленные случаи потери привязки к базовому активу.

Наиболее резонансным стал крах экосистемы Terra-LUNA в мае 2022 года, когда алгоритмический стейблкоин UST потерял привязку к доллару. Механизм его работы предполагал сжигание токенов LUNA для выпуска UST по фиксированному курсу.

Теоретически арбитражные операции должны были поддерживать стабильность курса. Однако значительная часть спроса на UST обеспечивалась платформой Anchor Protocol, предлагавшей 20% годовых по депозитам. Массовый отток средств с платформы привел к обвалу UST до $0,01.


Обвал курса стейблкоина UST экосистемы Terra. Источник: CoinMarketCap

В отличие от UST, такие стейблкоины как DAI и dEURO используют модель избыточного обеспечения. Однако и этот подход не гарантирует абсолютной защиты.

Даже традиционные стейблкоины, обеспеченные долговыми обязательствами США и банковскими депозитами, не застрахованы от потери привязки. Ярким примером стал случай с DAI в марте 2023 года, когда временная девальвация USDC (использовавшегося в качестве залога) привела к отклонению курса DAI от целевого значения.

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