本文来自《Reconciling the two opposing paths for Decentralized Stablecoins》《PureDai: Returning to the ideological roots of Dai》
Original author: Rune Christensen
Compiled by: Odaily Planet Daily Husband
This article combines two articles by Rune Christensen, the founder of MakerDAO, on the future expansion of Dai. Starting from the trilemma of stablecoins, this article explains how Dai can achieve two-way "guidance" in the Endgame transformation plan, namely the two new brands of decentralized and centralized stablecoins - NewStable (the specific name has not been released) and PureDai. The specific development plans of the two different brands are also disclosed.
The following is the original text of the two articles related to the development direction of Dai, compiled and integrated by Odaily Planet Daily.
When the Dai plan began to expand, it faced two problems in the development of stablecoins: whether it could be rooted in the pure decentralized culture of cryptocurrency, and how to achieve the original intention of Dai - large-scale adoption. However, these two directions are inherently conflicting, as described in the stablecoin trilemma, that is, it is impossible to achieve a dollar peg, maintain pure decentralization, and scale at the same time.
MakerDAO: Since a single-brand stablecoin cannot solve the trilemma, let’s launch two brands
MakerDAO believes there are two main paths to solving the stablecoin trilemma: prioritizing utility and scale and taking a purely decentralized path.
Prioritizing Utility and Scale: This option includes USD peg and Real World Asset (RWA) collateralization, which requires integration with traditional finance (TradFi) and alignment with real-world entities.
Take the purely decentralized path: This path requires the complete abandonment of centralized control and a strict reliance on decentralized collateral. While conventional wisdom holds that achieving significant growth is more difficult when decentralization is prioritized, the Maker community has long believed that this approach has potential and that there is demand for this type of stablecoin.
Dai’s transition to a dual stablecoin solution should be a gradual, cautious process that will likely take several years to complete.
In the future, NewStable will inherit most of Dai's use cases and will focus on mass-market adoption and real-world asset support that meets regulatory requirements, while maintaining a degree of decentralization to ensure the transparency, resilience, and checks and balances of the stablecoin system.
At the same time, Maker will offer a second purely decentralized stablecoin, called PureDai, for users who prefer a purely decentralized vision.
From the perspective of MakerDAO’s choice in the face of the stablecoin trilemma, stablecoins need to be expanded on a large scale and introduced to new users, which must be linked to real-world fiat currencies, but at the same time, decentralization will be greatly weakened. Therefore, MakerDAO found that these two solutions use two stablecoin brands to fully cover the different needs faced in the stablecoin trilemma.
NewStable caters to regulation
NewStable will be the primary successor to Dai, focused on growth, yield, and security. NewStable will follow Dai's trajectory, focusing on utility and adoption, and all features will be tailored around this goal. NewStable will be a decentralized stablecoin, achieved by making its governance and infrastructure as secure and transparent as possible.
Freeze Functionality: To ensure that NewStable can safely reach global scale, it will eventually be upgraded to have a freeze functionality similar to other major RWA-backed stablecoins. The freeze functionality will not be implemented at launch of NewStable, but the token will be upgradeable so that it can be implemented later via a governance vote.
Dai’s Liquidity and Integration Backend: Dai will continue to operate as it currently does, and if in doubt, Dai users can continue to hold their Dai. NewStable will take over Dai’s RWA and TradFi integrations, deepening and improving these integrations and making them more robust over time through its resilient and decentralized governance processes and transparent infrastructure.
Regarding the specific details of NewStable, Odaily Planet Daily has previously reported that for details, please see "The Self-rescue Path of Old DeFi Projects, Analysis of MakerDAO Endgame Transformation Plan"
PureDai focuses on decentralization
PureDai aims to achieve the idealized version of Dai that many Maker community OGs and broader Ethereum cypherpunk idealists desire. The changes brought about by Endgame, along with the specific development needs of NewStable, mean that this vision can now be achieved without compromise.
PureDai aims to create a truly decentralized stablecoin that relies entirely on decentralized collateral and extreme decentralized measures. Its main features are: free floating target price, highly decentralized collateral, maximally decentralized oracles, PureDai's governance token economics, permanent issuance to the PureDai treasury, PureDai governance token burning engine and backing, and SubDAO linkage.
Free float target price
PureDai uses a free-floating peg mechanism because it cannot rely on RWA to maintain its peg to the dollar. Negative interest rates may be necessary to ensure price stability. This mechanism is similar to stablecoins such as RAI and HAI that prioritize decentralization.
Existing Dai users can choose to upgrade their Dai to PureDai if they like the extreme resilience and decentralization it achieves through uncompromising design tradeoffs. Advanced stablecoins like LUSD attempt to achieve a rough peg to the USD without the need for a free-floating target price, and PureDai may borrow from these innovations, but a free-floating peg is always a possibility and should be the default option that users expect in the long term.
Highly decentralized collateral
PureDai currently plans to use only ETH and stETH as collateral in the early stages. ETH is considered the ultimate decentralized collateral, and stETH improves economic efficiency through Lido's decentralized infrastructure. PureDai's minimal governance will be able to delist stETH when necessary, and may list other liquid collateral ETH tokens that meet PureDai's high standards.
PureDai will launch a DeFi lending platform to maximize the amount of PureDai generated.
Maximally decentralized oracles
PureDai needs to maintain liquidity in three AMM pools: ETH/PureDai, stETH/PureDai, and NewStable/PureDai. A portion of the PureDai protocol's surplus income will be introduced into these three AMM pools to ensure that they grow over time in the system. The ETH and stETH AMMs are used to generate time-weighted oracle prices for collateral prices in system liquidation calculations. The NewStable/PureDai AMM is used to determine the target interest rate.
PureDai’s governance token economics
PureDai will have its own governance token with an initial supply of 2 billion PureDai governance tokens. The initial supply will be distributed to NewStable stakers on the Ethereum mainnet over 5 years. PureDai will not be a SubDAO as its own governance infrastructure will be completely independent of MakerDAO.
The initial distribution of PureDai governance tokens helps ensure that Maker’s incentives remain aligned as they build and launch PureDai, and that ownership of PureDai governance tokens is very widely distributed with no barriers to entry.
Permanently issued to the PureDai Treasury
Providing perpetual issuance to borrowers who use PureDai vaults to expand PureDai supply could potentially support higher PureDai demand and growth without the need for a negative target rate. This mechanism means that all PureDai vaults will have two options: one where users only pay the normal stability fee, and another where they pay a higher stability fee but receive PureDai governance tokens in return.
PureDai Governance Token Burning Engine and Backing
PureDai will use the surplus to accumulate, market-make, and burn PureDai governance tokens. If bad debts from failed liquidation auctions exceed the amount of PureDai accumulated in the PureDai surplus buffer, new PureDai governance tokens will be issued to attempt to re-capitalize the system.
Linking with SubDAO
The SubDAO ecosystem will be well suited to becoming a user of PureDai and building applications on top of it to ensure it has enough legitimate use cases and to take advantage of the arbitrage opportunities that arise in such a system. Spark could play an important role in the growth and efficiency of PureDai.
PureDai will likely be launched after the first three SubDAOs are launched, but the exact order and timing are subject to change. By introducing PureDai, the Maker community will be able to provide a truly decentralized, resilient, and simple stablecoin product.
Summarize
After PureDai launches, Dai users will have two complementary options: upgrade Dai to NewStable to take advantage of its USD peg and yield features, or upgrade Dai to PureDai to enjoy the benefits of its fully decentralized collateral. Ultimately, it is expected that Dai will be completely deprecated, with all Dai users and integrations migrating to NewStable or PureDai.
MakerDAO’s launch of the dual stablecoin project will not only achieve current growth and revenue goals, but also ensure that the core value of decentralization is continued and strengthened in future stablecoin solutions. This process will be a journey full of challenges but also full of opportunities.
