{"id":4445,"date":"2022-05-19T11:16:16","date_gmt":"2022-05-19T03:16:16","guid":{"rendered":"https:\/\/blog.btse.com\/?p=4445"},"modified":"2023-03-07T07:46:57","modified_gmt":"2023-03-07T07:46:57","slug":"the-great-algorithmic-stablecoin-experiment","status":"publish","type":"post","link":"https:\/\/www.btse.com\/blog\/the-great-algorithmic-stablecoin-experiment\/","title":{"rendered":"The Great Algorithmic Stablecoin Experiment"},"content":{"rendered":"<p><em><span style=\"font-weight: 400;\">Written by Antonio Liao, Researcher at BTSE<\/span><\/em><\/p>\n<p><b>At a Glance:\u00a0<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><span style=\"font-weight: 400;\">The popularity of stablecoins has given rise to algo stablecoins, a decentralized variation that operates completely on-chain and maintains its peg through supply- and demand-driven algorithms. <\/span><\/b><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Despite being a popular alternative to collateralized stablecoins, the Terra debacle and previous failed projects have brought the risks and vulnerabilities of algo stablecoins to light. <\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">The collapse of UST and LUNA has validated concerns over the sustainability and reliability of collateral-free algo stablecoins. <\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">However, the future of algo stablecoins is not all grim, as the DeFi community continues to search for decentralized and capital-efficient crypto-native stablecoins.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><b>The Stablecoin Ecosystem\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">To understand what algorithmic (algo) stablecoins are, let\u2019s first take a step back and familiarize ourselves with the stablecoin ecosystem.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Stablecoins, whose values are pegged to the price of an underlying asset such as a fiat currency or tangible commodity, do not fluctuate as significantly as other crypto assets in price. Today, there are four main types of stablecoins &#8212; fiat-collateralized, crypto-collateralized, commodity-collateralized, and algorithmic stablecoins &#8212; that offer beginner and veteran crypto investors a seamless segue between fiat and crypto assets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As crypto adoption grows in popularity, we have seen a proliferation of stablecoin projects in the DeFi space, given the price stability and lower barrier of entry. The top three stablecoins to date by market cap, Tether (USDT), USD Coin (USDC), and Binance USD (BUSD), are all USD-pegged.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, the skyrocketing <\/span><a href=\"https:\/\/www.coindesk.com\/layer2\/2022\/03\/07\/why-stablecoin-interest-rates-are-so-damn-high\/\"><span style=\"font-weight: 400;\">demand<\/span><\/a><span style=\"font-weight: 400;\"> for stablecoins by DeFi platforms, centralized exchanges, and crypto investors also contributes to much higher interest rates than those on actual dollars.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Noteworthily, with more stablecoin projects and holders than ever, the utilities for stablecoin have also <\/span><a href=\"https:\/\/medium.com\/stably-blog\/top-use-cases-and-benefits-of-stablecoins-4f1ceab57d00\"><span style=\"font-weight: 400;\">expanded into areas<\/span><\/a><span style=\"font-weight: 400;\"> of payment, settlement, remittance, and escrow.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While collateralized stablecoins have contributed significantly to the rising popularity of crypto, their intrinsic shortcomings have given rise to a unique breed of stablecoin known as algorithmic stablecoins.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>What Are Algo Stablecoins\u00a0\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Unlike its off-chain collateralized stablecoin predecessors, an algo stablecoin runs on algorithms to maintain the peg to its reference asset (i.e. 1 UST = 1 USD). That said, an algo stablecoin does not need any collateral and is supposed to be more decentralized and \u201ctransparent\u201d than a collateralized stablecoin.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a nutshell, the on-chain algorithm that an algo stablecoin runs on ensures its value is pegged to a fiat currency by regulating the supply and demand mechanism in the market. Usually, the supply and demand are regulated through the relationship (most of the time through burning and minting) between the stablecoin (i.e. UST) and its backing token (i.e. LUNA).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The case in point is Terra\u2019s UST and LUNA, the algo stablecoin that worked until it didn\u2019t. The relationship of the two tokens used a <\/span><a href=\"https:\/\/docs.terra.money\/docs\/learn\/protocol.html\"><span style=\"font-weight: 400;\">burn and mint mechanism<\/span><\/a><span style=\"font-weight: 400;\">, meaning the minting of a UST required a LUNA to be burnt, and vice versa. The burn constringed the supply of the given token, driving its upward price pressure. Since $1 UST can only be redeemed for $1 of LUNA, should UST dips below $1, the trader could burn 1 UST and be paid to do so with $1 of LUNA. In doing so, the trader could pocket the difference between UST and LUNA on arbitrage.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the biggest appeals for investors to hold UST is to earn an interest rate of as high as 20% by depositing UST in Terra\u2019s lending and borrowing protocol &#8211; Anchor Protocol. Two weeks before the collapse, roughly <\/span><a href=\"https:\/\/decrypt.co\/100402\/how-terra-ust-luna-imploded-crypto-crash\"><span style=\"font-weight: 400;\">72% of all UST<\/span><\/a><span style=\"font-weight: 400;\"> in circulation was locked up in Anchor.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>How Algo Stablecoins Fit in the Picture<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Now, you might wonder if the primary purpose of a USD stablecoin is to peg its value to that of the US dollar, then doesn\u2019t it make more sense to have the actual US dollar as collateral instead of depending on some algorithm?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To answer the question, we must understand the risks and perhaps controversies associated with collateralized stablecoins. First, the centralized nature of these collateralized stablecoins has made them susceptible to regulatory, censorship, and counterparty risks that can directly affect the value and security of the reserve.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Second, what makes algo stablecoins even more enticing is some of the collateralized stablecoin issuers<\/span><a href=\"https:\/\/www.coindesk.com\/policy\/2022\/03\/31\/newly-introduced-bill-aims-to-bring-transparency-to-the-stablecoin-marketplace\/\"><span style=\"font-weight: 400;\"> have not been particularly forthcoming<\/span><\/a><span style=\"font-weight: 400;\"> about their fiat and other financial reserves. Such reservation has been fueling speculation and distrust toward some major collateralized stablecoins.\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lastly, the lack of capital efficiency often troubles fiat- and crypto-collateralized stablecoins, which means that the more stablecoins issued, the more collateral will be needed to back the peg.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even so, regardless of the model of any algo stablecoin, it is essentially an intermediary-free and inflation-proof asset, meaning that algo stablecoins, if successful, offer what the DeFi community has been longing for.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The lucrative earning opportunity coupled with a bright prospect eventually made UST the third-largest stablecoin by market cap in its heyday.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>But Nothing Is Perfect\u2026<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">However, as promising as algo stablecoins may seem, the project has seen its fair share of failures and, of course, controversies, too. The UST collapse, once again, brought algo stablecoins under the spotlight, raising questions over the stability of stablecoins alike.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Looking back on the history of algo stablecoins, there is no shortage of <\/span><a href=\"https:\/\/fortune.com\/2022\/04\/19\/what-are-algorithmic-stablecoins\/\"><span style=\"font-weight: 400;\">failed projects<\/span><\/a><span style=\"font-weight: 400;\">. From TITAN\u2019s crash to Basis Cash\u2019s explosion, many critics associate algo stablecoins with get-rich-quick Ponzi schemes, claiming that algo stablecoins will never work and are <\/span><a href=\"https:\/\/www.coindesk.com\/layer2\/2022\/05\/16\/ust-wont-be-the-end-of-algorithmic-stablecoins\/\"><span style=\"font-weight: 400;\">\u201cperpetually vulnerable\u201d<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For as long as UST had worked, Terra and UST were used as the prime case to counter the Ponzi scheme allegation since the Terra ecosystem, unlike TITAN, offered investors the purpose to hold UST and use it for DeFi products and services. However, the UST collapse proves again that concerns over algo stablecoins are not unwarranted.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The UST collapse epitomized that the decentralized nature of algo stablecoins is a double-edged sword. Since algo stablecoins are uncollateralized, they rely on market expectations and the arbitrage mechanism to keep UST and LUNA\u2019s valuations afloat and therefore maintain the stablecoins\u2019 peg to the reference assets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As we see from past cases and the UST collapse, the reliance on investor confidence and demand can be dangerous, as it is <\/span><a href=\"http:\/\/www.wakeforestlawreview.com\/2021\/10\/built-to-fail-the-inherent-fragility-of-algorithmic-stablecoins\/\"><span style=\"font-weight: 400;\">susceptible to runs and death spirals<\/span><\/a><span style=\"font-weight: 400;\"> during a crisis in confidence.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What we saw in the past week has shown how LUNA&#8217;s drop in value caused a general panic over a potential UST depeg, leading to a bank run on UST. Due to UST and LUNA\u2019s burn and mint mechanism, more LUNA were minted, further driving down its value, and the entire cycle replayed itself as the so-called \u201cdeath spiral.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">UST was not the only algo stablecoin that is prone to \u201cherd-like\u201d sell pressure, as other stablecoins such as FRAX and USDN operate on similar models and are equally uncollateralized and vulnerable to speculative attacks.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>What\u2019s Next for Algo Stablecoins\u00a0\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Some have argued that the UST collapse is the final nail in the coffin for algo stablecoins, and the great algo stablecoin experiment has had a good run but to no avail. However, DeFi projects have come and gone, and many have withheld market and psychological stress tests despite early hiccups. As for algo stablecoins, only time will tell if they are a viable long-term solution.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, the implications of the UST collapse extend well beyond the financial loss, as the ripple effects are going to set the tone for regulatory and institutional discourse for stablecoins. As a matter of fact, the US, Korea, UK, Singapore, and several other countries are now <\/span><a href=\"https:\/\/www.coindesk.com\/markets\/2022\/05\/15\/first-mover-asia-singapores-regulators-will-be-eyeing-local-crypto-companies-after-terra-collapse-bitcoin-rebounds\/\"><span style=\"font-weight: 400;\">ramping up regulatory efforts<\/span><\/a><span style=\"font-weight: 400;\"> targeting stablecoins.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While Terra and Do Kwon may be out of the picture, it does not necessarily mean algo stablecoins are dead. Given the burgeoning interest in decentralization and intensifying regulatory scrutiny, \u201ccrypto-native\u201d algo stablecoins still offer an enticing option for the DeFi community. At the end of the day, algo stablecoins are dubbed the \u201choly grail\u201d of crypto for a reason.<\/span><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><i>Our aim is to create a platform that offers users the most enjoyable trading experience. If you have any feedback, please reach out to us at\u00a0<\/i><a href=\"mailto:feedback@btse.com\"><i>feedback@btse.com<\/i><\/a><i> or on Twitter @BTSE_Official.<\/i><\/p>\n<p class=\"p1\"><i><span style=\"font-weight: 400;\">Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Written by Antonio Liao, Researcher at BTSE At a Glance:\u00a0 The popularity of stablecoins has given rise to algo stablecoins, a decentralized variation that operates completely on-chain and maintains its peg through supply- and demand-driven algorithms. Despite being a popular alternative to collateralized stablecoins, the Terra debacle and previous failed projects have brought the risks [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5732,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10],"tags":[],"class_list":["post-4445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Great Algorithmic Stablecoin Experiment &#8212; BTSE Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.btse.com\/blog\/the-great-algorithmic-stablecoin-experiment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Great Algorithmic Stablecoin Experiment\" \/>\n<meta property=\"og:description\" content=\"Written by Antonio Liao, Researcher at BTSE At a Glance:\u00a0 The popularity of stablecoins has given rise to algo stablecoins, a decentralized variation that operates completely on-chain and maintains its peg through supply- and demand-driven algorithms. 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