Based on the characteristics of decentralized stablecoins that have appeared in the crypto market so far, we can work out the paradigm for evaluating a kind of decentralized stablecoins, which takes stability, scalability and capital efficiency into account.

Stability is the cornerstone of a kind of decentralized stablecoins, which identifies whether the decentralized stablecoins can be pegged to the target price and remain stable.

Scalability means whether decentralized stablecoins can continuously expand circulation scale rapidly. Only decentralized stablecoins that achieve a certain level of circulation and scalability can be widely applied.

Capital efficiency refers to the cost of capital needed as value support or collateral for stablecoins to achieve a certain scale. A kind of successful decentralized stablecoins must strive to continuously improve its capital efficiency, thereby expanding its scale at low costs.

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