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‎‎Introduction ‎ ‎Stablecoins are one of the most important innovations in DeFi, yet they’re also one of the most misunderstood. ‎ ‎After completing the DeFi Stablecoins 101 course on Mighty Academy, I finally understood how decentralized stablecoins maintain stability without central control. This article breaks down the key lessons, focusing on DAI and MakerDAO, in simple, beginner-friendly terms. ‎ ‎What Are Decentralized Stablecoins? ‎ ‎Decentralized stablecoins are cryptocurrencies designed to maintain a stable value — usually pegged to $1 — while operating entirely on blockchain networks through smart contracts. ‎ ‎They aim to combine the benefits of crypto (borderless, programmable, transparent) with the price stability of traditional currencies. ‎ ‎Why Stablecoins Are Essential in DeFi ‎ ‎Crypto markets are volatile. Stablecoins provide: ‎ ‎A stable medium of exchange ‎ ‎Liquidity for trading ‎ ‎A base currency for lending and borrowing ‎ ‎A store of value during market swings ‎ ‎ ‎Without stablecoins, DeFi cannot function effectively. ‎ ‎Types of Decentralized Stablecoins ‎ ‎The course explained three major models: ‎ ‎1. Crypto-backed ‎ ‎Backed by other cryptocurrencies held as collateral. ‎Example: DAI, backed by assets like ETH through overcollateralization. ‎ ‎2. Algorithmic-backed ‎ ‎Supply is adjusted algorithmically based on market demand, without direct collateral. ‎ ‎3. Asset-backed ‎ ‎Backed by real-world assets such as fiat or commodities held in reserves. ‎ ‎Each model balances decentralization, stability, and risk differently. ‎ ‎Transparency & Smart Contracts ‎ ‎Decentralized stablecoins rely on smart contracts for issuance, redemption, and stability mechanisms. ‎ ‎All transactions are recorded on-chain, allowing anyone to verify: ‎ ‎Collateral backing ‎ ‎Minted supply ‎ ‎System health ‎ ‎ ‎This transparency reduces counterparty risk and increases trust. ‎ ‎MakerDAO and DAI Explained ‎ ‎MakerDAO operates on Ethereum and supports two main tokens: ‎ $DAI ‎ — a stablecoin pegged to $1 ‎ $‎MKR — a governance token ‎ ‎ ‎MakerDAO functions as a Decentralized Autonomous Organization (DAO), where MKR holders vote on key parameters such as collateral ratios and stability fees. ‎ ‎DAI was launched in November 2019 and is designed to remain stable while being fully decentralized. ‎ ‎How DAI Is Minted (The Pawnshop Analogy) ‎ ‎Minting DAI is similar to using a pawnshop: ‎ ‎Instead of selling your crypto, you lock it as collateral in a Maker Vault and borrow DAI against it. ‎ ‎For example: ‎ ‎Deposit $150 worth of ETH ‎ ‎Mint up to $100 DAI (150% collateral ratio) ‎ ‎ ‎To retrieve your collateral, you repay the DAI plus a stability fee, which acts like interest. ‎ ‎Key Maker Mechanisms ‎ ‎Collateral Ratio: Determines how much DAI can be minted ‎ ‎Stability Fee: Cost of borrowing DAI ‎ ‎DAI Savings Rate (DSR): Earn interest by holding DAI ‎ ‎Liquidation Penalty: Triggered if collateral ratio falls too low ‎ ‎ ‎These mechanisms help keep DAI pegged to $1. ‎ ‎Risks & Black Swan Events ‎ ‎The course also covered extreme scenarios, known as Black Swan events, such as sudden market crashes. ‎ ‎In rare cases, MakerDAO can trigger an Emergency Shutdown, ensuring vault users and DAI holders are compensated fairly based on system assets. ‎ ‎Education around these risks is crucial for responsible DeFi participation.

COINOTAG News reported on December 21 that the Ethereum Community Foundation urged an end to truncating wallet addresses on Platform X, saying full addresses reduce risk and improve crypto security amid escalating USDT phishing concerns. According to the report, the phisher crafted an address sharing the first and last three digits, sending 0.005 USDT to the victim. The attacker then redirected 50 million USDT to a near-identical address, swapped to DAI to avoid freezing, and moved into ETH before washing via Tornado Cash. The episode underscores the risk of UI truncation and urges wallets and explorers to enable full address visibility, preserving verification and reducing phishing risk while maintaining usability. Going forward, readers should verify recipient addresses via trusted on-chain confirmations and avoid copied strings. Industry players must strengthen anti-phishing controls and emphasize transaction verification and address transparency.

BlockBeats News, December 21st, in response to the "50 Million USDT Phishing Attack" incident, the Ethereum Community Foundation posted on Platform X, calling for an end to the practice of truncating addresses with ellipsis (e.g., 0xbaf4b1aF...B6495F8b5). Address information needs to be fully displayed, as hiding the middle part of the address can create unnecessary risks. Currently, some wallets and blockchain explorers provide UI options that also have security issues, which can actually be resolved. Previously reported, the phisher generated an address with the first and last 3 digits the same to transfer 0.005 USDT to the victim's address. Then, when the whale officially transferred the funds or directly copied the address from the most recent transaction record, the entire 50 million USDT was transferred to a similar address generated by the phisher. The phisher quickly exchanged this 50 million USDT for DAI (to prevent freezing), then bought all of it into 16,624 ETH. Subsequently, these ETH were all washed away through Tornado.

Crypto industry investor and market maker DWF Labs said it has finalized designs for a synthetic collateralized stablecoin. The token will support numerous assets with different annual percentage yields: USDT, USDC, DAI and USDE, bitcoin and ether, in addition to some blue chip tokens and "long tail alts," DWF Labs's Managing Partner Andrei Grachev wrote on the social media platform X on Thursday. DWF Labs was one of the most active investors in the crypto industry in 2023, particularly with Layer 1 blockchain projects and other firms developing crypto infrastructure, according to research from The Block Pro. However, the firm has drawn criticism for how it structured past investments, which had appeared more like over-the-counter trades than traditional venture capital fundraising rounds, as well as limited transparency for its market-making services. The Block has also previously reported on DWF Labs' executives having discussed boosting token prices with clients, as well as language used in client communications making references to helping drive prices upwards. If DWF Labs launches its stablecoin, it will be entering a competitive market. The Block's Data Dashboard shows that the total stablecoin supply reached nearly 176.7 billion as of Sept. 4, with Tether's USDT holding over 70% of the share. The Block reached out to DWF Labs for comment. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.