{"id":15589,"date":"2022-04-19T15:00:00","date_gmt":"2022-04-19T08:00:00","guid":{"rendered":"https:\/\/www.fiahub.com\/blog\/?p=15589"},"modified":"2025-03-16T14:51:14","modified_gmt":"2025-03-16T07:51:14","slug":"lien-minh-4pool-giua-terra-luna-va-frax-tac-dong-the-nao-den-thi-truong-stablecoin","status":"publish","type":"post","link":"https:\/\/www.fiahub.com\/blog\/lien-minh-4pool-giua-terra-luna-va-frax-tac-dong-the-nao-den-thi-truong-stablecoin\/","title":{"rendered":"Li\u00ean minh &#8220;4pool&#8221; Terra v\u00e0 Frax t\u00e1c \u0111\u1ed9ng th\u1ebf n\u00e0o \u0111\u1ebfn stablecoin?"},"content":{"rendered":"\r\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">N\u1ed9i dung b\u00e0i vi\u1ebft<\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.fiahub.com\/blog\/lien-minh-4pool-giua-terra-luna-va-frax-tac-dong-the-nao-den-thi-truong-stablecoin\/#1_The_nao_la_4pool\" >1. Th\u1ebf n\u00e0o l\u00e0 4pool?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.fiahub.com\/blog\/lien-minh-4pool-giua-terra-luna-va-frax-tac-dong-the-nao-den-thi-truong-stablecoin\/#2_Nguon_goc_ra_doi_cua_4pool\" >2. Ngu\u1ed3n g\u1ed1c ra \u0111\u1eddi c\u1ee7a 4pool<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.fiahub.com\/blog\/lien-minh-4pool-giua-terra-luna-va-frax-tac-dong-the-nao-den-thi-truong-stablecoin\/#Cac_du_an_canh_tranh_khong_hieu_qua\" >C\u00e1c d\u1ef1 \u00e1n c\u1ea1nh tranh kh\u00f4ng hi\u1ec7u qu\u1ea3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.fiahub.com\/blog\/lien-minh-4pool-giua-terra-luna-va-frax-tac-dong-the-nao-den-thi-truong-stablecoin\/#Muc_tieu_thanh_thi_truong_Saving_lon_nhat\" >M\u1ee5c ti\u00eau th\u00e0nh th\u1ecb tr\u01b0\u1eddng Saving l\u1edbn nh\u1ea5t\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.fiahub.com\/blog\/lien-minh-4pool-giua-terra-luna-va-frax-tac-dong-the-nao-den-thi-truong-stablecoin\/#3_4pool_tac_dong_nhu_the_nao_len_thi_truong\" >3. 4pool t\u00e1c \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o l\u00ean th\u1ecb tr\u01b0\u1eddng?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.fiahub.com\/blog\/lien-minh-4pool-giua-terra-luna-va-frax-tac-dong-the-nao-den-thi-truong-stablecoin\/#Ve_phia_UST_va_FRAX\" >V\u1ec1 ph\u00eda UST v\u00e0 FRAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.fiahub.com\/blog\/lien-minh-4pool-giua-terra-luna-va-frax-tac-dong-the-nao-den-thi-truong-stablecoin\/#Ve_cac_stabelcoin_khac\" >V\u1ec1 c\u00e1c stabelcoin kh\u00e1c<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.fiahub.com\/blog\/lien-minh-4pool-giua-terra-luna-va-frax-tac-dong-the-nao-den-thi-truong-stablecoin\/#4_Ket_luan\" >4. K\u1ebft lu\u1eadn<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_The_nao_la_4pool\"><\/span>1. Th\u1ebf n\u00e0o l\u00e0 4pool?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>CEO c\u1ee7a Terraform Labs &#8211; <em>Do Kwon<\/em> &#8211; trong m\u1ed9t b\u00e0i tweet c\u1ee7a m\u00ecnh \u0111\u00e3 gi\u1edbi thi\u1ec7u v\u1ec1 li\u00ean minh m\u1edbi v\u1edbi Redacted Cartel v\u00e0 Frax Finance. \u0110\u1ed9ng th\u00e1i n\u00e0y nh\u1eb1m b\u00e1o hi\u1ec7u v\u1ec1 m\u1ed9t chi\u1ebfn th\u1eafng trong cu\u1ed9c tranh gi\u00e0nh t\u00ednh thanh kho\u1ea3n gi\u1eefa c\u00e1c giao th\u1ee9c DeFi Curve Wars. Li\u00ean minh n\u00e0y nh\u01b0 m\u1ed9t \u0111\u00f2n gi\u00e1ng m\u1ea1nh m\u1ebd v\u00e0o \u0111\u1ed3ng stablecoin DAI.\u00a0<\/p>\r\n\r\n\r\n\r\n<p><strong>4pool<\/strong> l\u00e0 m\u1ed9t t\u1eadp h\u1ee3p &#8220;pool&#8221; token \u0111\u01b0\u1ee3c ph\u00e1t tri\u1ec3n tr\u00ean Curve, g\u1ed3m s\u1ef1 tham gia c\u1ee7a USDT, USDC, FRAX v\u00e0 UST. \u00dd t\u01b0\u1edfng n\u00e0y xu\u1ea5t ph\u00e1t t\u1eeb 2 d\u1ef1 \u00e1n c\u1ea1nh tranh trong cu\u1ed9c chi\u1ebfn \u201cCurve Wars\u201d l\u00e0 Luna Terra v\u00e0 Frax Finance.\u00a0<\/p>\r\n\r\n\r\n\r\n<p><strong>4pool<\/strong> ra \u0111\u1eddi nh\u1eb1m c\u1ea1nh tranh v\u1edbi 3pool tr\u01b0\u1edbc \u0111\u00f3 v\u00e0 h\u01b0\u1edbng t\u1edbi tr\u1edf th\u00e0nh m\u1ed9t pool stablecoin l\u1edbn nh\u1ea5t tr\u00ean Curve. Khi hai stablecoin l\u00e0 UST v\u00e0 FRAX h\u1ee3p t\u00e1c, ch\u00fang h\u01b0\u1edbng t\u1edbi tr\u1edf th\u00e0nh th\u1ef1c th\u1ec3 m\u1ea1nh nh\u1ea5t trong cu\u1ed9c \u0111ua c\u1ee7a c\u00e1c <a href=\"https:\/\/www.fiahub.com\">stablecoin<\/a> v\u00e0 t\u0103ng v\u1ecb th\u1ebf, nhu c\u1ea7u cho c\u1ea3 hai lo\u1ea1i token n\u00e0y.\u00a0<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" class=\"wp-image-15591\" src=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/04\/a1-3.png\" alt=\"4pool, LUNA, FRAX, 3pool, stablecoin\" width=\"900\" srcset=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/04\/a1-3.png 832w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/04\/a1-3-300x216.png 300w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/04\/a1-3-150x108.png 150w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/04\/a1-3-768x554.png 768w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/04\/a1-3-450x325.png 450w\" sizes=\"(max-width: 832px) 100vw, 832px\" \/>\r\n<figcaption><span class=\"tadv-color\" style=\"color: #000000;\">4pool l\u00e0 g\u00ec?<\/span><\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Nguon_goc_ra_doi_cua_4pool\"><\/span>2. Ngu\u1ed3n g\u1ed1c ra \u0111\u1eddi c\u1ee7a 4pool<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>Tr\u01b0\u1edbc ti\u00ean, b\u1ea1n c\u1ea7n hi\u1ec3u r\u00f5 v\u1ec1 Curve Wars V\u00c0 Curve.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Curve Finance l\u00e0 s\u00e0n giao d\u1ecbch phi t\u1eadp trung d\u00e0nh ri\u00eang cho c\u00e1c stablecoin, d\u1ef1a tr\u00ean c\u01a1 ch\u1ebf AMM c\u1ee7a h\u1ec7 sinh th\u00e1i Ethereum. Hi\u1ec7n nay TVL c\u1ee7a Curve \u0111\u1ea1t h\u01a1n 20 t\u1ef7 USD nh\u1edd v\u00e0o emission kh\u00e1 cao, r\u01a1i v\u00e0o kho\u1ea3ng 1.5M ~ 4.5M CRV\/ ng\u00e0y; tr\u1edf th\u00e0nh ngu\u1ed3n l\u1ee3i t\u1ee9c l\u00fd t\u01b0\u1edfng cho c\u00e1c stablecoin tr\u00ean th\u1ecb tr\u01b0\u1eddng.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>V\u1edbi ngu\u1ed3n l\u1ee3i nhu\u1eadn\/ ng\u00e0y l\u1edbn, UST v\u00e0 FRAX c\u00f9ng nhi\u1ec1u stbalecoin kh\u00e1c \u0111\u00e3 c\u1ea1nh tranh ngu\u1ed3n khuy\u1ebfn kh\u00edch Incentives n\u00e0y, d\u1eabn t\u1edbi vi\u1ec7c tranh gi\u00e0nh t\u00ednh thanh kho\u1ea3n gi\u1eefa c\u00e1c giao th\u1ee9c DeFi (Curve Wars).\u00a0<\/p>\r\n\r\n\r\n\r\n<p><strong>4pool<\/strong> ra \u0111\u1eddi v\u1edbi mong mu\u1ed1n gi\u1ea3i quy\u1ebft c\u00e1c v\u1ea5n \u0111\u1ec1 sau:<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cac_du_an_canh_tranh_khong_hieu_qua\"><\/span>C\u00e1c d\u1ef1 \u00e1n c\u1ea1nh tranh kh\u00f4ng hi\u1ec7u qu\u1ea3<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>C\u00e1c ngu\u1ed3n yield d\u1ef1 \u00e1n c\u1ea1nh tranh l\u00e0 \u0111i\u1ec1u hi\u1ec3n nhi\u00ean. Khi UST v\u00e0 FRAX tham gia m\u1ea1nh nh\u1ea5t v\u00e0o Curve Wars, sau th\u1eddi gian c\u1ea3 hai nh\u1eadn ra \u0111\u1ec1u kh\u00f4ng mang l\u1ea1i hi\u1ec7u qu\u1ea3.<\/p>\r\n\r\n\r\n\r\n<p><strong>\u0110\u1ea7u ti\u00ean<\/strong>, khi ti\u1ebfn h\u00e0nh incentives cho pool stablecoin tr\u00ean Curve, ch\u1ee7 y\u1ebfu h\u1ecd \u0111ang incentives cho c\u00e1c pool FRAX-3CRV, UST-3CRV.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>3CRV l\u00e0 m\u00e3 th\u00f4ng b\u00e1o c\u1ee7a nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n, c\u1ee7a pool 3 stablecoin l\u00e0 USDT-DAI-USDC. Khi incentives cho c\u00e1c h\u1ed1 FRAX-3CRV, UST-3CRV ngh\u0129a l\u00e0 h\u1ecd \u0111ang incentives cho 3CRV pool v\u00e0 c\u00f3 stablecoin DAI &#8211; \u0111\u1ed3ng tr\u1ef1c ti\u1ebfp c\u1ea1nh tranh tr\u00ean con \u0111\u01b0\u1eddng tr\u1edf th\u00e0nh stablecoin s\u1ed1 1 th\u1ecb tr\u01b0\u1eddng.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>FRAX v\u00e0 UST ph\u1ea3i b\u1eaft c\u1eb7p v\u1edbi 3CRV \u0111\u1ec3 t\u1ea1o th\u00e0nh h\u1ed1 thanh kho\u1ea3n v\u00ec mu\u1ed1n t\u1eadn d\u1ee5ng ngu\u1ed3n thanh kho\u1ea3n 3,2 tri\u1ec7u USD c\u1ee7a h\u1ed1 n\u00e0y. Kh\u00f4ng ri\u00eang UST v\u00e0 FRAX, m\u1ecdi stablecoin c\u0169ng \u0111\u1ec1u g\u1eafn v\u1edbi 3pool nh\u1eb1m t\u1eadn d\u1ee5ng ngu\u1ed3n thanh kho\u1ea3n kh\u1ed5ng l\u1ed3 n\u00e0y. Do \u0111\u00f3, v\u00f4 h\u00ecnh trung \u0111\u00e3 t\u1ea1o thanh kho\u1ea3n v\u00e0 t\u0103ng nhu c\u1ea7u cung c\u1ea5p thanh kho\u1ea3n cho 3pool.<\/p>\r\n\r\n\r\n\r\n<p><strong>Th\u1ee9 hai<\/strong>, h\u1ecd kh\u00f4ng c\u1ea7n thi\u1ebft ph\u1ea3i c\u1ea1nh tranh l\u1eabn nhau.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Hi\u1ec3u \u0111\u01a1n gi\u1ea3n th\u00ec n\u1ebfu FRAX ch\u1ea1y incentives thu h\u00fat 1 h\u1ed1 thanh kho\u1ea3ng 2 t\u1ef7 USD; UST c\u0169ng ch\u1ea1y incentives thu h\u00fat h\u1ed1 thanh kho\u1ea3n 2 t\u1ef7 USD; v\u1eady hai b\u00ean sao kh\u00f4ng c\u00f9ng h\u1ee3p t\u00e1c t\u1ea1o th\u00e0nh m\u1ed9t h\u1ed1 thanh kho\u1ea3n 4 t\u1ef7 USD?<\/p>\r\n\r\n\r\n\r\n<p>Trong cu\u1ed9c chi\u1ebfn c\u00f3 r\u1ea5t nhi\u1ec1u \u0111\u1ed1i th\u1ee7, k\u1ebb th\u00f9 c\u1ee7a k\u1ebb th\u00f9 ch\u00ednh l\u00e0 b\u1ea1n. Hai d\u1ef1 \u00e1n c\u00f9ng h\u1ee3p t\u00e1c chung v\u1edbi nhau \u0111\u1ec3 chi\u1ebfn \u0111\u1ea7u. \u0110\u00f3 ch\u00ednh l\u00e0 chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a UST v\u00e0 FRAX.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Muc_tieu_thanh_thi_truong_Saving_lon_nhat\"><\/span>M\u1ee5c ti\u00eau th\u00e0nh th\u1ecb tr\u01b0\u1eddng Saving l\u1edbn nh\u1ea5t\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>S\u1ef1 h\u1ee3p t\u00e1c gi\u1eefa Luna Terra v\u00e0 Frax Finance xu\u1ea5t ph\u00e1t t\u1eeb vi\u1ec7c h\u1ecd mu\u1ed1n t\u1ea1o n\u00ean m\u1ed9t th\u1ecb tr\u01b0\u1eddng Saving l\u1edbn nh\u1ea5t &#8211; chia s\u1eed t\u1eeb Founder c\u1ee7a Frax Finance, Sam Kazemian.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>\u00d4ng c\u0169ng ch\u1ec9 ra, Curve \u0111\u01b0\u1ee3c bi\u1ebft \u0111\u1ebfn l\u00e0 1 AMM Stableswap; tuy nhi\u00ean th\u1ef1c t\u1ebf th\u00ec Saving Account m\u1edbi l\u00e0 vai tr\u00f2 c\u1ee7a Curve tr\u00ean DeFi; ng\u01b0\u1eddi d\u00f9ng c\u00f3 th\u1ec3 nh\u1eadn l\u00e3i theo th\u1eddi gian v\u00e0 g\u1eedi ti\u1ebft ki\u1ec7m.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Terra v\u00e0 Frax l\u00e0 2 c\u00e1i t\u00ean l\u1edbn trong l\u0129nh v\u1ef1c Saving; t\u1eeb \u0111\u00f3 h\u1ee3p t\u00e1c t\u1ea1o n\u00ean m\u1ed9t th\u1ecb tr\u01b0\u1eddng ti\u1ebft ki\u1ec7m l\u1edbn m\u1ea1nh nh\u1ea5t trong crypto.<\/p>\r\n\r\n\r\n\r\n<p>Xu h\u01b0\u1edbng ti\u1ebft ki\u1ec7m trong crypto t\u0103ng manh. Terra (<a href=\"https:\/\/www.fiahub.com\">LUNA<\/a>) ph\u00e1t tri\u1ec3n s\u1ea3n ph\u1ea9m tr\u00ean Anchor \u201cTi\u1ebft ki\u1ec7m 20%\u201d v\u00e0 li\u00ean t\u1ee5c \u0111\u1ea1t \u0111\u1ec9nh trong th\u1eddi gian qua. T\u1eeb \u0111\u00f3 m\u00e0 Frax c\u0169ng mong mu\u1ed1n tri\u1ec3n khai nh\u1eefng s\u1ea3n ph\u1ea9m t\u01b0\u01a1ng t\u1ef1 cho ng\u01b0\u1eddi d\u00f9ng tr\u00ean Ethereum, t\u01b0\u01a1ng \u1ee9ng v\u1edbi UST v\u00e0 FRAX.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-15593\" src=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/04\/a1-11-1024x576.jpg\" alt=\"4pool, LUNA, FRAX, 3pool, stablecoin\" width=\"900\" height=\"600\" \/>\r\n<figcaption><span class=\"tadv-color\" style=\"color: #000000;\">DAI l\u00e0 \u0111\u1ed3ng stablecoin ch\u1ecbu nhi\u1ec1u \u1ea3nh h\u01b0\u1edfng nh\u1ea5t khi 4pool ra \u0111\u1eddi<\/span><\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_4pool_tac_dong_nhu_the_nao_len_thi_truong\"><\/span>3. 4pool t\u00e1c \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o l\u00ean th\u1ecb tr\u01b0\u1eddng?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ve_phia_UST_va_FRAX\"><\/span>V\u1ec1 ph\u00eda UST v\u00e0 FRAX<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>\u0110\u1ed9ng th\u00e1i h\u1ee3p t\u00e1c n\u00e0y s\u1ebd \u1ea3nh h\u01b0\u1edfng \u0111\u1ea7u ti\u00ean l\u00e0 \u0111\u1ebfn ch\u00ednh b\u1ea3n th\u00e2n Frax Finance v\u00e0 Luna Terra.\u00a0<\/p>\r\n\r\n\r\n\r\n<p><strong>T\u00edch c\u1ef1c:<\/strong><\/p>\r\n\r\n\r\n\r\n<p>Khi 2 pool k\u1ebft h\u1ee3p s\u1ebd mang t\u1edbi cho ng\u01b0\u1eddi d\u00f9ng:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Thanh kho\u1ea3n UST, FRAX cao h\u01a1n: vi\u1ec7c gi\u00e1 tr\u1ecb neo 1 USD c\u1ee7a FRAX v\u00e0 UST s\u1ebd b\u1ec1n v\u1eefng h\u01a1n, \u0111i\u1ec1u \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng v\u1edbi 2 algorithmic stablecoin n\u00e0y; nh\u1ea5t l\u00e0 khi UST \u0111\u00e3 t\u1eebng r\u1edbt gi\u00e1 nghi\u00eam tr\u1ecdng.<\/li>\r\n<li>Incentives v\u1edbi c\u00e1c b\u00ean cung c\u1ea5p thanh kho\u1ea3n (LP) c\u1ee7a UST v\u00e0 FRAX cao h\u01a1n, do nh\u1eadn \u0111\u01b0\u1ee3c t\u1eeb 2 ph\u00eda.\u00a0<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>Khi ra m\u1eaft <strong>4pool<\/strong>, UST v\u00e0 FRAX h\u01b0\u1edbng t\u1edbi vi\u1ec7c h\u00fat thanh kho\u1ea3n t\u1eeb 3pool. Ng\u01b0\u1eddi d\u00f9ng kh\u00f4ng c\u1ea7n cung c\u1ea5p 3pool \u0111\u1ec3 tham gia thanh kho\u1ea3n UST v\u00e0 FRAX nh\u01b0 tr\u01b0\u1edbc \u0111\u00e2y m\u00e0 c\u00f3 th\u1ec3 cung c\u1ea5p tr\u1ef1c ti\u1ebfp thanh kho\u1ea3n USDC v\u00e0 USDT v\u00e0o.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>UST v\u00e0 FRAX ch\u1eafc ch\u1eafn s\u1ebd thu h\u00fat \u0111\u01b0\u1ee3c nh\u1edd v\u00e0o Incentives l\u1edbn c\u1ee7a 2 d\u1ef1 \u00e1n l\u1ea7n n\u00e0y \u0111\u1ea7u t\u01b0 cho <strong>4pool<\/strong>. Khi FRAX v\u00e0 UST thu h\u00fat th\u00e0nh c\u00f4ng 100 LP 3CRV \u0111ang cung c\u1ea5p cho 3pool sang 4pool th\u00ec TVL trong c\u00e1c pool khi \u0111\u00f3 s\u1ebd l\u00e0:\u00a0<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-table\">\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td>\u00a0<\/td>\r\n<td><strong>TVL hi\u1ec7n t\u1ea1i<\/strong><\/td>\r\n<td><strong>TVL khi thu h\u00fat 100%<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>3pool (CRV)<\/strong><\/td>\r\n<td>$3.2B 3CRV<\/td>\r\n<td>$1.4B<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>FRAX-3CRV<\/strong><\/td>\r\n<td>$1.6B FRAX + $1.2 3CRV<\/td>\r\n<td>0<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>UST-3CRV<\/strong><\/td>\r\n<td>$0.7B UST + $0.6B 3CRV<\/td>\r\n<td>0<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>4pool (New)<\/strong><\/td>\r\n<td>0<\/td>\r\n<td>$4.1B<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n\r\n\r\n\r\n<p>Th\u1ea5y r\u1eb1ng s\u1ef1 ra m\u1eaft c\u1ee7a <strong>4pool<\/strong> khi\u1ebfn cu\u1ed9c tranh gi\u00e0nh thanh kho\u1ea3n c\u1ee7a c\u00e1c Stablecoin c\u00e0ng th\u00eam ph\u1ea7n kh\u1ed1c li\u1ec7t; \u0111\u1eb7c bi\u1ec7t khi <strong>4pool<\/strong> s\u1ebd l\u1edbn h\u01a1n 3pool nhi\u1ec1u l\u1ea7n v\u00e0 tr\u1edf th\u00e0nh pool c\u00f3 TVL l\u1edbn nh\u1ea5t tr\u00ean Curve.<\/p>\r\n\r\n\r\n\r\n<p><strong>Ti\u00eau c\u1ef1c:<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>4pool<\/strong> ra m\u1eaft khi\u1ebfn, n\u1ebfu 1 trong 2 b\u00ean g\u1eb7p v\u1ea5n \u0111\u1ec1 th\u00ec c\u1ea3 hai c\u00f9ng ch\u1ecbu \u1ea3nh h\u01b0\u1edfng. N\u1ebfu 2 d\u1ef1 \u00e1n tr\u01b0\u1edbc \u0111\u00e2y ph\u00e1t tri\u1ec3n tr\u00ean 2 h\u1ed1 thanh kho\u1ea3n ri\u00eang th\u00ec r\u1ee7i ro khi h\u1ee3p t\u00e1c s\u1ebd x\u1ea3y ra. R\u1ee7i ro xu\u1ea5t hi\u1ec7n \u1edf 1 ph\u00eda s\u1ebd \u1ea3nh h\u01b0\u1edfng l\u00ean b\u00ean c\u00f2n l\u1ea1i. N\u1ebfu 1 trong 2 stablecoin b\u1ecb bank run\/hack\/bug th\u00ec stablecoin c\u00f2n l\u1ea1i c\u0169ng ch\u1ecbu t\u00e1c \u0111\u1ed9ng kh\u00f4ng nh\u1ecf.<\/p>\r\n\r\n\r\n\r\n<p>Xung \u0111\u1ed9t l\u1ee3i \u00edch khi c\u1ea3 hai b\u00ean c\u00f9ng incentives cho 1 pool. V\u1eady m\u1ed7i b\u00ean s\u1ebd b\u1ecf ra bao nhi\u00eau v\u00e0 ph\u00ed thu s\u1ebd chia nh\u01b0 th\u1ebf n\u00e0o? C\u00f9ng h\u1ee3p t\u00e1c v\u00ec l\u1ee3i \u00edch chung nh\u01b0ng ph\u00e2n chia h\u1ee3p l\u00fd th\u00ec r\u1ea5t kh\u00f3, c\u1ea7n s\u1ef1 r\u00f5 r\u00e0ng v\u00e0 kh\u00f4ng h\u1ec1 \u0111\u01a1n gi\u1ea3n.\u00a0<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" class=\"wp-image-15592\" src=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/04\/a3-1.png\" alt=\"4pool, LUNA, FRAX, 3pool, stablecoin\" width=\"900\" height=\"600\" \/>\r\n<figcaption><span class=\"tadv-color\" style=\"color: #000000;\">4pool ra \u0111\u1eddi, g\u00e2y \u1ea3nh h\u01b0\u1edfng theo nhi\u1ec1u h\u01b0\u1edbng l\u00ean c\u00e1c stablecoin<\/span><\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ve_cac_stabelcoin_khac\"><\/span>V\u1ec1 c\u00e1c stabelcoin kh\u00e1c<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>Hai th\u1ebf l\u1ef1c b\u1eaft tay nhau th\u00ec th\u1ecb ph\u1ea7n cho c\u00e1c stablecoin kh\u00e1c s\u1ebd gi\u1ea3m \u0111i nhi\u1ec1u. USTC v\u00e0 USDT l\u00e0 2 stablecoin trung l\u1eadp c\u00f3 th\u1ecb ph\u1ea7n cao nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng, c\u0169ng v\u00ec s\u1ef1 h\u1ee3p t\u00e1c gi\u1eefa UST v\u00e0 FRAX m\u00e0 b\u1ecb \u1ea3nh h\u01b0\u1edfng. V\u00ec <strong>4pool<\/strong> v\u1eabn cung c\u1ea5p cho USDT v\u00e0 USDC, UST v\u00e0 FRAX c\u1ea7n 2 stablecoin n\u00e0y gi\u1eef ch\u1eb7t h\u01a1n gi\u00e1 peg v\u1edbi 1USD v\u00e0 t\u0103ng ni\u1ec1m tin v\u1ec1 s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a m\u00ecnh tr\u00ean th\u1ecb tr\u01b0\u1eddng.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Nh\u00ecn chung, c\u00e1c stablecoin trung l\u1eadp s\u1ebd b\u1ecb t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c; \u0111\u1eb7c bi\u1ec7t l\u00e0 DAI. Ng\u01b0\u1eddi d\u00f9ng tr\u01b0\u1edbc \u0111\u00e2y c\u1ea7n cung c\u1ea5p DAI trong 3CRV nh\u01b0ng n\u1ebfu <strong>4pool<\/strong> ra \u0111\u1eddi, nhu c\u1ea7u n\u00e0y kh\u00f4ng c\u00f2n nhi\u1ec1u. MakerDAO kh\u00f4ng tham gia v\u00e0o Curve Wars v\u00e0 mu\u1ed1n d\u1ef1 \u00e1n DAI ph\u00e1t tri\u1ec3n t\u1ef1 nhi\u00ean; kh\u00f4ng ti\u1ebfn h\u00e0nh incentives DAI n\u00ean kh\u00f3 l\u00f2ng gi\u1eef ch\u00e2n LP.<\/p>\r\n\r\n\r\n\r\n<p>Nh\u1eefng stablecoin nh\u1ecf tr\u00ean Curve s\u1ebd ph\u1ea3i h\u01b0\u1edbng t\u1edbi vi\u1ec7c gh\u00e9p c\u1eb7p v\u1edbi<strong> 4pool <\/strong>\u0111\u1ec3 \u0111\u1ea3m b\u1ea3o thanh kho\u1ea3n; ho\u1eb7c s\u1ebd b\u1ecb lo\u1ea1i kh\u1ecfi cu\u1ed9c ch\u01a1i. S\u1ef1 c\u1ea1nh tranh c\u00e1c stablecoin kh\u00e1c v\u1edbi UST v\u00e0 FRAX s\u1ebd v\u00f4 c\u00f9ng kh\u00f3 kh\u0103n.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Ket_luan\"><\/span>4. K\u1ebft lu\u1eadn<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>Th\u00f4ng qua b\u00e0i vi\u1ebft n\u00e0y, <a href=\"https:\/\/www.fiahub.com\">Fiahub<\/a> mong b\u1ea1n hi\u1ec3u \u0111\u01b0\u1ee3c s\u1ef1 t\u00e1c \u0111\u1ed9ng c\u1ee7a \u201cli\u00ean minh 4pool\u201d gi\u1eefa Terra (LUNA) v\u00e0 Frax l\u00ean th\u1ecb tr\u01b0\u1eddng Stablecoin. H\u00e3y \u0111\u1ec3 l\u1ea1i quan \u0111i\u1ec3m c\u1ee7a b\u1ea1n v\u1ec1 ch\u1ee7 \u0111\u1ec1 h\u00f4m nay nh\u00e9.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Sau c\u00f9ng ch\u00fang c\u00e1c b\u1ea1n \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng. L\u01b0u \u00fd: b\u00e0i vi\u1ebft mang t\u00ednh ch\u1ea5t cung c\u1ea5p th\u00f4ng tin, kh\u00f4ng nh\u1eb1m m\u1ee5c \u0111\u00edch k\u00eau g\u1ecdi \u0111\u1ea7u t\u01b0 mua b\u00e1n. C\u1ea3m \u01a1n v\u00e0 \u0111\u1eebng qu\u00ean \u0111\u00f3n \u0111\u1ecdc c\u00e1c b\u00e0i vi\u1ebft ti\u1ebfp theo tr\u00ean website c\u1ee7a Fiahub.\u00a0<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>1. Th\u1ebf n\u00e0o l\u00e0 4pool? CEO c\u1ee7a Terraform Labs &#8211; Do Kwon &#8211; trong m\u1ed9t b\u00e0i tweet c\u1ee7a m\u00ecnh \u0111\u00e3 gi\u1edbi thi\u1ec7u v\u1ec1 li\u00ean minh m\u1edbi v\u1edbi Redacted Cartel v\u00e0 Frax Finance. \u0110\u1ed9ng th\u00e1i n\u00e0y nh\u1eb1m b\u00e1o hi\u1ec7u v\u1ec1 m\u1ed9t chi\u1ebfn th\u1eafng trong cu\u1ed9c tranh gi\u00e0nh t\u00ednh thanh kho\u1ea3n gi\u1eefa c\u00e1c giao th\u1ee9c DeFi Curve<\/p>\n","protected":false},"author":24,"featured_media":15590,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21849],"tags":[22203,22205,22204,21957,3312],"class_list":{"0":"post-15589","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-phan-tich-nhan-dinh","8":"tag-4pool","9":"tag-curve-wars","10":"tag-frax","11":"tag-luna","12":"tag-stablecoin"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.0 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Li\u00ean minh &quot;4pool&quot; Terra v\u00e0 Frax t\u00e1c \u0111\u1ed9ng th\u1ebf n\u00e0o \u0111\u1ebfn stablecoin? 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