- 學位論文
部分抵押型算法穩定幣機制之穩定性探討
An Investigation of the Stability of Fractional-algorithmic Stablecoin Protocol
摘要
隨著區塊鏈技術的進步，已經能夠建立屬於區塊鏈上的金融體系，而「貨幣」則是建立金融體系最必要的要素。加密貨幣是區塊鏈技術之重要應用，但是因為加密貨幣的波動過大，不符合貨幣原則─交易媒介、做為記帳單位、儲存價值，因此慢慢地有了穩定幣之需求，不過其穩定機制之運作以及機制需要多少儲備金才能夠維持穩定性還需探討與驗證。本研究將以理性為前提探討影響部分抵押型算法穩定幣機制之角色，並透過現代投資組合理論分析在其機制中角色之最佳決策對該機制穩定性的影響，且經實驗後發現這些角色做最佳決策時，其機制之運作依舊能維持穩定幣之穩定性。有鑑於此，本研究能夠幫助判斷未來部分抵押型或是其他類型機制發行之穩定幣是否穩定，以及其穩定幣項目是否值得投資，且也發現了各種類型的穩定機制所發行之穩定幣，其抵押率都至少要有74% 以上才能夠長期地維持機制之穩定性。
並列摘要
With the advancement of blockchain technology, it has been possible to establish a financial system that belongs to the blockchain, and "Currency" is the most necessary factor to establish a financial system. Cryptocurrency is an important application of blockchain technology, but because the volatility of cryptocurrency is too large, it does not conform to the principle of currency ─ transaction medium, as a unit of account, and storage of value, so there is gradually a demand for stablecoin, but its operation of stability mechanism and how much reserves the mechanism needs to maintain stability still need to be discussed and verified. This thesis will explore the role that affects the mechanism of Fractional-algorithmic Stablecoin on the premise of rationality, and analyze the impact of the optimal decision on the role of the mechanism on the stability of the mechanism through Modern Portfolio Theory. After experiments, it’s found that when these roles make the best decisions, the operation of the mechanism can still maintain the stability of the stablecoin. In view of this, this thesis can help determine whether the stablecoins issued by Fractional-algorithmic or other types of mechanisms are stable in the future, and whether their stablecoin projects are worth investing in. In addition, this thesis has also been found that stablecoins issued by various types of stability mechanisms must have the collateral rate of at least 74% to maintain the stability of the mechanism for a long time.