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+---
+title: "Demystifying Algorithmic Stablecoins"
+author: "Wen-Chiao Su"
+date: "2024-04-19"
+image: "/images/Demystifying Algorithmic Stablecoins.webp"
+excerpt: "A clear guide to algorithmic stablecoins, how they work, key mechanisms, risks, and their role in crypto ecosystems."
+---
+
+# Demystifying Algorithmic Stablecoins
+
+This article is a collaborative effort with Dr. Bruno Woltzenlogel Paleo, AKA _[Zahnentferner](https://zahnentferner.medium.com/)_.
+
+## What are Algorithmic Stablecoins?
+
+Algorithmic stablecoins are a type of stablecoin that follows a set of predefined rules, often encoded in smart contracts, to maintain their value. Algorithmic stablecoins react to fluctuations in demand and supply based on market conditions, directed by the code in the contracts.
+
+Their mechanisms allow for the automatic maintenance of their pegs.
+
+The core idea is to rely on programmatic strategies rather than human discretion to regulate the currency’s supply and demand and incentivize users to keep the value stable.
+
+Common mechanisms being used are:
+
+- seigniorage,
+- collateralization,
+- backing, and
+- rebasing to preserve the pegs.
+
+## Misconceptions about Algorithmic Stablecoins
+
+It’s a common misconception that all algorithmic stablecoins are unbacked and uncollateralized.
+
+In reality, “algorithmic” simply refers to the approach of following a well-defined algorithm for managing the coin’s stability. It has very little to do with how it is backed or collateralized. Here are various examples:
+
+
+- _Terra’s UST was an unbacked algorithmic stablecoin_
+- _DAI by MakerDAO is a crypto-collateralized algorithmic stablecoin_
+- _FRAX was a fractionally crypto-backed algorithmic stablecoin_
+- _Djed is a crypto-backed algorithmic stablecoin_
+
+_**Note:** The “algorithmic” in stablecoins refers to whether decisions are made by an algorithm. It does not imply anything about their backing, collateralization or lack thereof._
+
+_[Learn about the various types of stablecoins over here](https://medium.com/djed-alliance/addressing-the-stablecoin-trilemma-da3191162a13)_
+
+## Behind the Misconceptions
+
+Algorithmic stablecoins often face misunderstandings about their backing and stability mechanisms. Common misconceptions include:
+
+- They operate without any reserve or collateral.
+- Their algorithms simply inflate or deflate the supply to maintain a peg to another asset.
+
+These misconceptions were fueled by high-profile failures, such as Terra’s UST and Iron Finance’s TITAN.
+
+### Terra’s UST
+
+Terra’s UST, an unbacked algorithmic stablecoin, relied on growing adoption within its ecosystem. Prominent investments and the integration of DeFi applications like Anchor suggested reliability, supported by the Luna Foundation Guard’s substantial reserves. However, these measures were ultimately inadequate and insufficient during black swan events.
+
+### Iron Finance’s IRON
+
+Iron Finance’s IRON was an algorithmic stablecoin fractionally backed by USDC. Its collapse was triggered due to a flawed stabilization mechanism that used a weighted average rather than real-time prices, allowing significant overvaluation during rapid market changes. The slow adjustment of collateral ratios eroded trust and value, prompting a rapid sell-off of the TITAN token intended to cover the backing shortfall.
+
+These cases shared a common issue: the stablecoins were not fully backed by independent assets. Using assets like LUNA or TITAN, which derive their value from the stablecoin system itself, is circular reasoning and cannot be considered as proper collateral. These examples demonstrate the importance of a robust stablecoin design.
+
+_[Learn more about what leads to the depegging of stablecoins](https://medium.com/djed-alliance/understanding-why-and-how-stablecoins-depeg-f27e3d17357f)_
+
+## Examples of Battle-Tested Algorithmic Stablecoins
+
+Despite some high-profile failures, not all algorithmic stablecoins are inherently unstable or poorly structured. In fact, many have demonstrated resilience and reliability, maintaining their pegs through severe market fluctuations. For example:
+
+- MakerDAO’s DAI is a crypto-collateralized algorithmic stablecoin with a collateralization ratio significantly greater than 100%. Although it has experienced various governance controversies and has occasionally depegged, DAI has consistently managed to regain its peg.
+
+- Djed Stablecoin Protocol is a crypto-backed algorithmic stablecoin, with a reserve ratio significantly greater than 100% and using reserve assets with intrinsic value independent of the stablecoin protocol itself. It is chain agnostic and is currently deployed across multiple blockchain networks. Since its inception, none of Djed’s deployments has lost their pegs.
+
+In both cases, their resilience is due to having a reserve or collateralization ratio significantly greater than 100%, which helps buffer against market volatility.
+
+These examples show that not all algorithmic stablecoins are prone to failure; some, like Djed, leverage substantial backing and innovative mechanisms to navigate cryptocurrency market complexities successfully. Their continued stability highlights the nuanced landscape of algorithmic stablecoins, each with distinct risks and benefits.
+
+## Final Words
+
+Algorithmic stablecoins are stablecoins guided by algorithms. Past failures of unbacked and uncollateralized algorithmic stablecoins led to a wide misconception that algorithmic stablecoins are unbacked and uncollateralized. But algorithmic stablecoins can be backed or collateralized. Examples like MakerDAO’s DAI and Djed demonstrate that algorithmic stablecoins that leverage backing and collateralization are resilient and reliable. These examples demonstrate how nuanced algorithmic stablecoins are and showcase a diverse approach to stability for the future digital economy.
+
+## About the Djed Alliance
+
+The [Djed Alliance](https://djed.one/) aims to stabilize the digital economy through the Djed Stablecoin Protocol.
+
+The Djed Stablecoin Protocol is deployed across multiple networks and can be used to create your stablecoin. Join our [growing community](https://discord.gg/ggxP4ttHgN) and together, we will advance the future of the decentralized economy.
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