币界网报道:As one of the few applications in the cryptocurrency field with clear product-market fit, stablecoins are facing the difficult problem of balancing decentralization and capital efficiency. Liquity recently launched V2 to strengthen its decentralized stablecoin BOLD by improving the security of the hook and the flexibility of interest rates, but the 90% loan-to-value ratio and limited distribution model have constrained its development. Current market trends show that most stablecoin projects have turned to centralized management in pursuit of scalability, which conflicts with the core concept of cryptocurrency anti-censorship.