<a href="https://beincrypto.com/learn/what-is-polkadot/" target="_blank" rel="noreferrer noopener">Polkadot</a> (DOT) &#273;ang chu&#7849;n b&#7883; ra m&#7855;t stablecoin m&#7899;i, pUSD, th&ocirc;ng qua <a href="https://polkadot.subsquare.io/referenda/1761" target="_blank" rel="noreferrer noopener">&#273;&#7873; xu&#7845;t RFC-155</a>. C&#7897;ng &#273;&#7891;ng Polkadot &#273;ang &#7911;ng h&#7897; pUSD nh&#432; m&#7897;t gi&#7843;i ph&aacute;p quan tr&#7885;ng &#273;&#7875; khai th&aacute;c ti&#7873;m n&#259;ng DeFi, gi&#7843;m ph&#7909; thu&#7897;c v&agrave;o USDT/USDC v&agrave; t&#259;ng c&#432;&#7901;ng t&iacute;nh t&#7921; ch&#7911; cho h&#7879; sinh th&aacute;i.
Tuy nhi&ecirc;n, m&#7897;t s&#7889; ng&#432;&#7901;i lo ng&#7841;i r&#7857;ng h&#7885; c&oacute; th&#7875; l&#7863;p l&#7841;i nh&#7919;ng sai l&#7847;m trong qu&aacute; kh&#7913;. pUSD l&agrave; m&#7897;t stablecoin &#273;&#432;&#7907;c th&#7871; ch&#7845;p qu&aacute; m&#7913;c, ho&agrave;n to&agrave;n &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i DOT, tri&#7875;n khai tr&ecirc;n Asset Hub v&agrave; <a href="https://vn.beincrypto.com/polkadot-to-launch-pusd-stablecoin/" target="_blank" rel="noreferrer noopener">s&#7917; d&#7909;ng giao th&#7913;c Honzon</a> do Acala ph&aacute;t tri&#7875;n. Acala l&agrave; nh&agrave; ph&aacute;t h&agrave;nh tr&#432;&#7899;c &#273;&acirc;y c&#7911;a aUSD, m&#7897;t d&#7921; &aacute;n stablecoin &#273;&atilde; th&#7845;t b&#7841;i th&#7843;m h&#7841;i.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-can-pusd-stablecoin-avoid-the-same-fate-as-ausd">Li&#7879;u pUSD Stablecoin c&oacute; tr&aacute;nh &#273;&#432;&#7907;c s&#7889; ph&#7853;n gi&#7889;ng nh&#432; aUSD kh&ocirc;ng?</h2>

Vi&#7879;c t&aacute;i s&#7917; d&#7909;ng Honzon &ndash; khung m&agrave; Acala t&#7915;ng d&#7921;a v&agrave;o &#273;&#7875; ph&aacute;t h&agrave;nh aUSD &#273;ang g&acirc;y ra lo ng&#7841;i. S&#7921; c&#7889; &#273;&oacute; &#273;&atilde; l&agrave;m x&oacute;i m&ograve;n ni&#7873;m tin v&agrave;o &#273;&#7897;i ng&#361; Acala, v&#7899;i m&#7897;t s&#7889; ng&#432;&#7901;i th&#7853;m ch&iacute; c&ograve;n c&aacute;o bu&#7897;c h&#7885; &ldquo;&#273;&#7893; l&#7895;i cho m&#7897;t v&#7909; hack&rdquo; trong khi kh&ocirc;ng b&#7891;i th&#432;&#7901;ng &#273;&#7847;y &#273;&#7911; cho ng&#432;&#7901;i d&ugrave;ng.
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&ldquo;Vi&#7879;c ra m&#7855;t stablecoin c&#7911;a Acala (aUSD) l&agrave; m&#7897;t th&#7843;m h&#7885;a ho&agrave;n to&agrave;n v&agrave; th&#7921;c s&#7921; &#273;&atilde; gi&#7871;t ch&#7871;t ni&#7873;m tin c&#7911;a t&ocirc;i v&agrave;o &#273;&#7897;i ng&#361;. T&ocirc;i kh&ocirc;ng th&#7845;y m&igrave;nh s&#7869; &#7911;ng h&#7897; d&#7921; &aacute;n c&#7911;a h&#7885; n&#7919;a. &#272;i&#7873;u t&ocirc;i mu&#7889;n th&#7845;y l&agrave; m&#7897;t gi&#7843;i ph&aacute;p b&#7843;n &#273;&#7883;a &#273;&uacute;ng &#273;&#7855;n, &#273;&aacute;ng tin c&#7853;y. Th&#7853;t s&#7921;, r&#7845;t b&#7921;c b&#7897;i khi v&#7899;i t&#7845;t c&#7843; t&agrave;i n&#259;ng trong kh&ocirc;ng gian Polkadot/Substrate, kh&ocirc;ng ai &#273;&atilde; x&acirc;y d&#7921;ng &#273;&#432;&#7907;c th&#7913; g&igrave; t&#7889;t h&#417;n.&rdquo; &ndash; M&#7897;t th&agrave;nh vi&ecirc;n c&#7897;ng &#273;&#7891;ng <a href="https://polkadot.subsquare.io/referenda/1761#1" target="_blank" rel="noreferrer noopener nofollow">chia s&#7867;</a>.
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<img style="height:400px;width:640px;" decoding="async" alt="T&#7927; l&#7879; ph&ecirc; duy&#7879;t c&#7911;a &#273;&#7873; xu&#7845;t t&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i. Ngu&#7891;n: Polkadot" class="wp-image-753895 lazy" loading="lazy" src="https://assets.beincrypto.com/img/7ifxbaZ9LMy580VnRfaWbu5MW6g=/smart/c8a9707488a346efae2cc5848db265f0">T&#7927; l&#7879; ph&ecirc; duy&#7879;t c&#7911;a &#273;&#7873; xu&#7845;t t&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i. Ngu&#7891;n: <a href="https://polkadot.subsquare.io/referenda/1761" target="_blank" rel="noreferrer noopener nofollow">Polkadot</a>

Ngay c&#7843; nh&#7919;ng ng&#432;&#7901;i &#7911;ng h&#7897; Polkadot ra m&#7855;t stablecoin b&#7843;n &#273;&#7883;a c&#7911;a m&igrave;nh v&#7851;n th&#7845;y Honzon v&agrave; Acala l&agrave; nh&#7919;ng b&agrave;i h&#7885;c kh&ocirc;ng th&#7875; b&#7887; qua. H&#7885; &#273;&#7873; xu&#7845;t d&#7921; &aacute;n n&ecirc;n &ldquo;ti&#7871;n l&ecirc;n &#273;&#7897;c l&#7853;p v&#7899;i &#273;&#7897;i ng&#361; Acala.&rdquo; Ngo&agrave;i ra, h&#7885; k&ecirc;u g&#7885;i H&#7897;i &#273;&#7891;ng K&#7929; thu&#7853;t ch&#7883;u tr&aacute;ch nhi&#7879;m r&otilde; r&agrave;ng v&#7873; qu&#7843;n tr&#7883;.
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&ldquo;V&#7899;i nh&#7919;ng &#273;&#7843;m b&#7843;o n&agrave;y, t&ocirc;i s&#7869; s&#7861;n s&agrave;ng b&#7887; phi&#7871;u AYE. N&#7871;u kh&ocirc;ng c&oacute; ch&uacute;ng, r&#7911;i ro l&#7863;p l&#7841;i nh&#7919;ng sai l&#7847;m trong qu&aacute; kh&#7913; l&agrave; qu&aacute; l&#7899;n.&rdquo; M&#7897;t th&agrave;nh vi&ecirc;n kh&aacute;c <a href="https://polkadot.subsquare.io/referenda/1761#7" target="_blank" rel="noreferrer noopener nofollow">nh&#7853;n x&eacute;t</a>.
</blockquote>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-too-many-risks">Qu&aacute; nhi&#7873;u r&#7911;i ro</h2>

B&#7887; qua nh&#7919;ng lo ng&#7841;i v&#7873; Honzon v&agrave; &#273;&#7897;i ng&#361; Acala, pUSD c&#7911;a Polkadot c&#361;ng &#273;&#7889;i m&#7863;t v&#7899;i s&#7921; ho&agrave;i nghi trong c&#7897;ng &#273;&#7891;ng. M&#7897;t l&yacute; do ch&iacute;nh l&agrave; c&#7845;u tr&uacute;c ch&#7881; &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i DOT.
M&#7863;c d&ugrave; t&#7927; l&#7879; th&#7871; ch&#7845;p qu&aacute; m&#7913;c ch&iacute;nh x&aacute;c v&#7851;n ch&#432;a r&otilde; r&agrave;ng, &#273;i&#7873;u n&agrave;y c&oacute; th&#7875; k&iacute;ch ho&#7841;t c&aacute;c &#273;&#7907;t thanh l&yacute; v&agrave; t&#7841;o &aacute;p l&#7921;c b&aacute;n th&ecirc;m l&ecirc;n token. M&#7863;c d&ugrave; m&ocirc; h&igrave;nh pUSD an to&agrave;n h&#417;n UST c&#7911;a Terra v&igrave; &#273;&#432;&#7907;c th&#7871; ch&#7845;p qu&aacute; m&#7913;c, vi&#7879;c ch&#7881; d&#7921;a v&agrave;o DOT l&agrave;m t&agrave;i s&#7843;n th&#7871; ch&#7845;p mang l&#7841;i r&#7911;i ro &#273;&aacute;ng k&#7875;.
Tr&#432;&#7899;c &#273;&acirc;y, DAI c&#7911;a MakerDAO c&#361;ng b&#7855;t &#273;&#7847;u ch&#7881; v&#7899;i t&agrave;i s&#7843;n th&#7871; ch&#7845;p l&agrave; ETH. Nh&#432;ng ng&agrave;y nay, <a href="https://makerdao.com/whitepaper/White%20Paper%20-The%20Maker%20Protocol_%20MakerDAO%E2%80%99s%20Multi-Collateral%20Dai%20(MCD)%20System-FINAL-%20021720.pdf">MakerDAO h&#7895; tr&#7907;</a><a href="https://makerdao.com/whitepaper/White%20Paper%20-The%20Maker%20Protocol_%20MakerDAO%E2%80%99s%20Multi-Collateral%20Dai%20(MCD)%20System-FINAL-%20021720.pdf" target="_blank" rel="noreferrer noopener nofollow">t</a><a href="https://makerdao.com/whitepaper/White%20Paper%20-The%20Maker%20Protocol_%20MakerDAO%E2%80%99s%20Multi-Collateral%20Dai%20(MCD)%20System-FINAL-%20021720.pdf">s Multi-Collateral DAI (MCD)</a>. H&#7885; cho ph&eacute;p ng&#432;&#7901;i d&ugrave;ng th&#7871; ch&#7845;p DAI b&#7857;ng c&aacute;c t&agrave;i s&#7843;n ti&#7873;n &#273;i&#7879;n t&#7917; nh&#432; ETH, WBTC, LINK, UNI, stETH, v&agrave; th&#7853;m ch&iacute; c&#7843; T&agrave;i s&#7843;n Th&#7921;c (RWAs) nh&#432; Tr&aacute;i phi&#7871;u Ch&iacute;nh ph&#7911; M&#7929;.
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&ldquo;Ch&#7881; &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i DOT, &#273;i&#7873;u n&agrave;y c&oacute; th&#7875; k&iacute;ch ho&#7841;t c&aacute;c &#273;&#7907;t thanh l&yacute; v&agrave; t&#7841;o &aacute;p l&#7921;c b&aacute;n th&ecirc;m l&ecirc;n token. H&atilde;y nh&#7899; &#273;&#7871;n s&#7921; c&#7889; DAI depeg n&#7893;i ti&#7871;ng v&agrave;o n&#259;m 2020, bu&#7897;c MakerDAO ph&#7843;i &#273;a d&#7841;ng h&oacute;a t&agrave;i s&#7843;n th&#7871; ch&#7845;p c&#7911;a m&igrave;nh.&rdquo; M&#7897;t ng&#432;&#7901;i d&ugrave;ng tr&ecirc;n X <a href="https://x.com/TheDotsTalks/status/1969119669484478470" target="_blank" rel="noreferrer noopener">b&igrave;nh lu&#7853;n</a>.
</blockquote>

Th&ecirc;m v&agrave;o &#273;&oacute;, m&#7897;t ng&#432;&#7901;i d&ugrave;ng kh&aacute;c tr&ecirc;n X ch&#7881; ra r&#7857;ng h&#7879; sinh th&aacute;i Polkadot &#273;&atilde; c&oacute; nh&#7919;ng gi&#7843;i ph&aacute;p b&#7843;n &#273;&#7883;a ti&ecirc;n ti&#7871;n h&#417;n nh&#432; HOLLAR. H&#7879; th&#7889;ng Hydration x&acirc;y d&#7921;ng stablecoin n&agrave;y, t&#7889;i &#432;u h&oacute;a cho c&aacute;c appchains v&agrave; &#273;&#7883;nh v&#7883; n&oacute; v&#432;&#7907;t tr&#7897;i h&#417;n ki&#7871;n tr&uacute;c aUSD c&#361;. Do &#273;&oacute;, nhi&#7873;u ng&#432;&#7901;i cho r&#7857;ng thay v&igrave; l&#7863;p l&#7841;i m&ocirc; h&igrave;nh EVM &ldquo;th&ocirc;ng th&#432;&#7901;ng&rdquo;, Polkadot n&ecirc;n t&#7853;n d&#7909;ng nh&#7919;ng &#273;i&#7875;m m&#7841;nh &#273;&#7897;c &#273;&aacute;o c&#7911;a m&igrave;nh. &#272;i&#7873;u n&agrave;y s&#7869; cho ph&eacute;p t&#7841;o ra m&#7897;t gi&#7843;i ph&aacute;p &#7893;n &#273;&#7883;nh, an to&agrave;n x&#7913;ng &#273;&aacute;ng v&#7899;i ti&#7873;m n&#259;ng c&#7911;a h&#7879; sinh th&aacute;i.
pUSD ch&#7855;c ch&#7855;n l&agrave; m&#7897;t b&#432;&#7899;c &#273;i chi&#7871;n l&#432;&#7907;c c&#7911;a Polkadot &#273;&#7875; khai th&aacute;c ti&#7873;m n&#259;ng DeFi. N&oacute; c&oacute; th&#7875; mang l&#7841;i l&#7907;i &iacute;ch &#273;&aacute;ng k&#7875; n&#7871;u ch&#7913;ng minh &#273;&#432;&#7907;c t&iacute;nh an to&agrave;n v&agrave; &#273;&#432;&#7907;c ch&#7845;p nh&#7853;n r&#7897;ng r&atilde;i trong h&#7879; sinh th&aacute;i. Tuy nhi&ecirc;n, b&oacute;ng ma c&#7911;a s&#7921; th&#7845;t b&#7841;i c&#7911;a aUSD v&#7851;n ti&#7871;p t&#7909;c g&acirc;y nghi ng&#7901; trong c&#7897;ng &#273;&#7891;ng.
&#272;&#7875; tr&aacute;nh l&#7863;p l&#7841;i nh&#7919;ng sai l&#7847;m t&#432;&#417;ng t&#7921;, Polkadot ph&#7843;i l&agrave;m vi&#7879;c &#273;&#7875; xua tan nh&#7919;ng lo ng&#7841;i c&ograve;n t&#7891;n t&#7841;i. Vi&#7879;c ngu&#7891;n cung DOT b&#7883; gi&#7899;i h&#7841;n &#7903; m&#7913;c 2.1 t&#7927;, nh&#432; <a href="https://vn.beincrypto.com/polkadot-governance-vote-locks-dot-supply-fuels-bullish-outlook/" target="_blank" rel="noreferrer noopener">&#273;&#432;&#7907;c b&aacute;o c&aacute;o</a> b&#7903;i BeInCrypto, c&oacute; th&#7875; gi&uacute;p th&uacute;c &#273;&#7849;y s&#7921; ph&aacute;t tri&#7875;n c&#7911;a h&#7879; sinh th&aacute;i.

Polkadot đặt cược vào stablecoin pUSD — Nhưng liệu có thoát khỏi cái bóng của aUSD?

<a href="https://beincrypto.com/learn/what-is-polkadot/" target="_blank" rel="noreferrer noopener">Polkadot</a> (DOT) &#273;ang chu&#7849;n b&#7883; ra m&#7855;t stablecoin m&#7899;i, pUSD, th&ocirc;ng qua <a href="https://polkadot.subsquare.io/referenda/1761" target="_blank" rel="noreferrer noopener">&#273;&#7873; xu&#7845;t RFC-155</a>. C&#7897;ng &#273;&#7891;ng Polkadot &#273;ang &#7911;ng h&#7897; pUSD nh&#432; m&#7897;t gi&#7843;i ph&aacute;p quan tr&#7885;ng &#273;&#7875; khai th&aacute;c ti&#7873;m n&#259;ng DeFi, gi&#7843;m ph&#7909; thu&#7897;c v&agrave;o USDT/USDC v&agrave; t&#259;ng c&#432;&#7901;ng t&iacute;nh t&#7921; ch&#7911; cho h&#7879; sinh th&aacute;i.
Tuy nhi&ecirc;n, m&#7897;t s&#7889; ng&#432;&#7901;i lo ng&#7841;i r&#7857;ng h&#7885; c&oacute; th&#7875; l&#7863;p l&#7841;i nh&#7919;ng sai l&#7847;m trong qu&aacute; kh&#7913;. pUSD l&agrave; m&#7897;t stablecoin &#273;&#432;&#7907;c th&#7871; ch&#7845;p qu&aacute; m&#7913;c, ho&agrave;n to&agrave;n &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i DOT, tri&#7875;n khai tr&ecirc;n Asset Hub v&agrave; <a href="https://vn.beincrypto.com/polkadot-to-launch-pusd-stablecoin/" target="_blank" rel="noreferrer noopener">s&#7917; d&#7909;ng giao th&#7913;c Honzon</a> do Acala ph&aacute;t tri&#7875;n. Acala l&agrave; nh&agrave; ph&aacute;t h&agrave;nh tr&#432;&#7899;c &#273;&acirc;y c&#7911;a aUSD, m&#7897;t d&#7921; &aacute;n stablecoin &#273;&atilde; th&#7845;t b&#7841;i th&#7843;m h&#7841;i.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-can-pusd-stablecoin-avoid-the-same-fate-as-ausd">Li&#7879;u pUSD Stablecoin c&oacute; tr&aacute;nh &#273;&#432;&#7907;c s&#7889; ph&#7853;n gi&#7889;ng nh&#432; aUSD kh&ocirc;ng?</h2>

Vi&#7879;c t&aacute;i s&#7917; d&#7909;ng Honzon &ndash; khung m&agrave; Acala t&#7915;ng d&#7921;a v&agrave;o &#273;&#7875; ph&aacute;t h&agrave;nh aUSD &#273;ang g&acirc;y ra lo ng&#7841;i. S&#7921; c&#7889; &#273;&oacute; &#273;&atilde; l&agrave;m x&oacute;i m&ograve;n ni&#7873;m tin v&agrave;o &#273;&#7897;i ng&#361; Acala, v&#7899;i m&#7897;t s&#7889; ng&#432;&#7901;i th&#7853;m ch&iacute; c&ograve;n c&aacute;o bu&#7897;c h&#7885; &ldquo;&#273;&#7893; l&#7895;i cho m&#7897;t v&#7909; hack&rdquo; trong khi kh&ocirc;ng b&#7891;i th&#432;&#7901;ng &#273;&#7847;y &#273;&#7911; cho ng&#432;&#7901;i d&ugrave;ng.
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&ldquo;Vi&#7879;c ra m&#7855;t stablecoin c&#7911;a Acala (aUSD) l&agrave; m&#7897;t th&#7843;m h&#7885;a ho&agrave;n to&agrave;n v&agrave; th&#7921;c s&#7921; &#273;&atilde; gi&#7871;t ch&#7871;t ni&#7873;m tin c&#7911;a t&ocirc;i v&agrave;o &#273;&#7897;i ng&#361;. T&ocirc;i kh&ocirc;ng th&#7845;y m&igrave;nh s&#7869; &#7911;ng h&#7897; d&#7921; &aacute;n c&#7911;a h&#7885; n&#7919;a. &#272;i&#7873;u t&ocirc;i mu&#7889;n th&#7845;y l&agrave; m&#7897;t gi&#7843;i ph&aacute;p b&#7843;n &#273;&#7883;a &#273;&uacute;ng &#273;&#7855;n, &#273;&aacute;ng tin c&#7853;y. Th&#7853;t s&#7921;, r&#7845;t b&#7921;c b&#7897;i khi v&#7899;i t&#7845;t c&#7843; t&agrave;i n&#259;ng trong kh&ocirc;ng gian Polkadot/Substrate, kh&ocirc;ng ai &#273;&atilde; x&acirc;y d&#7921;ng &#273;&#432;&#7907;c th&#7913; g&igrave; t&#7889;t h&#417;n.&rdquo; &ndash; M&#7897;t th&agrave;nh vi&ecirc;n c&#7897;ng &#273;&#7891;ng <a href="https://polkadot.subsquare.io/referenda/1761#1" target="_blank" rel="noreferrer noopener nofollow">chia s&#7867;</a>.
</blockquote>

<img style="height:400px;width:640px;"decoding="async" alt="T&#7927; l&#7879; ph&ecirc; duy&#7879;t c&#7911;a &#273;&#7873; xu&#7845;t t&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i. Ngu&#7891;n: Polkadot" class="wp-image-753895 lazy" loading="lazy" src="https://assets.beincrypto.com/img/7ifxbaZ9LMy580VnRfaWbu5MW6g=/smart/c8a9707488a346efae2cc5848db265f0">T&#7927; l&#7879; ph&ecirc; duy&#7879;t c&#7911;a &#273;&#7873; xu&#7845;t t&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i. Ngu&#7891;n: <a href="https://polkadot.subsquare.io/referenda/1761" target="_blank" rel="noreferrer noopener nofollow">Polkadot</a>

Ngay c&#7843; nh&#7919;ng ng&#432;&#7901;i &#7911;ng h&#7897; Polkadot ra m&#7855;t stablecoin b&#7843;n &#273;&#7883;a c&#7911;a m&igrave;nh v&#7851;n th&#7845;y Honzon v&agrave; Acala l&agrave; nh&#7919;ng b&agrave;i h&#7885;c kh&ocirc;ng th&#7875; b&#7887; qua. H&#7885; &#273;&#7873; xu&#7845;t d&#7921; &aacute;n n&ecirc;n &ldquo;ti&#7871;n l&ecirc;n &#273;&#7897;c l&#7853;p v&#7899;i &#273;&#7897;i ng&#361; Acala.&rdquo; Ngo&agrave;i ra, h&#7885; k&ecirc;u g&#7885;i H&#7897;i &#273;&#7891;ng K&#7929; thu&#7853;t ch&#7883;u tr&aacute;ch nhi&#7879;m r&otilde; r&agrave;ng v&#7873; qu&#7843;n tr&#7883;.
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&ldquo;V&#7899;i nh&#7919;ng &#273;&#7843;m b&#7843;o n&agrave;y, t&ocirc;i s&#7869; s&#7861;n s&agrave;ng b&#7887; phi&#7871;u AYE. N&#7871;u kh&ocirc;ng c&oacute; ch&uacute;ng, r&#7911;i ro l&#7863;p l&#7841;i nh&#7919;ng sai l&#7847;m trong qu&aacute; kh&#7913; l&agrave; qu&aacute; l&#7899;n.&rdquo; M&#7897;t th&agrave;nh vi&ecirc;n kh&aacute;c <a href="https://polkadot.subsquare.io/referenda/1761#7" target="_blank" rel="noreferrer noopener nofollow">nh&#7853;n x&eacute;t</a>.
</blockquote>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-too-many-risks">Qu&aacute; nhi&#7873;u r&#7911;i ro</h2>

B&#7887; qua nh&#7919;ng lo ng&#7841;i v&#7873; Honzon v&agrave; &#273;&#7897;i ng&#361; Acala, pUSD c&#7911;a Polkadot c&#361;ng &#273;&#7889;i m&#7863;t v&#7899;i s&#7921; ho&agrave;i nghi trong c&#7897;ng &#273;&#7891;ng. M&#7897;t l&yacute; do ch&iacute;nh l&agrave; c&#7845;u tr&uacute;c ch&#7881; &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i DOT.
M&#7863;c d&ugrave; t&#7927; l&#7879; th&#7871; ch&#7845;p qu&aacute; m&#7913;c ch&iacute;nh x&aacute;c v&#7851;n ch&#432;a r&otilde; r&agrave;ng, &#273;i&#7873;u n&agrave;y c&oacute; th&#7875; k&iacute;ch ho&#7841;t c&aacute;c &#273;&#7907;t thanh l&yacute; v&agrave; t&#7841;o &aacute;p l&#7921;c b&aacute;n th&ecirc;m l&ecirc;n token. M&#7863;c d&ugrave; m&ocirc; h&igrave;nh pUSD an to&agrave;n h&#417;n UST c&#7911;a Terra v&igrave; &#273;&#432;&#7907;c th&#7871; ch&#7845;p qu&aacute; m&#7913;c, vi&#7879;c ch&#7881; d&#7921;a v&agrave;o DOT l&agrave;m t&agrave;i s&#7843;n th&#7871; ch&#7845;p mang l&#7841;i r&#7911;i ro &#273;&aacute;ng k&#7875;.
Tr&#432;&#7899;c &#273;&acirc;y, DAI c&#7911;a MakerDAO c&#361;ng b&#7855;t &#273;&#7847;u ch&#7881; v&#7899;i t&agrave;i s&#7843;n th&#7871; ch&#7845;p l&agrave; ETH. Nh&#432;ng ng&agrave;y nay, <a href="https://makerdao.com/whitepaper/White%20Paper%20-The%20Maker%20Protocol_%20MakerDAO%E2%80%99s%20Multi-Collateral%20Dai%20(MCD)%20System-FINAL-%20021720.pdf">MakerDAO h&#7895; tr&#7907;</a><a href="https://makerdao.com/whitepaper/White%20Paper%20-The%20Maker%20Protocol_%20MakerDAO%E2%80%99s%20Multi-Collateral%20Dai%20(MCD)%20System-FINAL-%20021720.pdf" target="_blank" rel="noreferrer noopener nofollow">t</a><a href="https://makerdao.com/whitepaper/White%20Paper%20-The%20Maker%20Protocol_%20MakerDAO%E2%80%99s%20Multi-Collateral%20Dai%20(MCD)%20System-FINAL-%20021720.pdf">s Multi-Collateral DAI (MCD)</a>. H&#7885; cho ph&eacute;p ng&#432;&#7901;i d&ugrave;ng th&#7871; ch&#7845;p DAI b&#7857;ng c&aacute;c t&agrave;i s&#7843;n ti&#7873;n &#273;i&#7879;n t&#7917; nh&#432; ETH, WBTC, LINK, UNI, stETH, v&agrave; th&#7853;m ch&iacute; c&#7843; T&agrave;i s&#7843;n Th&#7921;c (RWAs) nh&#432; Tr&aacute;i phi&#7871;u Ch&iacute;nh ph&#7911; M&#7929;.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;Ch&#7881; &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i DOT, &#273;i&#7873;u n&agrave;y c&oacute; th&#7875; k&iacute;ch ho&#7841;t c&aacute;c &#273;&#7907;t thanh l&yacute; v&agrave; t&#7841;o &aacute;p l&#7921;c b&aacute;n th&ecirc;m l&ecirc;n token. H&atilde;y nh&#7899; &#273;&#7871;n s&#7921; c&#7889; DAI depeg n&#7893;i ti&#7871;ng v&agrave;o n&#259;m 2020, bu&#7897;c MakerDAO ph&#7843;i &#273;a d&#7841;ng h&oacute;a t&agrave;i s&#7843;n th&#7871; ch&#7845;p c&#7911;a m&igrave;nh.&rdquo; M&#7897;t ng&#432;&#7901;i d&ugrave;ng tr&ecirc;n X <a href="https://x.com/TheDotsTalks/status/1969119669484478470" target="_blank" rel="noreferrer noopener">b&igrave;nh lu&#7853;n</a>.
</blockquote>

Th&ecirc;m v&agrave;o &#273;&oacute;, m&#7897;t ng&#432;&#7901;i d&ugrave;ng kh&aacute;c tr&ecirc;n X ch&#7881; ra r&#7857;ng h&#7879; sinh th&aacute;i Polkadot &#273;&atilde; c&oacute; nh&#7919;ng gi&#7843;i ph&aacute;p b&#7843;n &#273;&#7883;a ti&ecirc;n ti&#7871;n h&#417;n nh&#432; HOLLAR. H&#7879; th&#7889;ng Hydration x&acirc;y d&#7921;ng stablecoin n&agrave;y, t&#7889;i &#432;u h&oacute;a cho c&aacute;c appchains v&agrave; &#273;&#7883;nh v&#7883; n&oacute; v&#432;&#7907;t tr&#7897;i h&#417;n ki&#7871;n tr&uacute;c aUSD c&#361;. Do &#273;&oacute;, nhi&#7873;u ng&#432;&#7901;i cho r&#7857;ng thay v&igrave; l&#7863;p l&#7841;i m&ocirc; h&igrave;nh EVM &ldquo;th&ocirc;ng th&#432;&#7901;ng&rdquo;, Polkadot n&ecirc;n t&#7853;n d&#7909;ng nh&#7919;ng &#273;i&#7875;m m&#7841;nh &#273;&#7897;c &#273;&aacute;o c&#7911;a m&igrave;nh. &#272;i&#7873;u n&agrave;y s&#7869; cho ph&eacute;p t&#7841;o ra m&#7897;t gi&#7843;i ph&aacute;p &#7893;n &#273;&#7883;nh, an to&agrave;n x&#7913;ng &#273;&aacute;ng v&#7899;i ti&#7873;m n&#259;ng c&#7911;a h&#7879; sinh th&aacute;i.
pUSD ch&#7855;c ch&#7855;n l&agrave; m&#7897;t b&#432;&#7899;c &#273;i chi&#7871;n l&#432;&#7907;c c&#7911;a Polkadot &#273;&#7875; khai th&aacute;c ti&#7873;m n&#259;ng DeFi. N&oacute; c&oacute; th&#7875; mang l&#7841;i l&#7907;i &iacute;ch &#273;&aacute;ng k&#7875; n&#7871;u ch&#7913;ng minh &#273;&#432;&#7907;c t&iacute;nh an to&agrave;n v&agrave; &#273;&#432;&#7907;c ch&#7845;p nh&#7853;n r&#7897;ng r&atilde;i trong h&#7879; sinh th&aacute;i. Tuy nhi&ecirc;n, b&oacute;ng ma c&#7911;a s&#7921; th&#7845;t b&#7841;i c&#7911;a aUSD v&#7851;n ti&#7871;p t&#7909;c g&acirc;y nghi ng&#7901; trong c&#7897;ng &#273;&#7891;ng.
&#272;&#7875; tr&aacute;nh l&#7863;p l&#7841;i nh&#7919;ng sai l&#7847;m t&#432;&#417;ng t&#7921;, Polkadot ph&#7843;i l&agrave;m vi&#7879;c &#273;&#7875; xua tan nh&#7919;ng lo ng&#7841;i c&ograve;n t&#7891;n t&#7841;i. Vi&#7879;c ngu&#7891;n cung DOT b&#7883; gi&#7899;i h&#7841;n &#7903; m&#7913;c 2.1 t&#7927;, nh&#432; <a href="https://vn.beincrypto.com/polkadot-governance-vote-locks-dot-supply-fuels-bullish-outlook/" target="_blank" rel="noreferrer noopener">&#273;&#432;&#7907;c b&aacute;o c&aacute;o</a> b&#7903;i BeInCrypto, c&oacute; th&#7875; gi&uacute;p th&uacute;c &#273;&#7849;y s&#7921; ph&aacute;t tri&#7875;n c&#7911;a h&#7879; sinh th&aacute;i.