Peg
Fixed value relationship antara crypto dan reference asset (USD, BTC, dll).
Penjelasan
Sobat Kripto, peg refers ke pegged value: crypto designed maintain fixed ratio ke reference asset. Stablecoin pegged ke USD (USDT, USDC). Wrapped Bitcoin pegged ke BTC (WBTC). Liquid staked ETH pegged ke ETH (stETH). Peg maintained via various mechanism (cadangan, arbitrage incentive, algorithmic). Depeg = peg broken (significant deviation dari fixed value).
Mechanism Maintain Peg
Fiat-backed (USDC, USDT): cadangan USD 1:1, arbitrageur restore peg via redemption. Crypto-collateralized (DAI): over-collateralized, smart contract liquidation. Algorithmic (UST yang collapsed): seigniorage mechanism, vulnerable to death spiral. Wrapped token (WBTC): custodial wrapping, BitGo guarantee 1:1.
Depeg Risk
Significant deviation dari peg = depeg event. USDC ke 0.87 dolar Maret 2023 (SVB crisis). UST ke 0.01 dolar Mei 2022 (algorithmic collapse). stETH discount ke ETH Mei 2022 (Celsius cascade). Depeg dapat temporary (USDC) atau permanent (UST). Risk fundamental untuk pegged asset holder.
Untuk Sobat Kripto
Diversifikasi pegged asset: jangan hold all dana di single stablecoin atau wrapped token. Monitor health metric (cadangan transparency, arbitrage liquidity). Algorithmic stablecoin: avoid kecuali sangat understand mechanism. Untuk Sobat Kripto pemula: stick dengan established fiat-backed stablecoin (USDT, USDC). Reduce depeg risk significantly.