💰 Arthur Hayes proposed to create a stablecoin based on bitcoin  

The Satoshi Nakamoto Dollar (NakaDollar, NUSD) will be backed by $1 in BTC + $1 open short BTC (reverse perpetual swap). To put it simply, Arthur suggests opening a delta-neutral position on bitcoin to receive the NUSD stablecoin. Read more about the mechanism of work here.

💡 According to Arthur, this will bring a lot of liquidity to the market, because the existing decentralized (if it can be considered so) DAI stablecoin, on the contrary, takes liquidity (because it is overcollateralized).

But NakaDollar will not be decentralized, because there will be a point of failure on centralized crypto derivatives exchanges, where a delta-neutral position is opened. But at least the plus is that BTC to support the NUSD rate will be held by several exchanges, and not by one organization like Tether or Circle.

It is impossible to use decentralized derivatives exchanges for NakaDollar due to the lack of an adequate level of liquidity. And their price oracles still rely on data from centralized spot exchanges.