The Holy Grail of Crypto is stablecoins, and countless people will continue to explore the endlessly. The first generation is "decentralization" - the earliest MakerDAO. The second generation is "capital efficiency" - the crazy algorithmic stablecoins. The third generation is "cedefi packaging" - the delta-neutral strategy. The cake in this track is too big, but there is no optimal solution yet. The only certainty is that the fourth generation will emerge in the next cycle.