Executive Summary The landscape of decentralized finance (DeFi) is rapidly evolving, with stablecoins serving as a critical bridge between the volatile cryptocurrency markets and traditional financial systems. This report provides a comprehensive comparative analysis of two prominent decentralized stablecoin protocols: MakerDAO on the Ethereum blockchain and Bucket Protocol on the Sui blockchain. Both protocols leverage Collateralized Debt Position (CDP) models to issue their respective stablecoins, DAI and BUCK, which are soft-pegged to the U.S. dollar. MakerDAO, a pioneer in the DeFi space, demonstrates a mature and robust architecture with a strong emphasis on community-driven decentralized governance. Its stablecoin, DAI, is backed by a diverse multi-collateral portfolio, including real-world assets, and is managed through a sophisticated array of stability mechanisms and a dynamic MKR tokenomics model designed for long-term solvency. The protocol benefits from Ethereum's established security and network effects, albeit inheriting its scalability challenges, which are largely addressed through Layer 2 solutions. In contrast, Bucket Protocol represents a newer, high-performance approach within the burgeoning Sui ecosystem. It offers a compelling value proposition with "0% interest loans" and leverages Sui's native scalability, parallel execution, and low transaction costs for enhanced user experience. While its stablecoin, BUCK, employs robust stability mechanisms, its governance model presents a notable ambiguity, oscillating between token-holder governance and a "governance-free" algorithmic design. This distinction highlights a foundational divergence in design philosophies, with MakerDAO leaning towards active, adaptable governance and Bucket Protocol potentially favoring algorithmic immutability or a more streamlined governance process. This analysis delves into the core functionalities, stablecoin mechanics, governance structures, tokenomics, underlying blockchain architectures, and market presence of both protocols, revealing their unique strengths, strategic positioning, and the inherent trade-offs in their design choices. Introduction to Decentralized Stablecoin Protocols

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