[3np]

Not a specific resource but a good one to start with would be MakerDAO DAI. Note that when people in the space talk about "will algorithmic stablecoins ever work?" They'r usually referring specifically to noncollateralized or undercollateralized stablecoins (like UST). DAI is overcollaterallized so its fundamental model is not really under debate recently. However, DAI is the first major decentralized stablecoin and a lot of concepts and terminology reappear in later ones so understanding what it does and how it works is a great base for understanding algorithmic stablecoins. Much like understanding Bitcoin is useful when looking at other blockchains.

For AMMs, same applies to Uniswap. Their whitepapers(V1,V2,V3) are both accessible and formal enough to be useful.

Also this paper from Curve https://curve.fi/files/stableswap-paper.pdf

Projects like Terra and Anchor are messy enough (some might say willfully misleading and opaque) that you want to be able to recognize lingo and patterns (and, ideally, source code) to come out with somewhat useful results. In some cases, you'll need to be monitoring their Discord, Twitter, and/or Telegram groups to follow them properly - though in those cases, I've taken that as enough of a red flag in itself to disqualify the entire project from my attention.

[frobisher]

imo the problem with UST vs DAI was not under vs over collateralisation, but rather that Luna supporting UST had its value tied to UST adoption. On the other hand, DAI is collateralised by things like Eth, which could also in theory crash, but get their value from a much wider ecosystem than just DAI - hence one potentially avoids the circularity.

For a great read on this and more, check out Vitalik's post: https://vitalik.ca/general/2022/05/25/stable.html

[pcthrowaway]

I second the recommendation to learn about Uniswap. Uniswap was really the beginning of the defi explosion of the last couple of years