1.ESD(Empty Set Dollar) has recently gained some traction for its delicated design comparing to previous elastic supply stablecoins.
Currently total supply of ESD reached over $70m,nearly 9x in 2 weeks. It cannot be ignored.

2.The mechanism of ESD follows the Quantity Theory of Money, which adjusts the total supply of ESD according to the price peg.
Specifically,if the ESD>$1, more ESD tokens will be minted to lowering to price by inflation. Otherwise, ESD will issue"debt" to be burnt.

3. The detailed explanation can be found in this article: https://soligo.substack.com/p/the-empty-set-dollar-premium-superfluid

4.ESD absorbed the Basis's high level structure with some key improvements:
(1)AMM price discovery for the "debt" market
(2)Stable and decentralized oracle from Uniswap
(3)DAO governance since day one.
Collectively it provides better liquidity with little regulatory pressure

5. ESD also solves the problem of death price spiral in AMPL like elastic supply coins. Instead of rebase for all token holders, ESD issues coupon for those debt burners, which can be redeemed in the inflation cycle at a premium.

6.Algorithm stablecoins have the advantage of capical efficiency with no over-collaterall needed comparing to Dai,the dominant decentralized stable coin. Among them,ESD seems to be the most promising one so far.

7.ESD is not perfect for sure. When the price is below $1, outside buying force is needed to support it back to the peg. The time lag may be long.
Also the price will fluctuate in a wide range around the peg in its nascent stage.

8.Not an investment advice and DYOR.
More ref info:
(1) https://www.delphidigital.io/reports/ampl-the-not-so-stable-stablecoin-2/?output=pdf
(2) https://medium.com/@lewisfreiberg/empty-set-dollar-esd-a0abbfc5ecdb