引入Stabull：針對穩定幣和現實世界資產優化的新DEX

對於某些人來說，這是令人興奮的，但是如果您只想購買商品或匯款而不必擔心費用會在一夜之間崩潰，這不是很有用。

That's exciting for some, but not very useful if you just want to buy something or send money without worrying the rate will crash overnight. That's where stablecoins come in.

對於某些人來說，這是令人興奮的，但是如果您只想購買商品或匯款而不必擔心費用會在一夜之間崩潰，這不是很有用。那是穩定幣的來源。

Think of stablecoins as the calmer cousins in the crypto family. They're designed to keep a steady price, usually by being "pegged" to the value of something stable in the real world, like the US dollar (think USDC or USDT), or other major currencies such as the Euro (EURS) and Japanese Yen (GYEN). This makes them super useful for things like online payments, sending money across borders faster and cheaper than old-school banks, and for trading within the world of DeFi (Decentralized Finance).

將Stablecoins視為加密家族中平靜的表親。它們旨在保持穩定的價格，通常是通過“固定”到現實世界中穩定物品的價值，例如美元（例如USDC或USDT）或其他主要貨幣，例如Euro（Eurs）和日本日元（Gyen）。這使它們對於諸如在線付款之類的東西，比老式銀行更快，更便宜的貨幣以及在Defi（分散融資）範圍內的交易非常有用。

The Big Problem: Fluctuating Pegs in DeFi

最大的問題：defi中的釘子波動

Here's the tricky part: while a stablecoin like EURS might be backed 1-for-1 by real Euros sitting in a bank, its price on a crypto exchange can sometimes drift away from that perfect €1.00 value. This happens a lot on regular Decentralized Exchanges (DEXs) - think of these like crypto trading platforms run by code instead of a company.

這是一個棘手的部分：雖然像Eurs這樣的穩定​​幣可能會以1比1的支持，而歐元坐在銀行中，但其在加密貨幣交易所上的價格有時可能會偏離該完美的1.00歐元價值。這在常規分散交易所（DEX）上發生了很多事情 - 將這些交易平台視為由代碼而不是公司運行的加密交易平台。

Why do prices diverge?

為什麼價格分歧？

Old Info: Most DEXs figure out prices based on the trades happening right there on the platform. They don't automatically know the real-time price of a Euro or Gold out in global markets at a given point in time. They sort of wait for traders to make deals that push the price back to where it should be.

舊信息：大多數DEX基於平台上發生的交易來確定價格。他們不會在給定時間點自動知道在全球市場中歐元或黃金的實時價格。他們有點等待交易者達成交易，將價格推回該局應該是應該的地方。

Slow Updates: Imagine the price of the Euro changes quickly because of big news. A regular DEX might lag behind, still offering trades at the old, wrong price until enough people make trades to correct it. This process relies on smart traders called "arbitrageurs" who spot these price differences between exchanges and make quick trades to profit, which slowly fixes the price. But this can takes time.

緩慢的更新：想像一下歐元的價格由於大新聞而迅速變化。常規的DEX可能會落後，仍然以舊的，錯誤的價格提供交易，直到有足夠的人進行交易來糾正它。這個過程依賴於稱為“套利者”的智能交易者，他們發現了交流之間的這些價格差異，并快速交易以獲利，從而慢慢確定了價格。但這可能需要時間。

Markets Close, Crypto Doesn't: The real-world markets for currencies (Forex or FX) and gold aren't open 24/7. They close on weekends and holidays. But crypto trades non-stop! So, if something major happens over a weekend that affects the value of the Turkish Lira, a stablecoin like TRYB might still be trading on a DEX at Friday's price until Monday morning when the real markets open and arbitrageurs can jump in. This leaves the price stale and potentially wrong for days.

市場關閉，加密貨幣沒有：貨幣（外匯或外匯）和黃金的現實世界市場24/7開放。他們在周末和假期結束。但是加密貨幣不停地交易！因此，如果在一個週末發生了一些重大事件會影響土耳其里拉的價值，那麼像Tryb這樣的穩定​​幣可能仍會以周五的價格以DEX的價格進行交易，直到週一早上，當時真正的市場開放，套利者可能會跌入。這會使價格陳舊降低。

For people using stablecoins, this is annoying. You are often given a bad price. For the issuers of stablecoins, it's a real headache. They want their stablecoin to be useful and reliable, but if its price is constantly oscillating around the peg or has a persistent premium, it undermines that usefulness, even if the backing is solid.

對於使用Stablecoins的人來說，這很煩人。您經常給您帶來不好的代價。對於Stablecoins的發行人來說，這是一個真正的頭痛。他們希望他們的穩定幣具有有用和可靠性，但是如果其價格在釘子周圍不斷搖擺或具有持續的溢價，即使背景穩定，它也會破壞這種有用性。

Enter Stabull: Built Different, Built for Stability

輸入Stabull：建造不同的，建造為穩定性

This exact problem - especially for stablecoins pegged to currencies other than the US dollar - is why Stabull Finance was created. Stabull isn't trying to be just another DEX listing every token in the broadest terms. It's optimized for stablecoins and Real World Assets (RWAs) like a Euro stablecoin or tokenized gold. That's it. No Dogecoin, no Bitcoin, just the assets that have off-chain equivalents, and real-world value.

這個確切的問題 - 尤其是對於固定在美元以外的貨幣固定的穩定幣 - ​​就是為什麼創建Stabull Finance的原因。斯塔爾（Stabull）並不是要以最廣泛的說法成為另一個列表每個令牌的DEX。它像歐元穩定或像徵性黃金一樣針對穩定幣和現實世界資產（RWA）進行了優化。就是這樣。沒有狗狗，沒有比特幣，只有具有鍊鍊等效物的資產和現實的價值。

Because Stabull is so focused, it can use a smarter approach. It was actually built hand-in-hand with a group of non-USD stablecoin issuers who were tired of their coins' prices drifting on other platforms. They needed a place where liquidity was good and prices stayed true to their off-chain counterparts.

由於Stabull是如此專注，因此可以使用更智能的方法。它實際上是與一群非USD Stablecoin發行人齊頭並進的，他們厭倦了在其他平台上的硬幣價格上漲。他們需要一個流動性良好的地方，並且價格忠實於鍊鍊的同行。

The Secret Sauce: Off-chain Oracles

秘密調味醬：脫鏈甲骨文

So, how does Stabull keep prices more accurate? It uses Oracles.

那麼，Stabull如何使價格更加準確？它使用甲殼。

An oracle brings trustworthy, real-world (off-chain) data on chain, available for defi and other protocols to use. Stabull works with trusted oracle providers (like the well-known Chainlink) that are constantly watching the live prices on the big, global FX and commodity markets.

Oracle帶來了可信賴的現實世界（鏈）鏈中的數據，可用於使用DEFI和其他協議。 Stabull與值得信賴的Oracle提供商（如著名的連鎖鏈接）合作，他們一直在觀看大型，全球FX和商品市場上的現場價格。

Here's how it works on Stabull:

這是在Stabull上工作的方式：

Get the Real Price: The oracle tells Stabull the current, real-world price. For example, it constantly feeds the live EUR/USD price into Stabull's EURS/USDC trading pool, or the TRY/USD price into the TRYB/USDC pool.

獲取實際價格：甲骨文告訴斯塔爾當前的現實價格。例如，它不斷將現場歐/美元的價格送入Stabull的Eurs/USDC交易池，或Try/usd價格到TryB/USDC池中。

Proactive, Not Reactive: Unlike generalised DEXs that wait for traders to fix prices, Stabull is proactive. It uses the live oracle price as its target. Its smart contract pools (the AMM - Automated Market Maker) are designed to automatically focus the trading activity and liquidity right around that real-time oracle price.

積極主動，沒有反應：與等待交易者確定價格的普遍DEX不同，Stabull是主動的。它使用實時Oracle價格作為目標。它的智能合同池（AMM -Automated Mlegnaker）旨在自動將交易活動和流動性集中在實時的Oracle價格周圍。

Smart Pricing Curve: Stabull's pricing curve or "invariant" is designed to offer very low "slippage" (the difference between the price you expect and the price you actually get) when you trade near the current oracle price.

智能定價曲線：Stabull的定價曲線或“不變”旨在提供非常低的“滑板”（您期望的價格和實際價格之間的差額），當您在當前Oracle價格附近交易時。