Moria (MUSD)：BCH 網路現在擁有一種實驗性的、由原生支援、超額抵押的穩定幣

比特幣現金網路現在有一種實驗性的、本地支援的、超額抵押的穩定幣，稱為「Moria」（MUSD）。大約一天之內，這個去中心化的開源協議已在網路上鎖定了超過 25,000 美元，交易直接在鏈上進行。

Bitcoin Cash (BCH) now has an experimental native-backed over-collateralized stablecoin called “Moria” (MUSD). Within about one day, the decentralized, open-source protocol has seen over $25,000 locked on the network, with transactions occurring directly on-chain.

比特幣現金（BCH）現在有一種實驗性的本地支持的超額抵押穩定幣，稱為“Moria”（MUSD）。大約一天之內，這個去中心化的開源協議已在網路上鎖定了超過 25,000 美元，交易直接在鏈上進行。

As Cryptopolitan previously reported, smart contracts comparable to Ethereum can now be executed directly on the Bitcoin Cash chain via the May 2023 CashTokens upgrade. This upgrade enabled UTXO (unspent transaction output)-based smart contracts for minimal fees. In everyday language, it means cheap transactions can be done on layer 1, and not on a “second layer solution” like the Lightning Network (with BTC) or Rollups (on ETH).

正如 Cryptopolitan 之前報導的那樣，透過 2023 年 5 月的 CashTokens 升級，現在可以直接在比特幣現金鏈上執行與以太坊相當的智能合約。此次升級以最低的費用啟用了基於 UTXO（未使用的交易輸出）的智慧合約。用日常語言來說，這意味著廉價的交易可以在第 1 層完成，而不是在閃電網路（使用 BTC）或 Rollups（使用 ETH）等「第二層解決方案」上完成。

While development on the framework is still in the early stages, this functionality is something mainstream crypto has been sleeping on, and could become a fierce competitor to those entities currently ruling crypto markets, like USDT.

雖然該框架的開發仍處於早期階段，但這一功能是主流加密貨幣一直在沉睡的東西，並且可能成為目前統治加密貨幣市場的實體（例如 USDT）的激烈競爭對手。

Native-backed stablecoin experiment launches on BCH

原生支援的穩定幣實驗在 BCH 上啟動

Just yesterday, bitcoin cashers got their first taste of the stablecoin world via the 2023 upgrade, with the launch of a token called “Moria” (MUSD) on December 4.

就在昨天，比特幣兌現者透過 2023 年升級首次體驗了穩定幣世界，並於 12 月 4 日推出了名為「Moria」（MUSD）的代幣。

Moria was created by Riften Labs, the company behind the Cauldron DEX (decentralized exchange), also made possible by the aforementioned upgrade.

Moria 由 Riften Labs 創建，該公司是 Cauldron DEX（去中心化交易所）背後的公司，也透過上述升級而成為可能。

“The Moria Protocol is an experimental DeFi platform built on the Bitcoin Cash blockchain, enabling users to mint decentralized stablecoins backed by BCH,” the Test Run #1 Overview notes, emphasizing: “This test run will end no later than May 2025 and will conclude with a sunset mechanism.”

「Moria 協議是一個建立在比特幣現金區塊鏈上的實驗性DeFi 平台，使用戶能夠鑄造由BCH 支持的去中心化穩定幣，」測試運行#1 概述指出，並強調：「本次測試運行將不遲於2025 年5 月結束，並將以日落機制結束。

In essence, users can mint the asset by depositing BCH via the contract, resulting in MUSD tokens which are over-collateralized by BCH, and tied to the US dollar’s stability. “The test aims to evaluate whether MUSD can maintain a price stability close to that of USD,” the overview notes. This way, bitcoin cash can be effectively moved around with less worries about market volatility.

本質上，用戶可以透過合約存入 BCH 來鑄造資產，從而產生由 BCH 超額抵押的 MUSD 代幣，並與美元的穩定性掛鉤。概述指出：“該測試旨在評估 MUSD 是否能夠保持接近美元的價格穩定性。”這樣，比特幣現金就可以有效流動，而不必擔心市場波動。

Riften Labs specifies that “When a loan becomes undercollateralized due to market swings—such as a drop in the BCH price lowering the value of the collateral—all loans in this state become available for liquidation by other users,” continuing, “Liquidators repay the loan using MUSD, unlocking the collateral, which is then released to the liquidator.”

Riften Labs 指出，“當一筆貸款因市場波動而變得抵押不足時，例如 BCH 價格下跌，導致抵押品價值下降，這種狀態下的所有貸款都可供其他用戶清算”，“清算人將償還使用MUSD 進行貸款，解鎖抵押品，然後將抵押品釋放給清算人。

“To avoid liquidation, users must maintain a healthy collateralization ratio above the required threshold of 110%,” the overview cautions.

概述警告說：“為了避免清算，用戶必須保持健康的抵押率高於所需的 110% 門檻。”

Moria is just one of many experiments currently being undertaken permissionlessly via the CashTokens upgrade. It should should be reiterated, as noted on the protocol exchange that the current version of MUSD is highly experimental. The overview describes the end of the run, and next steps, detailing: “Upon completion, the protocol will transition to a new test run or into its finalized deployment, using the same ticker, while the current ticker will be renamed “MUSDv0.”

Moria 只是目前透過 CashTokens 升級無需許可進行的眾多實驗之一。應該重申的是，正如協議交易所所指出的，目前版本的 MUSD 是高度實驗性的。概述描述了運行的結束和後續步驟，詳細說明：「完成後，協議將使用相同的程式碼過渡到新的測試運行或最終部署，而當前的程式碼將被重命名為「MUSDv0」。

Moria vs Tether’s USDT

Moria 與 Tether 的 USDT

The world of stablecoins has exploded in the last ten years, with controversial behemoths like Tether (USDT) massively shoving the crypto market this way and that. So, what’s the difference between Tether and this new experiment? Well, for one, more transparency via open source code.

過去十年來，穩定幣世界呈爆炸式增長，像 Tether (USDT) 這樣有爭議的龐然大物以這種方式大規模地推動加密貨幣市場。那麼，Tether 和這個新實驗有什麼不同呢？一方面，透過開源程式碼提高透明度。

As S&P Global Ratings recently noted: “USDT’s smart contract source code is not open source, unlike that of most other stablecoins.” Further, the stable is backed by bitcoin cash (BCH), the native asset of the chain, and not a mixed bag of U.S. Treasuries and other investments shrouded in mystery and murky legalese. Finally transactions via the Moria protocol aim to be censorship resistant and fully auditable, whereas Tether centrally freezes addresses flagged by governments.

正如標準普爾全球評級最近指出的那樣：“與大多數其他穩定幣不同，USDT 的智能合約原始碼不是開源的。”此外，該穩定幣由該鏈的原生資產比特幣現金（BCH）支持，而不是美國國債和其他籠罩在神秘和模糊法律術語中的投資的混合體。最後，透過 Moria 協議進行的交易旨在抵抗審查並完全可審計，而 Tether 則集中凍結政府標記的地址。

Still, not everyone in the BCH community thinks a stablecoin is necessary, and many view the idea of trying to peg to the violence-backed USD as harmful. Moria’s $26,000 in TVL (total-value locked) will likely be scoffed at by fans of the $135 billion-dollar USDT juggernaut, but the key point they’d be missing is that now anyone and everyone can build on BCH as on Ethereum, but for much less in terms of transactions costs thanks to the UTXO efficiency advantage.

儘管如此，並非 BCH 社群中的每個人都認為穩定幣是必要的，許多人認為試圖與暴力支持的美元掛鉤的想法是有害的。 Moria 的26,000 美元TVL（鎖定總價值）可能會被價值1,350 億美元USDT 巨頭的粉絲們嘲笑，但他們忽略的關鍵一點是，現在任何人和每個人都可以像在以太坊上一樣在BCH 上構建，但由於 UTXO 效率優勢，交易成本大大降低。