引入Stabull：针对稳定币和现实世界资产优化的新DEX

对于某些人来说，这是令人兴奋的，但是如果您只想购买商品或汇款而不必担心费用会在一夜之间崩溃，这不是很有用。

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.

对于某些人来说，这是令人兴奋的，但是如果您只想购买商品或汇款而不必担心费用会在一夜之间崩溃，这不是很有用。那是稳定币的来源。

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).

将Stablecoins视为加密家族中平静的表亲。它们旨在保持稳定的价格，通常是通过“固定”到现实世界中稳定物品的价值，例如美元（例如USDC或USDT）或其他主要货币，例如Euro（Eurs）和日本日元（Gyen）。这使它们对于诸如在线付款之类的东西，比老式银行更快，更便宜的货币以及在Defi（分散融资）范围内的交易非常有用。

The Big Problem: Fluctuating Pegs in DeFi

最大的问题：defi中的钉子波动

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.

这是一个棘手的部分：虽然像Eurs这样的稳定​​币可能会以1比1的支持，而欧元坐在银行中，但其在加密货币交易所上的价格有时可能会偏离该完美的1.00欧元价值。这在常规分散交易所（DEX）上发生了很多事情 - 将这些交易平台视为由代码而不是公司运行的加密交易平台。

Why do prices diverge?

为什么价格分歧？

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.

旧信息：大多数DEX基于平台上发生的交易来确定价格。他们不会在给定时间点自动知道在全球市场中欧元或黄金的实时价格。他们有点等待交易者达成交易，将价格推回该局应该是应该的地方。

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.

缓慢的更新：想象一下欧元的价格由于大新闻而迅速变化。常规的DEX可能会落后，仍然以旧的错误价格提供交易，直到有足够的人进行交易来纠正它。这个过程依赖于称为“套利者”的智能交易者，他们发现了交流之间的这些价格差异，并快速交易以获利，从而慢慢确定了价格。但这可能需要时间。

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.

市场关闭，加密货币没有：货币（外汇或外汇）和黄金的现实世界市场24/7开放。他们在周末和假期结束。但是加密货币不停地交易！因此，如果在一个周末发生了一些重大事件会影响土耳其里拉的价值，那么像Tryb这样的稳定​​币可能仍会以周五的价格以DEX的价格进行交易，直到周一早上，当时真正的市场开放，套利者可能会跌入。这会使价格陈旧降低。

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.

对于使用Stablecoins的人来说，这很烦人。您经常给您带来不好的代价。对于Stablecoins的发行人来说，这是一个真正的头痛。他们希望他们的稳定币具有有用和可靠性，但是如果其价格在钉子周围不断摇摆或具有持续的溢价，即使背景稳定，它也会破坏这种有用性。

Enter Stabull: Built Different, Built for Stability

输入Stabull：建造不同的，建造为稳定性

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.

这个确切的问题 - 尤其是对于固定在美元以外的货币固定的稳定币 - ​​就是为什么创建Stabull Finance的原因。斯塔尔（Stabull）并不是要以最广泛的说法成为另一个列表每个令牌的DEX。它像欧元稳定或象征性黄金一样针对稳定币和现实世界资产（RWA）进行了优化。就是这样。没有狗狗，没有比特币，只有具有链链等效物的资产和现实的价值。

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.

由于Stabull是如此专注，因此可以使用更智能的方法。它实际上是与一群非USD Stablecoin发行人齐头并进的，他们厌倦了在其他平台上的硬币价格上涨。他们需要一个流动性良好的地方，并且价格忠实于链链的同行。

The Secret Sauce: Off-chain Oracles

秘密调味酱：脱链甲骨文

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

那么，Stabull如何使价格更加准确？它使用甲壳。

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带来了可信赖的现实世界（链）链中的数据，可用于使用DEFI和其他协议。 Stabull与值得信赖的Oracle提供商（如著名的连锁链接）合作，他们一直在观看大型，全球FX和商品市场上的现场价格。

Here's how it works on Stabull:

这是在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.

获取实际价格：甲骨文告诉斯塔尔当前的现实价格。例如，它不断将现场欧/美元的价格送入Stabull的Eurs/USDC交易池，或Try/usd价格到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.

积极主动，没有反应：与等待交易者确定价格的普遍DEX不同，Stabull是主动的。它使用实时Oracle价格作为目标。它的智能合同池（AMM -Automated Mlegnaker）旨在自动将交易活动和流动性集中在实时的Oracle价格周围。

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.

智能定价曲线：Stabull的定价曲线或“不变”旨在提供非常低的“滑板”（您期望的价格和实际价格之间的差额），当您在当前Oracle价格附近交易时。