Moria (MUSD)：BCH 网络现在拥有一种实验性的、由原生支持、超额抵押的稳定币

比特币现金网络现在有一种实验性的、本地支持的、超额抵押的稳定币，称为“Moria”（MUSD）。大约一天之内，这个去中心化的开源协议已在网络上锁定了超过 25,000 美元，交易直接在链上进行。

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.

比特币现金（BCH）现在有一种实验性的本地支持的超额抵押稳定币，称为“Moria”（MUSD）。大约一天之内，这个去中心化的开源协议已在网络上锁定了超过 25,000 美元，交易直接在链上进行。

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 之前报道的那样，通过 2023 年 5 月的 CashTokens 升级，现在可以直接在比特币现金链上执行与以太坊相当的智能合约。此次升级以最低的费用启用了基于 UTXO（未使用的交易输出）的智能合约。用日常语言来说，这意味着廉价的交易可以在第 1 层完成，而不是在闪电网络（使用 BTC）或 Rollups（使用 ETH）等“第二层解决方案”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.

虽然该框架的开发仍处于早期阶段，但这一功能是主流加密货币一直在沉睡的东西，并且可能成为目前统治加密货币市场的实体（例如 USDT）的激烈竞争对手。

Native-backed stablecoin experiment launches on BCH

原生支持的稳定币实验在 BCH 上启动

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，比特币兑现者通过 2023 年升级首次体验了稳定币世界，并于 12 月 4 日推出了名为“Moria”（MUSD）的代币。

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 创建，该公司是 Cauldron DEX（去中心化交易所）背后的公司，也通过上述升级而成为可能。

“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 协议是一个建立在比特币现金区块链上的实验性 DeFi 平台，使用户能够铸造由 BCH 支持的去中心化稳定币，”测试运行 #1 概述指出，并强调：“本次测试运行将不迟于 2025 年 5 月结束，并将以日落机制结束。”

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.

本质上，用户可以通过合约存入 BCH 来铸造资产，从而产生由 BCH 超额抵押的 MUSD 代币，并与美元的稳定性挂钩。概述指出：“该测试旨在评估 MUSD 是否能够保持接近美元的价格稳定性。”这样，比特币现金就可以有效地流动，而不必担心市场波动。

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，“当一笔贷款由于市场波动而变得抵押不足时，例如 BCH 价格下跌，导致抵押品价值下降，这种状态下的所有贷款都可供其他用户清算”，“清算人将偿还使用 MUSD 进行贷款，解锁抵押品，然后将抵押品释放给清算人。”

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

概述警告说：“为了避免清算，用户必须保持健康的抵押率高于所需的 110% 阈值。”

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 只是目前通过 CashTokens 升级无需许可进行的众多实验之一。应该重申的是，正如协议交易所所指出的，当前版本的 MUSD 是高度实验性的。概述描述了运行的结束和后续步骤，详细说明：“完成后，协议将使用相同的代码过渡到新的测试运行或最终部署，而当前的代码将被重命名为“MUSDv0”。

Moria vs Tether’s USDT

Moria 与 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.

过去十年来，稳定币世界呈爆炸式增长，像 Tether (USDT) 这样有争议的庞然大物以这种方式大规模地推动着加密货币市场。那么，Tether 和这个新实验有什么区别呢？一方面，通过开源代码提高透明度。

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.

正如标准普尔全球评级最近指出的那样：“与大多数其他稳定币不同，USDT 的智能合约源代码不是开源的。”此外，该稳定币由该链的原生资产比特币现金（BCH）支持，而不是美国国债和其他笼罩在神秘和模糊法律术语中的投资的混合体。最后，通过 Moria 协议进行的交易旨在抵抗审查并完全可审计，而 Tether 则集中冻结政府标记的地址。

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.

尽管如此，并非 BCH 社区中的每个人都认为稳定币是必要的，许多人认为试图与暴力支持的美元挂钩的想法是有害的。 Moria 的 26,000 美元 TVL（锁定总价值）可能会被价值 1,350 亿美元 USDT 巨头的粉丝们嘲笑，但他们忽略的关键一点是，现在任何人和每个人都可以像在以太坊上一样在 BCH 上构建，但是由于 UTXO 效率优势，交易成本大大降低。