Pure.cash 倒计时开始：改变游戏规则的协议即将在以太坊主网上启动

该项目旨在彻底改变加密货币行业，提供的不仅仅是 Ethena 的去中心化版本。

Pure.cash countdown begins: the game-changing protocol will launch on Ethereum mainnet soon. The project aims to revolutionize the crypto industry, offering more than just a decentralized version of Ethena.

Pure.cash 倒计时开始：改变游戏规则的协议即将在以太坊主网上启动。该项目旨在彻底改变加密货币行业，提供的不仅仅是 Ethena 的去中心化版本。

Highlights

亮点

From a fundamental perspective, Pure.cash is a decentralized version of Ethena, employing a delta-neutral strategy utilizing perpetual contracts to issue the stablecoin PUSD. Backed by ETH with corresponding equal short positions, PUSD consistently maintains a delta-neutral status, achieving maximum capital efficiency with full crypto asset collateralization.

从基本面来看，Pure.cash 是 Ethena 的去中心化版本，采用 Delta 中性策略，利用永续合约发行稳定币 PUSD。 PUSD 以 ETH 和相应等量空头头寸为支撑，始终保持 Delta 中性状态，通过全程加密资产抵押实现资本效率最大化。

What sets Pure.cash apart is its dual functionality: not only does it issue the PUSD stablecoin, but it also integrates a decentralized LongOnly perpetual contract protocol. This integration enables Pure-cash to achieve permissionless minting and burning without any third-party custody risk. Furthermore, Pure.cash is expected to demonstrate strong profitability by integrating its own LongOnly perpetual contract product. This contrasts with Ethena, which deposits assets into CEX exchanges for hedging, resulting in unstable funding rate income and potential losses.

Pure.cash 的独特之处在于其双重功能：不仅发行 PUSD 稳定币，还集成了去中心化的 LongOnly 永续合约协议。这种集成使 Pure-cash 能够实现无需许可的铸币和销毁，而无需任何第三方托管风险。此外，Pure.cash 预计通过整合自有的 LongOnly 永续合约产品，展现出强劲的盈利能力。这与 Ethena 形成鲜明对比，Ethena 将资产存入 CEX 交易所进行对冲，导致资金费率收入不稳定，并可能造成损失。

LongOnly’s unique advantage

LongOnly的独特优势

The market has witnessed several attempts at creating decentralized delta-neutral stablecoins. However, they failed to achieve large-scale adoption, either due to the limited scale of third-party perpetuals or the lack of competitiveness in their own perpetual products. LongOnly distinguishes itself by completely eliminating funding fees while maintaining a competitive trading fee of 0.07%, in line with market averages. Users can hold ETH long positions as if they were holding spot ETH, with up to 10x leverage.

市场上已经见证了创建去中心化 Delta 中性稳定币的多次尝试。然而，他们未能实现大规模采用，要么是因为第三方永续合约规模有限，要么是自家永续产品缺乏竞争力。 LongOnly 的独特之处在于完全消除融资费用，同时保持具有竞争力的 0.07% 交易费用，与市场平均水平一致。用户可以像持有现货ETH一样持有ETH多头头寸，杠杆高达10倍。

Of course, the availability of free leverage isn't limitless; it depends on the supply of PUSD. This characteristic positions LongOnly as a popular product that will experience ongoing supply shortages given robust demand. With the current market demand for long ETH positions exceeding $10 billion, and additional market demand driven by the zero funding fee mechanism, PUSD has ample market capacity in its early development stages.

当然，免费杠杆的可用性并不是无限的。这取决于 PUSD 的供应量。这一特性使 LongOnly 成为一种受欢迎的产品，但由于需求强劲，该产品将持续出现供应短缺。目前市场ETH多头需求超过100亿美元，加上零融资费用机制带动的额外市场需求，PUSD在发展初期具备充足的市场容量。

Some may question how the LongOnly perpetual contract balances long and short demand (PUSD supply) without charging funding fees. The protocol achieves this by (1) allowing liquidity providers (LPs) to absorb temporary imbalances within their liquidity and earn trading fees, (2) implementing preset limits and a floating fee mechanism to prevent liquidity depletion, and (3) utilizing a PUSD supply cap and an Active Redemption Mechanism to maintain equilibrium as demand shifts. For more details, refer to Pure.cash official documentation.

有人可能会质疑LongOnly永续合约如何在不收取资金费用的情况下平衡多空需求（PUSD供应）。该协议通过以下方式实现这一目标：(1) 允许流动性提供者 (LP) 吸收其流动性中的暂时失衡并赚取交易费用，(2) 实施预设限额和浮动费用机制以防止流动性枯竭，以及 (3) 利用 PUSD 供应上限和主动赎回机制，以在需求变化时保持平衡。更多详细信息，请参阅 Pure.cash 官方文档。

Reverse Issuance Model

反向发行模式

The Reverse Issuance Model (RIM) is an innovative deflationary model proposed by Pure.cash to address the challenges of traditional token issuance in crypto projects. The distinguishing feature of RIM lies in its unique distribution mechanism: the token supply reaches its max at the Token Generation Event (TGE), after which tokens are continuously burned, and no new tokens can be minted.

反向发行模型（RIM）是 Pure.cash 为解决加密项目中传统代币发行的挑战而提出的创新通货紧缩模型。 RIM的显着特点在于其独特的分配机制：代币供应量在代币生成事件（TGE）时达到最大，此后代币将被持续销毁，并且不能再铸造新的代币。

PURE Airdrop Allocation

纯空投分配

PURE is Pure.cash’s utility and governance token, with a maximum supply of 2 billion. 100% of the maximum supply will be airdropped to the community through the Genesis Airdrop. The target supply of the PUSD stablecoin is set at 1 billion during Genesis Airdrop.

PURE 是 Pure.cash 的实用和治理代币，最大供应量为 20 亿。最大供应量的100%将通过创世空投空投到社区。 Genesis Airdrop期间PUSD稳定币的目标供应量设定为10亿。

The Fixed Price Burning Mechanism

固定价格销毁机制

The Fixed Price Burning Mechanism (FPB) is a groundbreaking solution introduced by Pure.cash to tackle the challenge of token empowerment in current DeFi projects. Pure.cash sets a DAO-adjustable Burn Price and continuously injects protocol revenue (35% of total trading fees) into the Burning Pool. This mechanism allows anyone to burn PURE and receive assets from the pool at the fixed Burn Price.

固定价格销毁机制（FPB）是 Pure.cash 为应对当前 DeFi 项目中代币赋能挑战而推出的突破性解决方案。 Pure.cash 设置 DAO 可调的销毁价格，并不断将协议收入（总交易费用的 35%）注入燃烧池。这种机制允许任何人销毁 PURE 并以固定的销毁价格从池中接收资产。

The FPB is fully implemented through on-chain smart contracts. Notably, what makes this mechanism special is that it not only continuously reduces the token supply through burning but also serves as a Floor Price Buffer.

FPB完全通过链上智能合约实现。值得注意的是，该机制的特殊之处在于，它不仅通过销毁不断减少代币供应量，而且还充当底价缓冲。

PUSD utility incentives

PUSD 效用激励

To promote the sustainable growth and utility of PUSD, Pure.cash allocates a portion of trading fee income to the following key areas:

为了促进PUSD的可持续增长和实用性，Pure.cash将部分交易费用收入分配到以下关键领域：

Conclusion

结论

Pure.cash emerges as a pioneering project in the crypto world, introducing a suite of innovations that address key challenges in stablecoin and DeFi markets. By integrating a decentralized synthetic dollar (PUSD) with a zero funding rate perpetual contract (LongOnly), and introducing novel tokenomics through the Reverse Issuance Model and Fixed Price Burning Mechanism, Pure.cash offers a unique approach to sustainable growth and genuine utility. Furthermore, Pure.cash incentivizes actual stablecoin usage, potentially breaking previous adoption barriers. The time for change in DeFi has arrived, and this is where Pure.cash leads the way.

Pure.cash 作为加密货币世界的开创性项目而出现，引入了一系列创新技术来解决稳定币和 DeFi 市场的关键挑战。通过将去中心化合成美元 (PUSD) 与零资金利率永续合约 (LongOnly) 相结合，并通过反向发行模型和固定价格销毁机制引入新颖的代币经济，Pure.cash 提供了一种实现可持续增长和真正效用的独特方法。此外，Pure.cash 激励了稳定币的实际使用，有可能打破之前的采用障碍。 DeFi 变革的时刻已经到来，而这正是 Pure.cash 引领的方向。

About Pure.cash Labs

关于 Pure.cash 实验室

Pure.cash Labs is dedicated to promoting infrastructure decentralization by building a secure, transparent, and scalable stablecoin ecosystem. Our mission is to transform the DeFi landscape through groundbreaking technologies, including our revolutionary stablecoin and perpetual protocol. Additionally, we are committed to bringing back the original spirit of the crypto community - openness and fairness for all - by revolutionizing tokenomics.

Pure.cash Labs致力于通过构建安全、透明、可扩展的稳定币生态系统来促进基础设施去中心化。我们的使命是通过突破性技术改变 DeFi 格局，包括我们革命性的稳定币和永久协议。此外，我们致力于通过彻底变革代币经济学，恢复加密社区的原始精神——对所有人开放和公平。

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