Pure.cash 倒计时开始：一周内推出改变游戏规则的协议

该项目建立在以太坊之上，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, a project aiming to revolutionize the crypto industry with more than just a decentralized version of Ethena, is set to launch its game-changing protocol within a week. The project, built on Ethereum, has been eagerly anticipated by many in the crypto space.

Pure.cash 是一个旨在通过 Ethena 的去中心化版本来彻底改变加密货币行业的项目，该项目计划在一周内推出其改变游戏规则的协议。该项目建立在以太坊之上，受到加密货币领域许多人的热切期待。

Pure.cash is essentially a decentralized Ethena, utilizing a delta-neutral strategy via perpetual contracts to issue the stablecoin PUSD. Backed by ETH with corresponding equal short positions, PUSD maintains a consistent delta-neutral status, achieving maximum capital efficiency through full crypto asset collateralization.

Pure.cash 本质上是一个去中心化的 Ethena，通过永续合约利用 Delta 中性策略来发行稳定币 PUSD。在 ETH 和相应等量空头头寸的支持下，PUSD 始终保持 Delta 中性状态，通过完整的加密资产抵押实现最大的资本效率。

What truly sets Pure.cash apart is its dual functionality. In addition to issuing the PUSD stablecoin, Pure.cash also integrates a decentralized long-only perpetual contract protocol. This integration enables permissionless minting and burning of PUSD without any third-party custody risk.

Pure.cash 真正与众不同的是它的双重功能。除了发行 PUSD 稳定币外，Pure.cash 还集成了去中心化的多头永续合约协议。这种集成可以实现 PUSD 的无许可铸造和销毁，且没有任何第三方托管风险。

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.

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。

Several attempts have been made in the past to create 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.

过去曾多次尝试创建去中心化的 Delta 中性稳定币。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 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.

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.

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。

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.

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。

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

$PURE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 (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燃烧 $PURE 并以固定的燃烧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 公用事业激励措施

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：

PUSD burning: A percentage of trading fees is used to burn PUSD from the open market, reducing the total supply and maintaining the stability of PUSD. This mechanism is designed to ensure the long-term value and stability of PUSD.

PUSD销毁：使用一定比例的交易费从公开市场销毁PUSD，减少总供应量，维持PUSD的稳定性。该机制旨在保证PUSD的长期价值和稳定性。

PUSD savings: A portion of trading fees is allocated to PUSD savings activities, encouraging users to hold PUSD for extended periods and promoting the use of PUSD in various DeFi applications. This initiative aims to increase the utility and adoption of PUSD.

PUSD 储蓄：部分交易费用分配给 PUSD 储蓄活动，鼓励用户长期持有 PUSD，促进 PUSD 在各种 DeFi 应用中的使用。该举措旨在提高 PUSD 的实用性和采用率。

PUSD options: A portion of trading fees is dedicated to developing and integrating PUSD options into the protocol. Options are essential financial instruments that enable users to speculate on the future price movements of PUSD, enhancing the overall functionality and appeal of the stablecoin.

PUSD 期权：一部分交易费用专门用于开发 PUSD 期权并将其集成到协议中。期权是重要的金融工具，使用户能够推测 PUSD 的未来价格走势，从而增强稳定币的整体功能和吸引力。

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

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，并通过引入新颖的代币经济