墨客：Hello everyone, I am Moc, the chief analyst of BlockArk.
墨客：Hello everyone, I am Moc, the chief analyst of BlockArk.
大家好，我是區塊方舟的墨客。
BlockArk is an investment banking and marketing firm, providing branding, user growth and marketing advisory. Founded in 2017, BlockArk has a background from Accenture, Tencent, Samsung and PwC.
區塊方舟是一家投資與營銷機構，提供品牌定位，增長和市場諮詢服務。成立於2017年，核心成員來自於埃森哲，騰訊，三星和普華永道。
We are so proud to invite 3 core developers of algorithmic stablecoins to discuss the "future of algorithmic stablecoins".
我們請三位項目方代表自我介紹。
SauR0n：Sauron bleeds evil but in this case, believes in the Mithril cause and uses his evil instincts to coordinate efforts between the team and community.
大家好, 我是索倫（Sauron），我相信秘銀（Mithril）的事業，並利用我的邪惡本能來協調團隊和社區之間的努力。
Sam：I'm Sam Kazemian founder of frax.finance, the first fractional algorithmic stablecoin. Before Frax, I was cofounder of Everipedia.org. Now I'm working on the fastest growing algorithmic stablecoin project in the space 🙂
Let me translate sam's introdution: 我是frax.finance（第一個分數算法穩定幣）的創始人Sam Kazemian。在加入Frax之前，我是Everipedia.org的聯合創始人。現在我正在研究增長最快的算法穩定幣項目。
James：Hi this is James from Pegs.cash. Pegs Cash is an algorithmic bank backed by real assets. We aim at exploring the wide adoption of algorithmic stablecoin in crypto world.
大家好，我是Pegs.cash的James。 Pegs.cash是一個由實物資產支持的算法銀行。我們的目標是探索算法穩定幣在加密世界的廣泛應用。
墨客：What do you think of AMPL/ESD, the earlier algorithmic stablecoins? Is your own project algorithmically innovative? What are the advantages and disadvantages?
墨客：What do you think of AMPL/ESD, the earlier algorithmic stablecoins? Is your own project algorithmically innovative? What are the advantages and disadvantages?
怎麼看待AMPL/ESD這兩個比較早出現的算法穩定幣？自己的項目在算法上有和創新？又有何優劣？
SauR0n：We believe that a seigniorage shares model, that separates the stablecoin from the inflation token, has the best chance of wider adoption. Our team continues to innovate on a daily basis, with 3 passed Mithril Cash Improvement Proposals (MIPs) awaiting deployment as we speak. We prefer not to comment on other projects models.
我們認為，將穩定幣與通貨膨脹代幣分開的鑄幣稅共享模型最有可能被廣泛採用。我們的團隊每天都在不斷創新，此時，有3項已通過的秘銀現金改善提案（MIP）等待部署。我們希望不對其他項目模型發表評論。
Sam：Frax is the most innovative algorithmic project currently in crypto. We introduced the concept of a “fractional-algorithmic stablecoin.” The name FRAX means fractional-algorithmic currency. Before FRAX, there was no partial-collateral design and as you can see in this panel itself, there is already another project inspired by our design. So yes, I think we are the most innovative project in the space as of today.
Frax是當前加密領域最具創新性的算法穩定幣項目。我們介紹了“分數算法穩定幣”的概念。名稱FRAX表示分數算法貨幣。在FRAX之前，沒有局部抵押設計，我們可以看到，已經有另一個項目受到我們設計的啟發。是的，我認為我們是迄今為止該領域最具創新性的項目。
James：We think that AMPL and ESD are relatively close.ESD has reduced volatility by allocating dividend rights to locked LPs and DAOs, and has developed debt functions to ensure that ESD values do not deviate too much from 1. But when the ESD gets too much in debt, it can't repair itself.
PEGS is an algorithmic stablecoin with asset collateral, so it can better anchor 1U and realize the value of 1U. At the same time, compared with MKR, PEGS tokens have more value capture function, can be used as collateral, and enjoy the dividends and buyback destruction.
AMPL跟ESD我們認為是比較接近的。 ESD通過把分紅的權利分配給鎖倉的LP和DAO降低了波動性，並且開發了債務功能來確保ESD價值不偏離1太多。但是當ESD的債務太多的時候，它是沒有自我修復能力的。
墨客：In general, we think that Basis's algorithmic central bank model and Frax/Pegs's mortgage algorithmic stable currency model are more forward-looking representatives, so this time we invited them to share.
墨客：In general, we think that Basis's algorithmic central bank model and Frax/Pegs's mortgage algorithmic stable currency model are more forward-looking representatives, so this time we invited them to share.
墨客：What is the necessity of algorithmic stablecoins? What are the application scenarios in the future? We see that algorithmic stablecoins are not used as circulation no matter whether it is fundraising, exchange trading pairs, or reserve pools like Curve. People think that the algorithmic stablecoin is a variant of ponzi, how does the algorithmic stablecoin prove its use value?
墨客：What is the necessity of algorithmic stablecoins? What are the application scenarios in the future? We see that algorithmic stablecoins are not used as circulation no matter whether it is fundraising, exchange trading pairs, or reserve pools like Curve. People think that the algorithmic stablecoin is a variant of ponzi, how does the algorithmic stablecoin prove its use value?
算法穩定幣存在的必要性是什麼？未來將會有哪些應用場景？我們看到當前不管是在募資，還是交易所基礎交易對，還是Curve這樣的儲備池中，都沒有使用算法穩定幣作為流通。在很多人的觀點中，會認為算法穩定幣是一種變種ponzi，算法穩定幣怎麼證明自己的使用價值。
SauR0n：At MITH Cash, we strongly believe that decentralized stablecoins will be the currencies of the future. The space is new and evolving quickly with a combined market cap of over $600M. Our project is only 2 weeks old, and we are already working with many DeFi partners to foster wider adoption across the board including more trading pairs and an upcoming StableSwap pool.
在MITH Cash，我們堅信去中心化穩定幣將成為未來的貨幣。這個領域是新的並且正在迅速發展，總市值超過6億美元。我們的項目僅上線2週，已經與許多DeFi合作夥伴合作，以促進廣泛傳播，包括更多交易對和即將推出的StableSwap池。
Sam：Algorithmic stablecoins increase capital efficiency and create trustless mediums of exchange. Algorithmic coins are the first fully decentralized way to hold stable purchasing power without custodial risk. I think they will continue to be one of the most important parts of DeFi.
算法穩定幣提高了資本效率，並創建了不信任的交易媒介。算法穩定幣是第一種完全分散的方法，可以保持穩定的購買力而不會帶來託管風險。我認為它們將繼續成為DeFi最重要的部分之一。
James：Algorithmic stablecoins definitely need to be embedded in the crypto economy to realize their self-worth. At present, the market is mainly dominated by centralized stablecoins such as USDT.But with the stricter regulation, there must be room for algorithmic stablecoins in the future. Anti-censorship is the strength of the algorithmic stablecoin.
Some people doubts this as Ponzi, the reason comes from the scalability, no matter AMPL, ESD model of the single currency, or Mith, Frax, Pegs dual-currency model, has the scalability design. This design has two sides, although in the short term will give people the sense of Ponzi, but there's no denying it also greatly increase the user group of the algorithm stable coin. AMPL has proved that..
算法穩定幣一定是需要嵌入到加密經濟中才能實現它的自我價值。目前市場上主要是以USDT這樣的中心化穩定幣為主。但是隨著監管的趨嚴，未來一定有算法穩定幣的生存空間。抗審查是算法穩定幣的強項。
墨客：The supervision of USDT has always been a potential black swan risk. Although the applicability of algorithmic stablecoins has not been revealed in the short term, it is definitely worthy of long-term attention.
墨客：The supervision of USDT has always been a potential black swan risk. Although the applicability of algorithmic stablecoins has not been revealed in the short term, it is definitely worthy of long-term attention.
墨客：In the early stage of project operation, the way to attract users is mostly to give high APY to improve TVL. But after a period of time, the APY of liquid mining will inevitably decrease. In this case, how can we continue to attract external users to continue to follow the project?
墨客：In the early stage of project operation, the way to attract users is mostly to give high APY to improve TVL. But after a period of time, the APY of liquid mining will inevitably decrease. In this case, how can we continue to attract external users to continue to follow the project?
在項目運行初期，吸引用戶關注到項目的方式大多是給與高APY來提高TVL。但一段時間後，流動性挖礦的APY必然會降低，在這樣的情況下，該如何繼續吸引外部的用戶繼續關注到項目？
SauR0n：Bootstrapping new DeFi projects through liquidity mining is a good way to get new projects off the ground. At MITH cash, our strategy revolves around generating new use-cases for MIC. We have many ambitious plans to make Mithril Cash as ubiquitous as USDC. However, our primary focus at this time is ensuring that MIC stays on peg and expands to a substantial circulating supply. We will then be in a much stronger position to develop and release new uses for MIC.
通過流動性挖掘引導新的DeFi項目是使新項目啟動的好方法。使用MITH Cash，我們的策略圍繞為MIC生成新用例而展開。我們有許多雄心勃勃的計劃，以使秘銀現金像USDC一樣廣泛被使用。但是，我們目前的主要重點是確保MIC保持釘住並擴大到大量的循環供應。然後，我們將處於更加強大的位置，以開發和發布MIC的新用途。
Sam：We have one of the longest LP programs lasting around 3 years. By the time that 3 years is over, FRAX will either be larger than Tether and USDC or we will have to vote with governance how to create new LP programs. Tether and USDC don’t need any LP programs haha they are already the most liquid cryptos and I think FRAX could get close to it this year.
我們擁有最長的LP programs，持續3年左右。到3年結束時，FRAX可能會比Tether和USDC更大，或者我們將不得不與治理部門投票決定如何創建新的LP programs。 Tether和USDC不需要任何LP programs，因為它們已經是流動性最高的加密貨幣，我認為FRAX今年可能會接近。
墨客：How to solve the problem of algorithmic stablecoins returning to $1 after falling below $1. We are concerned that ESD and BAC have been below $1 for a long time. When we observed that many investors felt panic about the BAB's 38 million redemption. And we also believe that a high premium pricing method such as BAB=BAC*BAC will generate more BAC circulation and cause market pressure. How to break this debt black hole when investors lose their confidence?
如何解決算法穩定幣在低於1後重新回到1的問題，我們關注ESD與BAC已經長時間低於1。當我們觀察到很多投資者對BAB 3800萬的兌付感覺很恐慌。而且我們也認為BAB=BAC*BAC這樣的高溢價的定價方式，會產生更多的未來BAC流通，造成市場壓力。失去投資者信心的時候，如何打破這種債務黑洞？
SauR0n：It is natural for investors to worry, given the price action we have seen in the space over the last few weeks. At MITH cash, we follow an iterative process that seeks to learn from industry experiences and we constantly adjust our protocol in order to make it more robust. With regards to debt issuance, we believe that the large number of bonds issued shows that investors have confidence in the protocol's ability to return to peg and expand again. It would be more concerning if there was no demand for bonds. Pricing is not the only issue here. We believe that tweaking our bond redemption mechanism and establishing a secondary market for bonds would alleviate many investors' concerns about the lack of exit liquidity once bonds are purchased.
墨客：How to solve the problem of algorithmic stablecoins returning to $1 after falling below $1. Frax Finance's design is to guarantee redemption ability through the value of the collateral. The proportion of Algoithmic in Total Value is no longer small. If there is a crisis at this time that causes the prices of FRAX and FXS to fall, there will be panic and no one will use the recollateralize function, even if it is used, it will cause greater FXS selling pressure. At this time, there will be a problem of insufficient collateral, how to ensure that the FRAX price can be re-anchored to $1.
墨客：How to solve the problem of algorithmic stablecoins returning to $1 after falling below $1. Frax Finance's design is to guarantee redemption ability through the value of the collateral. The proportion of Algoithmic in Total Value is no longer small. If there is a crisis at this time that causes the prices of FRAX and FXS to fall, there will be panic and no one will use the recollateralize function, even if it is used, it will cause greater FXS selling pressure. At this time, there will be a problem of insufficient collateral, how to ensure that the FRAX price can be re-anchored to $1.
如何解決算法穩定幣在低於$1後重新回到$1的問題。我們可以看到Frax的設計是通過質押品的價值來保證這種兌付能力。我們看到Total Value中Algoithmic的佔比已經不小了。如果此時遇到危機導致FRAX跟FXS價格的下跌，那會出現恐慌導致沒人使用recollateralize功能，即使使用了也是產生更大的FXS拋壓。這個時候會出現抵押品不足的問題，怎麼保證Frax價格可以重新錨定為$1.
Sam：So far after 3 weeks of launch, this has not happened a single time with FRAX 🙂 so until it actually happens, in my opinion we don’t need to worry about it.
在啟動3週後，到目前為止，FRAX並沒有發生過一次。因此，在實際發生之前，我認為我們不必擔心。
墨客：We believe that in reasoning, no project party has proposed a solution to the negative rebase that we think is bright. This point has yet to be verified. Basis is undergoing this test, and we need to maintain continuous attention.
墨客：In historical experience, most of the forks will fail, and we have also seen a large number of projects that imitate Basis have failed. MITH Cash and Pegs Cash as forks, what changes have been made to Basis Cash and Frax Finance. How did MITH Cash and Pegs Cash succeed?
墨客：In historical experience, most of the forks will fail, and we have also seen a large number of projects that imitate Basis have failed. MITH Cash and Pegs Cash as forks, what changes have been made to Basis Cash and Frax Finance. How did MITH Cash and Pegs Cash succeed?
在歷史的經驗中，大部分的仿盤會消亡，我們也看到大量模仿Basis的項目已經死掉。 Mith與Pegs作為仿盤，對Basis和Frax做了什麼改變。 Mith與Pegs怎麼保證自己可以活下來。
SauR0n：MITH Cash has forged our own path on our quest to become the One Algo Stable to Rule them All. Rapid iteration is key. Ideas are a dime a dozen, execution and speed differentiate winners from laggards.
MITH Cash已邁出了自己的道路，力求成為一個統御所有的算法穩定幣。快速迭代和創新是關鍵。執行力和速度使落後者脫穎而出。
Evolutions include:
- Seigniorage and Bond redemption threshold reduced to 1.01
- DAO fund is funded by just 1% of Seigniorage for a lean operation
- MIS stakers will now earn 20% of Seigniorage when bonds are outstanding.
- Time-weighted staking in the Boardroom has been voted on
- Giving MIS stakers additional rewards through a staking pool / community vault is being considered
演變包括：
-鑄幣稅和債券贖回門檻降低至1.01
-DAO資金僅由鑄幣稅的1％進行精益運營
-當債券未償還時，MIS 質押者現在將獲得鑄幣稅的20％
-董事會對時間加權放樣進行了投票
-正在考慮通過放樣池/社區保險庫為MIS質押者提供更多獎勵
James：Thanks for the question. Fork is usual in the crypto world, and for the most occasions it's not going to be able to dislodge the status of inventor.
感謝提問，對於加密世界來說，Fork不是問題，大部分情況下Fork無法撼動首創者的地位。
We were early players and supporters of Basis, MITH and FRAX.We've seen MITH’s grow, and we've seen MITH's speed in DAO governance and iteration, which may be the reason why it has recently outperformed Basis in the marketplace and community.We also hold a significant amount of FXS, and as Sam said, we were inspired by FRAX. We choose Frax because there was scare of selling from private investors in the early community. As Sams said, we were inspired by FRAX. This led us to the idea of doing a collage-based algorithmic stablecoin for a Fair Launch.
我們是basis、mith與Frax等項目的早期玩家與支持者。我們看到了Mith的成長，看到了Mith在DAO治理跟迭代上更快的相應速度，或許這是它最近在市場跟社區上優於Basis的原因。我們也持有了大量的FXS，之所以會選擇frax，是因為我們在早期社區中感受到了私募投資者的拋售壓力，這讓我們產生了做一個Fair Launch的抵押型算法穩定幣的想法。
At the same time, we also believe that the current economic model of FRAX does not effectively energize the share token, so we propose the design of dividend.We believe both Frax and PEGS are pioneering experiments in the great crypto economy. And the ultimate option is depending on the market.At the same time, we don't see Frax as a competitor. The collateral algorithmic stablecoin is a growing market that can accommodate enough players.
墨客：From the investor's point of view, we do not reject forks, but reject the proliferation of forks with no new ideas. At least during this time, MITH's overall performance is respectable, and PEGS has yet to be shown.
墨客：From the investor's point of view, we do not reject forks, but reject the proliferation of forks with no new ideas. At least during this time, MITH's overall performance is respectable, and PEGS has yet to be shown.
墨客：Are there any more open thinking for the design of algorithmic stablecoins?
墨客：Are there any more open thinking for the design of algorithmic stablecoins?
對算法穩定幣的設計，還有什麼更開放的思考和設計嗎？
SauR0n：At MITH cash, we try to find a balance between simplicity and robustness of the system. By starting with a fairly simplified protocol, we have built a strong foundation from which to launch the future MITH ecosystem. We definitely agree that there is room for improvement. As Andre tweeted recently, constant product AMMs are not ideal for stablecoin swaps. We're working on our own innovative design that we'll be sharing shortly. Great things are coming from MITH cash!
在MITH Cash，我們試圖在系統的簡單性和健壯性之間找到平衡。從一個相當簡化的協議開始，我們為啟動未來的MITH生態系統奠定了堅實的基礎。我們絕對同意，還有改進的空間。正如安德烈（Andre）最近在推特上說的那樣，恆定產品AMM並不是穩定幣互換的理想選擇。我們正在研究自己的創新設計，不久將與大家分享。偉大的事情來自MITH現金！
Sam：Yes, Frax will be leading the way in fractional-algorithmic design a lot this year. We have many integrations in the pipeline and new features coming like a bond token and updated collateral options so that it is not just USDC.
是的，今年Frax將在分數算法設計中遙遙領先。我們正在籌劃中進行許多集成，並引入了新功能，例如債券token和更新的抵押品期權，因此不僅僅是USDC。
James：One of the things that we find interesting is that the demand for stablecoins is not just for dollars, but also for euros, yen, yuan, etc.
These currencies do not have good crypto stablecoin products due to their size.
For non - dollar asset investors to face the risk of exchange rate fluctuations.
The framework of the collateral-based algorithmic stablecoin is suitable for solving this problem. We have that in our roadmap as well.
【自由問答環節】
墨客：Thank you for sharing, I have benefited a lot. If users have questions, we have 10 minutes of free questioning time, and our staff will collect and translate them.
【自由問答環節】
【自由問答環節】
問：I want to ask MITH. MIC and BAC fell to less than $1 at the same time a few days ago. Now the price of MIC has been fixed, but BAC is still below $1. Some people think that it's Jeffery Huang's increasing positions and support that makes MIC community regain confidence. If Jeffery doesn't want to play one day, will MIC crush?
請問下MITH，MIC和BAC前幾天同時跌到1美金以下，現在MIC的價格已經修復了，但BAC仍在1以下。有人認為這是Jeffery Huang不斷加倉和護盤才讓MIC社區重拾信心，那如果某天Jeffery不想玩了，MIC會不會崩盤？
SauR0n：I cannot comment on Machi's position because I'm not monitoring his wallets. However, it is true that we have major community members increasing position and new community members joining taking up new positions, which results in a strong peg of our MIC to $1.
我不能評論Jeffery的倉位，因為我沒有監視他的錢包。但是，我們的主要社區成員的倉位也在不斷上升，新社區成員也在不斷的加倉，這才使得我們的MIC能與1美元保持掛鉤。
問：May I ask Sam, I really like Frax's design, especially the sentence:"Let the market choose the share of algorithmic stablecoins", do you have any plans to further increase Frax's market demand? Cause most value of FXS is from FRAX market demand:).
請問Sam，我非常喜歡Frax的設計，尤其是讓那句：“讓市場來選擇算法穩定幣的份額”，請問你們有進一步提高Frax市場需求的計劃嗎？
Sam：Yes, we want to get help from community members to increase our integration with other defi dapps. If you are in the FRAX community and hold FXS, help the project get listed on your favorite defi platforms because that is how we expand.
是的，我們希望獲得社區成員的幫助，以加強與其他defi Dapps的集成。如果您在FRAX社區並持有FXS，請幫助該項目在您喜歡的Defi平台上提及Frax，因為這就是我們擴展的方式。
問：Hello Sam, I'm a loyal user of FRAX and have been participating in FRAX project since the beginning. But during this process, I found that many of centralized parts of FRAX, such as the price Oracle is constantly changing, the collaborative ratio can be directly modified by the contract creator, and the functions of gevernance and DAO on the web page are actually not open. When will FRAX give these permissions to the community?
你好Sam，我是FRAX的忠實用戶，從一開始就在參與FRAX項目。但這個過程中我發現很多FRAX比較中心化的地方，比如預言機的價格來源不斷在變化，Collateral ratio可以通過合約創建者直接修改，以及網頁上的Gevernance和DAO的功能實際上沒有開放。想問下FRAX什麼時候才會把這些權限給社區？
Sam：We are actually going to renounce ownership of keys as soon as enough FXS is emitted to make governance actions on the governance module. We also have set up a https://snapshot.page/#/frax.eth to allow for governance voting on important parameters. Right now, we have a bit of team control since we are not anon but after a few weeks, we will fully move over to the governance voting mechanism only+timelock.
實際上，一旦mint出足夠多的FXS以對治理模塊進行治理操作，我們就會放棄密鑰的所有權。我們還設置了一個https://snapshot.page/#/frax.eth，以便對重要參數進行治理投票。現在，我們有一些團隊控制權，因為我們還沒來得及，但過了幾週，我們將完全過渡到社區治理投票機制（時間權重投票治理模式）。
問：Hey, guys, do you think that with more and more severe supervision, is it possible to bypass supervision to a certain extent by using algo stablecoins?
請問下各位嘉賓，你們認為在監管越發嚴峻的當下，用算法穩定幣是否可以一定程度上繞開監管？
Sam：100% yes, another way I like to think about algorithmic stablecoins is "trustless mediums of exchange"
100％，我認為算法穩定幣的另一種模式就是“無需信任的交換媒介”
SauR0n：Sam is right: By definition, algo stables are in themselves trustless mediums of exchange
Sam是對的：根據定義，算法穩定區本身就是不信任的交換媒介
James： Compared with the centralized stablecoin, the biggest advantage of algorithmic stablecoin is that it does not rely on any centralized institution to issue.
Anti-censorship is its biggest feature. Big reason for this algorithmic stablecoin explosion is that people have become less trust of institutions and more trust of math itself.
與中心化的穩定幣相比，算法穩定幣的最大優勢在於它不依賴任何集中式機構來發行。抗審查是它的最大特色。這種算法穩定幣爆炸的主要原因是人們對機構的信任度降低了，對數學本身的信任度提高了。
問：A year later, if MIC has not found a wide range of application scenarios, and the liquidity mining of MIS is finished, what will be done then?
一年後，如果MIC還沒有找到廣泛的應用場景，同時流動性挖礦MIS又挖完了，屆時怎麼辦？
SauR0n：Finding application scenario is the easy part. Once you're able to prove consistent reliable peg, application will come. 1 year is the time we have set for the project to achieve consistent peg.
實現其他得到應用程序場景很容易。只要您能夠證明你能維持MIC的穩定，那麼應用就來了。我們為Mith cash設定的目標是實現時間為1年的穩定掛鉤。
問：Will digital RMB(DCEP) have an impact on stable currency?
數字人民幣會對穩定幣造成衝擊嗎？
SauR0n：For sure, anything related to the Chinese economy will have major global impact. This is The Economy that the world is watching. How it will impact stable currency remains to be seen.
當然，任何與中國經濟有關的事情都會對全球產生重大影響。這就是全世界都在關注的經濟。但它將如何影響穩定幣的發展仍有待觀察。
Sam: I really like how the digital RMB has a lot of promising use cases. I think it will lead the way in many parts of finance. I actually think it is a brilliant move to create it. But overall, I think there is great use for FRAX as well as digital RMB together even domestically in the PRC since they have entirely different use cases and denominations. I think they are symbiotic and help each other's value overall.
我真的很喜歡數字人民幣有很多有希望的用例。我認為它將在金融的許多領域起主導作用。我實際上認為創建它是一個絕妙的舉動。但是總的來說，我認為FRAX和數字人民幣在中國會有很大的用途，因為它們的用例和麵額完全不同。我認為它們是共生的，可以在整體上幫助彼此的價值。
James : I agree with Sam that this is a good move. To some degree, I think centralization and algorithmic stablecoins will co-exist. In particular, the native DeFi stablecoin usage scenario will definitely be the home field of algorithmic stablecoin in the future.
我同意Sam的看法，這是一個很好的舉措。在某種程度上，我認為中心化和算法穩定幣將共存。特別是DeFi穩定幣的本土使用場景，必將成為算法穩定幣未來的主戰場。
問：A simple question to ask FRAX: why not use USDC directly, but use FRAX which mainly depends on USDC pledge?
一個簡單的問題問frax：為什麼不直接使用USDC，而要使用主要依靠USDC質押的frax？
Sam：Because FRAX is not completely backed by USDC. It is only 85% backed right now. Maybe next month it is only 65% backed. In 3 months maybe it could be 40% etc to 0%...and after a long time of FRAX usage it could be almost entirely algorithmic, private, and trustless stablecoin that is more stable than other algorithmic tokens that started at 0%.
因為FRAX並非完全由USDC支持。目前僅支持85％。也許下個月只有65％的人支持。在3個月內，可能是40％到0％...並且在長時間使用FRAX之後，它可能完全是算法化的，私有和無需信任的穩定幣，比其他以0％開始的算法代幣更穩定。
問：Thank you all for the fantastic sharing! May I ask @JamesKarn that with the involvement of seigniorage for every pegs, how can we provide the pegs cash to be declined under $1?
謝謝大家的精彩分享！我可以問下@JamesKarn，由於每個PRGS都帶有鑄幣稅，我們如何才能將釘子現金減少到1美元以下？
James : In theory the PUSD was worth $1, but in times of market panic the PUSD could reach $0.9, in which case clever users could make an arbitrage by buying the PUSD and making a profit of 0.1U.The act of buying will drive 1PUSD=1USD
理論上，PUSD的價值為1美元，但在市場恐慌時期，PUSD可能達到0.9美元，在這種情況下，聰明的用戶可以通過購買PUSD並獲利0.1U進行套利。購買行為將推動1PUSD = 1USD
墨客：好的，辛苦三位創始人了。我們稍後會整理今天的AMA發在Blockark的微博/推特上。
墨客：對算法穩定幣有疑問的也可以群裡發出來跟我討論。整體來說，我們最近1個月在算法穩定幣的投資還是非常成功的。不管是在Basis、mith還是Frax上，都要不錯的回報，並且幾個明顯的大坑都避過了。
最後補充下今天算法穩定幣專場的三個項目官網，大家可以點擊查看：
MITH Cash官網
Frax Finance官網
Pegs Cash官網
未來BlockArk將給大家帶來更多的優質項目和內容分享，只要保持關注Uniswap中文社區，或者關注@BlockArk區塊方舟，即可第一時間獲得相關信息。本次AMA的內容回顧也將發佈在微博，敬請期待！
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