引入Stabull Finance：交易代幣化現實世界資產（RWAS）的分散交易所（DEX）

除了比特幣和以太坊之類的熟悉名稱外，以及與美元這樣的貨幣掛鉤的穩定者之外，新的邊境正在開放：區塊鏈上的現實世界資產（RWAS）。

Beyond familiar names like Bitcoin and Ethereum, and stablecoins pegged to currencies like the US Dollar, a new frontier is opening up: Real World Assets (RWAs) on the blockchain. Imagine owning a piece of gold, a fraction of a real estate property, or even shares in a traditional company, all represented as digital tokens you can trade instantly online.

除了比特幣和以太坊之類的熟悉名稱外，以及與美元這樣的貨幣掛鉤的穩定者之外，新的邊境正在開放：區塊鏈上的現實世界資產（RWAS）。想像一下，擁有一塊黃金，房地產的一小部分，甚至是一家傳統公司的股票，都代表您可以立即在線交易的數字代幣。

This is the promise of RWA tokenization. Projects are turning tangible assets and traditional financial instruments into digital tokens that live on blockchains like Ethereum, Polygon or Base. One prominent example already trading is PAX Gold (PAXG), where each token represents one troy ounce of physical gold held in secure vaults.

這是RWA令牌化的承諾。項目將有形資產和傳統金融工具變成數字代幣，這些代幣生活在以太坊，多邊形或基礎等區塊鏈上。已經交易的一個突出的例子是Pax Gold（PAXG），每個令牌代表一個在安全庫中持有的物理黃金。

But this exciting development brings a crucial challenge: how do you make sure the price of the digital token (like PAXG) accurately reflects the real-time value of the actual asset (physical gold)? The price of gold isn’t decided within the crypto world. It’s set by massive, global, off-chain markets like the London Bullion Market. If the token’s price drifts too far from the real price, it loses its legitimacy and usefulness.

但是，這一令人興奮的發展帶來了一個至關重要的挑戰：您如何確保數字代幣（如PAXG）的價格準確反映了實際資產的實時價值（實物黃金）？在加密貨幣世界中，黃金的價格尚未決定。它是由大型全球脫鏈市場等倫敦金條市場設定的。如果代幣的價格離實際價格太遠，它將失去其合法性和實用性。

This is where Stabull Finance, a specialized Decentralized Exchange (DEX), and crucial pieces of technology called blockchain oracles come into play. Stabull is designed not just for stablecoins, but also for trading tokenized commodities and other RWAs. Its core mission includes democratizing access to these markets on-chain, and a key part of that is ensuring trustworthy pricing. Let’s dive into how Stabull uses oracles to keep the on-chain price of RWAs in line with their real-world value.

這是Stabull Finance，一種專門的分散交易所（DEX）和稱為區塊鏈甲骨文的關鍵技術的地方。 Stabull不僅是為Stablecoins設計的，而且是用於交易令牌商品和其他RWA的設計。它的核心使命包括將進入這些市場的鍊鍊民主化，其中一個關鍵部分是確保值得信賴的定價。讓我們深入了解Stabull如何使用牙齒來保持RWA的鍊鍊價格符合其現實世界的價值。

The RWA Pricing Problem: Why Off-Chain Values Matter

RWA定價問題：為什麼脫鏈值很重要

Unlike cryptocurrencies like Bitcoin, whose price is largely determined by buying and selling on crypto exchanges, the value of an RWA like gold (represented by PAXG) is determined off-chain. The spot price of gold fluctuates based on global supply and demand, geopolitical events, inflation data, and trading in traditional commodity markets. This price is typically set by institutions and is used as a benchmark.

與比特幣這樣的加密貨幣不同，比特幣的價格在很大程度上取決於在加密貨幣交易所上的買賣，而像黃金（由PAXG代表）這樣的RWA的價值被確定是鍊鍊的。黃金的現貨價格會根據全球供求，地緣政治事件，通貨膨脹數據以及傳統商品市場的交易而波動。這個價格通常由機構設定，並用作基準。

For an RWA token like PAXG to be trusted and functional, its price on a DEX must closely track this external, real-world price. If PAXG trades significantly higher or lower than the actual price of gold, several problems arise:

為了使像Paxg這樣的RWA令牌值得信賴和功能，其在DEX上的價格必須密切跟踪此外部，現實世界中的價格。如果Paxg的交易顯著高於或低於實際價格，則會出現幾個問題：

• If PAXG is valued higher on Stabull than the current market price of gold, users could buy PAXG on Stabull and then sell it for a profit off-chain, at the prevailing gold price. This would create an arbitrage opportunity, draining liquidity from Stabull’s pools and rendering them dysfunctional.

•如果Paxg在Stabull上的價值高於當前黃金的市場價格，則用戶可以在Stabull上購買Paxg，然後以現行的黃金價格出售以獲利的利潤。這將創造套利機會，從Stabull的池中耗盡流動性，並使它們功能失調。

• Conversely, if PAXG trades noticeably lower on Stabull, users would have no incentive to buy the token on the DEX, as they could simply purchase gold at the current market price. In this scenario, there would be no demand for PAXG on Stabull, rendering the token illiquid and the trading platform useless.

•相反，如果Paxg在Stabull上的交易明顯較低，則用戶將沒有動力購買DEX上的令牌，因為他們可以簡單地以當前的市場價格購買黃金。在這種情況下，Sabull對Paxg的需求沒有，這使令牌不流動和交易平台毫無用處。

Therefore, any platform facilitating RWA trading needs a robust mechanism to constantly feed the prevailing off-chain price onto the blockchain, where it can be used by the DEX’s smart contracts.

因此，任何促進RWA交易的平台都需要一種強大的機制，以不斷將普遍的脫鏈價格餵入區塊鏈，DEX的智能合約可以使用。

Enter the Oracles: Connecting Blockchains to the Real World

輸入口腔：將區塊鏈連接到現實世界

Blockchains, by design, are self-contained systems. They can’t directly access external information like the current price of gold or the latest macroeconomic statistics. This is where blockchain oracles become essential.

根據設計，區塊鍊是獨立的系統。他們無法直接訪問外部信息，例如當前黃金價格或最新的宏觀經濟統計。這是區塊鏈甲骨文成為必不可少的地方。

Oracles are third-party services that act as bridges, securely fetching external, off-chain data and delivering it onto the blockchain for smart contracts to use. They function as reliable messengers, often aggregating data from multiple high-quality sources to ensure accuracy and resilience against any single point of failure. For example, a Chainlink oracle might fetch gold price data from leading financial institutions, government agencies, and global commodity exchanges, combining it to provide a robust and trustworthy average price to Stabull’s smart contracts.

Oracles是用作橋樑的第三方服務，可牢固獲取外部，外部鏈數據，並將其交付到區塊鏈上以供智能合約使用。它們充當可靠的使者，通常從多個高質量來源匯總數據，以確保與任何單點故障點的準確性和彈性。例如，連鎖店的甲骨文可能會從領先的金融機構，政府機構和全球商品交易所中獲取金價數據，從而將其結合起來，以提供強勁而值得信賴的平均價格來使Stabull的智能合約。

These oracles can be used for various data types, including:

這些口腔可用於各種數據類型，包括：

• Token prices: For cross-chain compatibility, oracles can transfer token prices from one chain to another.

•令牌價格：對於跨鏈兼容性，Oracles可以將令牌價格從一個鏈條轉移到另一個鏈。

• Decoding on-chain events: Oracles can notify DeFi protocols when specific events occur off-chain, such as a loan being fully repaid.

•解碼內鏈事件：當特定事件發生在鏈外（例如貸款）中時，Oracles可以通知Defi協議。

• External APIs: Oracles can be integrated with any API to bring external data into smart contracts.

•外部API：可以將Oracles與任何API集成，以將外部數據帶入智能合約。

Stabull explicitly utilizes oracle price feeds, mentioning Chainlink as a provider. For an RWA like PAXG, a Chainlink oracle would continuously monitor and aggregate the prevailing gold price from leading institutions and financial institutions. This price is then used to adjust the ratio of PAXG to USDC in Stabull’s liquidity pools.

Stabull明確利用Oracle價格提要，並提到ChainLink作為提供商。對於像Paxg這樣的RWA，連鎖店Oracle將不斷監視和匯總領先機構和金融機構的現行黃金價格。然後，該價格用於調整Stabull流動性池中PAXG與USDC的比率。

If, for example, the oracle reports that the XAU/USD price is $1,980, then Stabull’s AMM will be programmed to ensure that the PAXG/USDC pool closely reflects this ratio, allowing users to buy or sell PAXG at an average price very close to $1,9

例如，如果Oracle報告說XAU/USD價格為$ 1,980，則將對Stabull的AMM進行編程，以確保PAXG/USDC池密切反映了此比率，使用戶可以平均價格以接近1,9美元的價格購買或出售PAXG