Pure.cash 倒數計時開始：一週內推出改變遊戲規則的協議

該項目建立在以太坊之上，旨在徹底改變加密貨幣行業，提供的不僅僅是 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 是一個旨在透過 Ethena 的去中心化版本來徹底改變加密貨幣行業的項目，該項目計劃在一周內推出其改變遊戲規則的協議。該項目建立在以太坊之上，受到加密貨幣領域許多人的熱切期待。

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 本質上是一個去中心化的 Ethena，透過永續合約利用 Delta 中性策略來發行穩定幣 PUSD。在 ETH 和相應等量空頭部位的支持下，PUSD 始終保持 Delta 中性狀態，透過完整的加密資產抵押實現最大的資本效率。

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 真正與眾不同的是它的雙重功能。除了發行 PUSD 穩定幣外，Pure.cash 還整合了去中心化的多頭永續合約協議。這種整合可以實現 PUSD 的無許可鑄造和銷毀，且沒有任何第三方託管風險。

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 預計透過整合自有的 LongOnly 永續合約產品，展現出強勁的獲利能力。這與 Ethena 形成鮮明對比，Ethena 將資產存入 CEX 交易所進行對沖，導致資金費率收入不穩定，並可能造成損失。

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.

過去曾多次嘗試創建去中心化的 Delta 中性穩定幣。然而，他們未能實現大規模採用，要不是因為第三方永續合約規模有限，就是自家永續產品缺乏競爭力。

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 的獨特之處在於完全消除融資費用，同時保持具有競爭力的 0.07% 交易費用，與市場平均值一致。使用者可以像持有現貨ETH一樣持有ETH多頭頭寸，槓桿高達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.

當然，免費槓桿的可用性並不是無限的。這取決於 PUSD 的供應量。這項特性使 LongOnly 成為受歡迎的產品，但由於需求強勁，該產品將持續出現供應短缺。

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.

目前市場ETH多頭需求超過100億美元，加上零融資費用機制帶動的額外市場需求，PUSD在發展初期具備充足的市場容量。

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.

有人可能會質疑LongOnly永續合約如何在不收取資金費用的情況下平衡多空需求（PUSD供應）。該協議透過以下方式實現這一目標：(1) 允許流動性提供者(LP) 吸收其流動性中的暫時失衡並賺取交易費用，(2) 實施預設限額和浮動費用機制以防止流動性枯竭，以及(3) 利用PUSD 供應上限和主動贖回機制，以在需求變化時保持平衡。更多詳細信息，請參閱 Pure.cash 官方文檔。

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.

反向發行模型（RIM）是 Pure.cash 為解決加密專案中傳統代幣發行的挑戰而提出的創新通貨緊縮模型。 RIM的顯著特徵在於其獨特的分配機制：代幣供應量在代幣產生事件（TGE）時達到最大，此後代幣將持續銷毀，並且無法再鑄造新的代幣。

$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 的實用和治理代幣，最大供應量為 20 億。最大供應量的100%將透過創世空投空投到社區。 Genesis Airdrop期間PUSD穩定幣的目標供應量設定為10億。

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.

固定價格銷毀機制（FPB）是 Pure.cash 為應對當前 DeFi 專案中代幣賦能挑戰而推出的突破性解決方案。 Pure.cash 設定 DAO 可調的銷毀價格，並持續將協議收入（總交易費用的 35%）注入燃燒池。這種機制允許任何人燃燒 $PURE 並以固定的燃燒價格從池中接收資產。

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完全透過鏈上智能合約實現。值得注意的是，該機制的特殊之處在於，它不僅透過銷毀不斷減少代幣供應量，而且還充當底價緩衝。

PUSD Utility Incentives

PUSD 公用事業激勵措施

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

為了促進PUSD的可持續成長和實用性，Pure.cash將部分交易費用收入分配到以下關鍵領域：

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銷毀：使用一定比例的交易費用從公開市場銷毀PUSD，減少總供應量，維持PUSD的穩定。此機制旨在確保PUSD的長期價值和穩定性。

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 儲蓄：部分交易費用分配給 PUSD 儲蓄活動，鼓勵使用者長期持有 PUSD，促進 PUSD 在各種 DeFi 應用程式中的使用。該舉措旨在提高 PUSD 的實用性和採用率。

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 選擇權：部分交易費用專門用於開發 PUSD 選擇權並將其整合到協議中。選擇權是重要的金融工具，使用戶能夠推測 PUSD 的未來價格走勢，從而增強穩定幣的整體功能和吸引力。

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 作為加密貨幣世界的開創性項目而出現，引入了一系列創新技術來解決穩定幣和 DeFi 市場的關鍵挑戰。透過將去中心化合成美元（PUSD）與零資金利率永續合約（LongOnly）相結合，並透過引入新穎的代幣經濟