Sable Finance：穩定幣使用和 DeFi 的新願景

Sable Finance 最近向加密貨幣市場推出了首款產品，發行穩定幣並開發去中心化金融平台。

Recently, Sable Finance has entered the cryptocurrency market with its first product, aiming to revolutionize the stablecoin landscape and advance the frontiers of decentralized finance (DeFi). Currently, Sable serves as a fundamental building block for ETH LSD-backed stablecoins, operating on both Arbitrum and BNB Chain to optimize capital efficiency and maximize yields for its users.

近期，Sable Finance 以首款產品進軍加密貨幣市場，旨在徹底改變穩定幣格局，推動去中心化金融（DeFi）的前沿。目前，Sable 作為 ETH LSD 支援的穩定幣的基本構建塊，在 Arbitrum 和 BNB 鏈上運行，以優化資本效率並最大限度地提高用戶的收益。

Within the vast ecosystem, the SABLE token functions as an internal currency. It captures the fees levied by the system for borrowing and redemption through stakeholding arrangements. Holders of the SABLE token can contribute liquidity to the SABLE/BNB pool on decentralized exchanges and proceed to stake their LP tokens in the SABLE protocol. This unique design ensures that stakers benefit either from LP trading fees or from borrowing and redemption fees.

在龐大的生態系統中，SABLE 代幣充當內部貨幣。它記錄了系統透過股權安排進行借貸和贖回所收取的費用。 SABLE 代幣的持有者可以向去中心化交易所的 SABLE/BNB 池貢獻流動性，並繼續將其 LP 代幣質押到 SABLE 協議中。這種獨特的設計確保質押者從有限合夥人交易費用或借貸和贖回費用中受益。

As the only product offered by Sable Finance, USDS is a stablecoin that supports ETH liquid staking derivatives. Notably, a key aspect of this protocol is its capital efficiency, eliminating the need for liquidity mining emissions to save on capital. This places Sable Finance among a growing category of DeFi protocols that prioritize sustainable methods to attract liquidity.

USDS作為Sable Finance唯一提供的產品，是一款支援ETH流動性質押衍生品的穩定幣。值得注意的是，該協議的一個關鍵方面是其資本效率，消除了流動性挖礦排放的需要以節省資本。這使得 Sable Finance 躋身於不斷增長的 DeFi 協議類別之列，這些協議優先考慮可持續方法來吸引流動性。

The architecture of the project is fully decentralized and cannot be altered once set. Sablecoin (SUSD) is issued with BNB collateral. The project's goal is to enable a fully decentralized stablecoin, halting the centralization process seen with major stablecoins and offering users a ready-made, trustless option. With low interest rates and a high overcollateralization level of 110%, Sable Finance generates revenues at a rate that is relatively low compared to other protocols.

這個專案的架構是完全去中心化的，一旦設定就無法更改。 Sablecoin（SUSD）是用 BNB 抵押品發行的。該專案的目標是實現完全去中心化的穩定幣，停止主要穩定幣的中心化過程，並為用戶提供現成的、無需信任的選擇。憑藉低利率和 110% 的高超額抵押水平，Sable Finance 的收入水平與其他協議相比相對較低。

Another advantage of Sable Finance is the continuous replenishment of liquidity, with no upper limit. Sells/cuts through its constant decentralized exchange (or ‘DEX’) forever and invests the earnings into expanding the pool constantly to contain more. This mechanism creates a positive feedback loop that ultimately enhances the stability and liquidity of the ecosystem.

Sable Finance的另一個優點是流動性的持續補充，且沒有上限。永遠出售/削減其持續的去中心化交易所（或“DEX”），並將收益投資於不斷擴大資金池以容納更多資金。這種機制創造了一個正向回饋循環，最終增強了生態系統的穩定性和流動性。

In addition to being a stablecoin issuer, Sable Finance also operates a perpetual DEX with an orderbook-element trading infrastructure and an anchored liquidity layer that spans both spot and perpetual futures orderbooks. This element is more parochial, providing traders with additional utility and high liquidity.

除了作為穩定幣發行商之外，Sable Finance 還經營一個永續去中心化交易所，該去中心化交易所擁有訂單簿元素交易基礎設施和涵蓋現貨和永續期貨訂單簿的錨定流動性層。這項元素更為狹隘，為交易者提供了額外的效用和高流動性。

These methods include the protocol’s multichain design, which is another strong feature of the approach. Sable Finance aims to use capital as effectively as possible by accumulating liquidity across all chains it currently supports. This cross-chain functionality may well attract users from different blockchain ecosystem helping to improve interaction between these networks and improve the liquidity flow.

這些方法包括協議的多鏈設計，這是該方法的另一個強大功能。 Sable Finance 旨在透過在其目前支援的所有鏈上累積流動性來盡可能有效地利用資本。這種跨鏈功能很可能吸引來自不同區塊鏈生態系統的用戶，有助於改善這些網路之間的互動並改善流動性。

This concludes the market data for the SABLE token up to the date of this writing, where it is priced at $0.005797 with the market capitalization of about 30 017. Currently, float supply amounted to almost 5,178,493 SABLE, while the total supply is 100,000,000 SABLE. This term is concluded into $579,652 in terms of the fully diluted market cap, speaking volumes for its potential if only the project will start to take off.

以上是截至本文撰寫之日 SABLE 代幣的市場數據，其價格為 0.005797 美元，市值約為 30,017。就完全攤薄後的市值而言，該期限的最終金額為 579,652 美元，這足以說明只要該項目開始起飛，其潛力就很大。

The value passed through for the Sable Finance protocol is said to be $534,851 and it is highly valuable for numbers in the DeFi space that it defines the total volume of the current assets in the ecosystem. If one were to calculate the market cap to TVL ratio we get 0.05612267, this show that the valuation of the protocol is comparably smaller than the value of the assets that it holds.

據稱，Sable Finance 協議傳遞的價值為 534,851 美元，它定義了生態系統中當前資產的總量，對於 DeFi 領域的數字來說非常有價值。如果計算市值與 TVL 的比率，我們會得到 0.05612267，這表明該協議的估值相對小於其持有的資產的價值。

For the future, in v2, Sable Finance wants to add governance features to the platform. With this upgrade, the SABLE token will allow token holders decisions including whitelisting of new collateral types, emissions, and changes in the parameters of the protocol. This shift toward decentralised governance is consistent with the rest of the DeFi sector and may also improve engagement and stability.

對於未來，Sable Finance 希望在 v2 中為平台添加治理功能。透過此次升級，SABLE 代幣將允許代幣持有者做出決策，包括將新抵押品類型、排放量和協議參數變更列入白名單。這種向去中心化治理的轉變與 DeFi 領域的其他領域是一致的，也可能會提高參與度和穩定性。

It is crucial to note that Sable Finance presents a novel approach to stablecoin utilization and DeFi, yet remains a relatively new project. As with any new decentralized endeavor, investors and market users should exercise caution when engaging with such a new project, considering the risks inherent in these protocols within a highly volatile market.

值得注意的是，Sable Finance 提出了一種穩定幣利用和 DeFi 的新穎方法，但仍然是一個相對較新的專案。與任何新的去中心化項目一樣，投資者和市場用戶在參與此類新項目時應謹慎行事，考慮到這些協議在高度波動的市場中固有的風險。

These trends indicate that Sable Finance is poised to become a significant player in the stablecoin and decentralized exchange markets as they advance further in such directions: enhancing capital efficiency, multichain applications, and new forms of liquidity. However, its success ultimately hinges on user adoption, market dynamics, and the ability to deliver on its stated goals while maintaining security in the rapidly evolving DeFi landscape.

這些趨勢表明，隨著穩定幣和去中心化交易市場在提高資本效率、多鏈應用和新型流動性等方向上進一步發展，Sable Finance 有望成為穩定幣和去中心化交易市場的重要參與者。然而，它的成功最終取決於用戶採用率、市場動態以及在快速發展的 DeFi 環境中保持安全性的同時實現既定目標的能力。