引入Stabull Finance：交易代币化现实世界资产（RWAS）的分散交易所（DEX）

除了比特币和以太坊之类的熟悉名称外，以及与美元这样的货币挂钩的稳定者之外，新的边境正在开放：区块链上的现实世界资产（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.

除了比特币和以太坊之类的熟悉名称外，以及与美元这样的货币挂钩的稳定者之外，新的边境正在开放：区块链上的现实世界资产（RWAS）。想象一下，拥有一块黄金，房地产的一小部分，甚至是一家传统公司的股票，都代表您可以立即在线交易的数字代币。

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.

这是RWA令牌化的承诺。项目将有形资产和传统金融工具变成数字代币，这些代币生活在以太坊，多边形或基础等区块链上。已经交易的一个突出的例子是Pax Gold（PAXG），每个令牌代表一个在安全库中持有的物理黄金。

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，这一令人兴奋的发展带来了一个至关重要的挑战：您如何确保数字代币（如PAXG）的价格准确反映了实际资产的实时价值（实物黄金）？在加密货币世界中，黄金的价格尚未决定。它是由大型全球脱链市场等伦敦金条市场设定的。如果代币的价格离实际价格太远，它将失去其合法性和实用性。

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.

这是Stabull Finance，一种专门的分散交易所（DEX）和称为区块链甲骨文的关键技术的地方。 Stabull不仅是为Stablecoins设计的，而且是用于交易令牌商品和其他RWA的设计。它的核心使命包括将进入这些市场的链链民主化，其中一个关键部分是确保值得信赖的定价。让我们深入了解Stabull如何使用牙齿来保持RWA的链链价格符合其现实世界的价值。

The RWA Pricing Problem: Why Off-Chain Values Matter

RWA定价问题：为什么脱链值很重要

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.

与比特币这样的加密货币不同，比特币的价格在很大程度上取决于在加密货币交易所上的买卖，而像黄金（由PAXG代表）这样的RWA的价值被确定是链链的。黄金的现货价格会根据全球供求，地缘政治事件，通货膨胀数据以及传统商品市场的交易而波动。这个价格通常由机构设定，并用作基准。

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:

为了使像Paxg这样的RWA令牌值得信赖和功能，其在DEX上的价格必须密切跟踪此外部，现实世界中的价格。如果Paxg的交易显着高于或低于实际价格，则会出现几个问题：

• 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上的价值高于当前黄金的市场价格，则用户可以在Stabull上购买Paxg，然后以现行的黄金价格出售以获利的利润。这将创造套利机会，从Stabull的池中耗尽流动性，并使它们功能失调。

• 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上的交易明显较低，则用户将没有动力购买DEX上的令牌，因为他们可以简单地以当前的市场价格购买黄金。在这种情况下，Sabull对Paxg的需求没有，这使令牌不流动和交易平台毫无用处。

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，任何促进RWA交易的平台都需要一种强大的机制，以不断将普遍的脱链价格喂入区块链，DEX的智能合约可以使用。

Enter the Oracles: Connecting Blockchains to the Real World

输入口腔：将区块链连接到现实世界

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.

根据设计，区块链是独立的系统。他们无法直接访问外部信息，例如当前黄金价格或最新的宏观经济统计。这是区块链甲骨文成为必不可少的地方。

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是用作桥梁的第三方服务，可牢固获取外部，外部链数据，并将其交付到区块链上以供智能合约使用。它们充当可靠的使者，通常从多个高质量来源汇总数据，以确保与任何单点故障点的准确性和弹性。例如，连锁店的甲骨文可能会从领先的金融机构，政府机构和全球商品交易所中获取金价数据，从而将其结合起来，以提供强劲而值得信赖的平均价格来使Stabull的智能合约。

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

这些口腔可用于各种数据类型，包括：

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

•令牌价格：对于跨链兼容性，Oracles可以将令牌价格从一个链条转移到另一个链。

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

•解码内链事件：当特定事件发生在链外（例如贷款）中时，Oracles可以通知Defi协议。

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

•外部API：可以将Oracles与任何API集成，以将外部数据带入智能合约。

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明确利用Oracle价格提要，并提到ChainLink作为提供商。对于像Paxg这样的RWA，连锁店Oracle将不断监视和汇总领先机构和金融机构的现行黄金价格。然后，该价格用于调整Stabull流动性池中PAXG与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报告说XAU/USD价格为$ 1,980，则将对Stabull的AMM进行编程，以确保PAXG/USDC池密切反映了此比率，使用户可以平均价格以接近1,9美元的价格购买或出售PAXG