Sable Finance：稳定币使用和 DeFi 的新愿景

Sable Finance 最近向加密货币市场推出了首款产品，发行稳定币并开发去中心化金融平台。

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 携首款产品进军加密货币市场，旨在彻底改变稳定币格局，推进去中心化金融（DeFi）的前沿。目前，Sable 作为 ETH LSD 支持的稳定币的基本构建块，在 Arbitrum 和 BNB 链上运行，以优化资本效率并最大限度地提高用户的收益。

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.

在庞大的生态系统中，SABLE 代币充当内部货币。它记录了系统通过股权安排进行借贷和赎回所收取的费用。 SABLE 代币的持有者可以向去中心化交易所的 SABLE/BNB 池贡献流动性，并继续将其 LP 代币质押到 SABLE 协议中。这种独特的设计确保质押者从有限合伙人交易费用或借贷和赎回费用中受益。

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作为Sable Finance唯一提供的产品，是一款支持ETH流动性质押衍生品的稳定币。值得注意的是，该协议的一个关键方面是其资本效率，消除了流动性挖矿排放的需要以节省资本。这使得 Sable Finance 跻身于不断增长的 DeFi 协议类别之列，这些协议优先考虑可持续方法来吸引流动性。

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.

该项目的架构是完全去中心化的，一旦设定就无法更改。 Sablecoin（SUSD）是用 BNB 抵押品发行的。该项目的目标是实现完全去中心化的稳定币，停止主要稳定币的中心化过程，并为用户提供现成的、无需信任的选择。凭借低利率和 110% 的高超额抵押水平，Sable Finance 的收入水平与其他协议相比相对较低。

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的另一个优势是流动性的持续补充，且没有上限。永远出售/削减其持续的去中心化交易所（或“DEX”），并将收益投资于不断扩大资金池以容纳更多资金。这种机制创造了一个正反馈循环，最终增强了生态系统的稳定性和流动性。

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.

除了作为稳定币发行商之外，Sable Finance 还运营着一个永续去中心化交易所，该去中心化交易所拥有订单簿元素交易基础设施和涵盖现货和永续期货订单簿的锚定流动性层。这一元素更为狭隘，为交易者提供了额外的效用和高流动性。

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.

这些方法包括协议的多链设计，这是该方法的另一个强大功能。 Sable Finance 旨在通过在其目前支持的所有链上积累流动性来尽可能有效地利用资本。这种跨链功能很可能吸引来自不同区块链生态系统的用户，有助于改善这些网络之间的交互并改善流动性。

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.

以上是截至本文撰写之日 SABLE 代币的市场数据，其价格为 0.005797 美元，市值约为 30,017。目前，流通供应量约为 5,178,493 SABLE，而总供应量为 100,000,000 SABLE。就完全摊薄后的市值而言，该期限的最终金额为 579,652 美元，这足以说明只要该项目开始起飞，其潜力就很大。

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.

据称，Sable Finance 协议传递的价值为 534,851 美元，它定义了生态系统中当前资产的总量，对于 DeFi 领域的数字来说非常有价值。如果计算市值与 TVL 的比率，我们会得到 0.05612267，这表明该协议的估值相对小于其持有的资产的价值。

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.

对于未来，Sable Finance 希望在 v2 中为平台添加治理功能。通过此次升级，SABLE 代币将允许代币持有者做出决策，包括将新抵押品类型、排放量和协议参数更改列入白名单。这种向去中心化治理的转变与 DeFi 领域的其他领域是一致的，也可能会提高参与度和稳定性。

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 提出了一种稳定币利用和 DeFi 的新颖方法，但仍然是一个相对较新的项目。与任何新的去中心化项目一样，投资者和市场用户在参与此类新项目时应谨慎行事，考虑到这些协议在高度波动的市场中固有的风险。

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.

这些趋势表明，随着稳定币和去中心化交易市场在提高资本效率、多链应用和新型流动性等方向上进一步发展，Sable Finance 有望成为稳定币和去中心化交易市场的重要参与者。然而，它的成功最终取决于用户采用率、市场动态以及在快速发展的 DeFi 环境中保持安全性的同时实现既定目标的能力。