01 前 言
我们都知道稳定币的重要作用，其作为保价金融资产，将在金融活动的方方面面发挥重要作用，尤其是在高度波动的币圈，更是有着举足轻重的作用。Tether和Maker Dao作为稳定币的两个运营团队，为稳定币的发展提供了范本，但其只在BTC或ETH上发布了产品令牌，EOS链启动以来，尚未出现一款真正可应用的稳定币。而Equilibrium团队带来了EOSDT，其将作为EOS上第一款稳定币，补充EOS链上基础设施建设层面的紧缺一环。本文翻译自Equilibrium官网对EOSDT的描述介绍，让我们首先从浅层次去了解EOSDT的概况。
尽管N叔很想将文章翻译的专业、优美，但N叔真的不专业，也不帅，尤其这里面有一些很专业的技术词汇，整体不是很容易翻译，为防止某些翻译狗屁不通，原文粘在后面仅供对照参考。
翻译的不好，请大家尽量忍耐。
02 正 文
对于区块链行业来说，加密货币投资市场的高波动性既是救赎，也是诅咒。一方面，过去三年没有任何通证可以避免显著的价格波动，即使是比特币和以太网这种受到诸多关注的加密货币；另一方面，市场仍在继续利用这一独特技术来构建一系列颠覆性金融产品，这些产品在世界任何地方都可以使用。
现在是时候让这些产品稳定，安全和可靠。
超额抵押，多边抵押，抵押流动性，资产支持——传统金融市场一直在使用这些以及许多其他的工具来实现资产安全。Equilibrium使这些机会可用于数字资产，并利用新型稳定币来应用它们。
这种新型稳定币的主要特点是能够与美元保持锚定，以此保持价格稳定。我们所拥有的技术能够支持通过抵押数字资产，从而将高度易变的加密货币转换为稳定的价值储存。
关于这个项目
Equilibrium是一个功能丰富的智能合约框架，通过这个智能合约框架可以支持产生以数字货币形式存在的稳定币，这些稳定币由用户自己的加密持股来实现与美元锚定。我们将其称之为EOSDT——一种价格稳定的加密货币，参与者可以通过使用其流动数字资产的抵押模式进行流通。
Equilibrium框架由构建在EOSIO技术堆栈顶部的一系列智能合约管理。除此之外，这些智能合约将始终确保超额抵押，并维持EOSDT与美元的平价，即1 EOSDT = 1美元。
我们预计在开始时通过该技术框架发行7000万个EOSDT稳定币。
EOSDT稳定币应用
使用Equilibrium框架，人们可以存入和取出抵押品，生成稳定币，偿还，转移仓位或关闭它们。除了抵押功能外，EOSDT还提供各种应用。其中包括对冲市场动荡，在去中心化交易所为币币交易提供类似法币的报价，甚至与接受加密货币的商家进行在线支付。
为什么从EOS开始
目前EOS公链上尚未出现可用的去中心化稳定币。 Equilibrium的EOSDT将是第一个。我们选择从EOS链和EOSIO底层技术开始，因为它比以太坊更快，交易费用接近零，并且拥有足够强大的基础设施，可以同时为许多用户提供高质量的体验。我们的最终目标是为支持智能合约的多个公链创建资产以支持稳定币。 EOS是我们的首选，因为它提供了良好的基础设施前景，实施了交叉链解决方案，并支持EOSDT稳定币的多种形式的抵押品。
它是如何工作的
拥有与Equilibrium框架兼容的数字资产的任何人都可以利用它来使用具有直观用户界面的自助服务网关来生成EOSDT稳定币。我们将在发布时接受EOS抵押品，其后将积极致力于支持各种数字资产作为抵押品。
用户首先通过自助服务存放抵押品，然后自行决定生成多少EOSDT。这些产生的稳定币由存放抵押品支持，当你想要收回抵押品时，可以通过偿还等量的EOSDT并缴纳一定的手续费用进行收回。抵押人可提现这部分收回的抵押品。活跃头寸总是超额抵押，这意味着抵押品的价值超过了生成的稳定币的价值。该框架旨在始终保持抵押品价值与生成的EOSDT价值的最低可行比率。
NUT令牌用例
我们的Native Utility Token（NUT）是一个核心框架令牌，允许用户访问许多框架的功能。我们将NUT视为社区运营和发展整个生态系统的强大动力。
1）分散治理。 NUT在整个Equilibrium框架的治理中发挥着重要作用。通过NUT的分散持有，社区有能力负责寻找和解除职位，投票选择风险参数，更改适用的费用，利率和抵押水平，监控EOSDT的市场供应，以及实施其他管理职能。
通过与原生EOS共识机制非常相似的投票机制，实现在智能合约层面的治理。在我们的生态系统中，只允许NUT所有者为不同的提案生成提案并投票。
2）支付费用。为了平仓，用户必须偿还他们的债务以及在NUT中累积的管理费。
3）获得贴现抵押品。仲裁员可以向清算人合约提交NUT，以降低价格申请清算抵押品。
在这两种情况下，NUT令牌都会被烧毁。这种机制减少了总NUT供应，使NUT价格上涨，从而鼓励Equilibrium的NUT持有者继续持有。
4）阻止生产者投票。 EOS加密货币支持无风险区块生产者（BP）投票，因此Equilibrium框架允许NUT持有者将影响与可能收到EOS抵押品的赌注部分的30个BP相关的决策。我们将寻找方法能够允许进一步利用任何可用DPoS架构。
03 原 文
High volatility in cryptocurrency markets is both a salvation and a curse to the blockchain industry. On one hand, no coin over the past three years has been able to avoid significant price fluctuations, even notable examples like Bitcoin and Ether. Despite this, the market has continued to leverage this unique technology to build a range of disruptive financial products, which are in many cases available anywhere in the world.
It's time to make these tools stable, secure, and reliable.
Overcollateralization, multi-collateralization, collateral fluidity, asset-backing — the traditional financial markets have been using these and many other tools for capital security. Equilibrium makes these opportunities available for digital assets and leverages their application with a new breed of stablecoin.
Its principal feature is its ability to stay pegged to USD, an asset that is a robust source of price stability. We have the technology to collateralize digital assets that convert highly volatile cryptocurrency into a stable store of value.
About the project
Equilibrium is a feature-rich framework of smart contracts that generate digital asset-backed stablecoins that are pegged to the U.S. dollar and backed by a user’s own crypto holdings. We call it EOSDT — a price-stable cryptocurrency that participants can put into circulation through a collateralization model that uses their liquid digital assets.
The Equilibrium framework is governed by a bundle of smart contracts built on the top of the EOSIO technology stack. Among other things, these contracts ensure overcollateralization at all times, and maintain EOSDT’s parity with the US dollar: 1 EOSDT = $1 USD.
We expect to issue 70 million EOSDT stablecoins through the framework at inception.
EOSDT stablecoin applications
Using the Equilibrium framework, people can deposit and withdraw collateral, generate stablecoins, pay them back, move their positions, or close them. Besides the collateralization function, EOSDT offers a variety of applications. These include hedging against market turmoil, providing fiat-like quotes for currency pairs on decentralized exchanges, and even making online payments with merchants that accept cryptocurrency.
Why starting with EOS
There is currently no functioning decentralized stablecoin available via EOS. Equilibrium’s EOSDT will be the first one. We chose to start with the EOS blockchain and EOSIO technology because it is faster than Ethereum, has near-zero transaction fees, and boasts an infrastructure robust enough to offer a high-quality experience to lots of users at once. Our aim is to create the basis for asset-backed stablecoins across multiple blockchains that support smart contracts. EOS is our first choice because it offers great infrastructure prospects with the implementation of cross-chain solutions and support for multiple forms of collateral for the EOSDT stablecoin.
How it works
Anyone who holds a digital asset compatible with the Equilibrium framework can leverage it to generate EOSDT stablecoins using a self-service gateway with an intuitive user interface. We will accept EOS collateral at launch, but will be actively working on support for a wide variety of digital assets as collateral.
This position holds the deposited collateral, then a user decides how much EOSDT to generate. These generated stablecoins are backed by deposited collateral within the position, which can be recovered by paying back the equivalent amount of EOSDT plus any accrued fees. Recovered collateral can be withdrawn by the position holder. Active positions are always overcollateralized, meaning the value of the collateral exceeds the value of the generated stablecoins. The framework seeks to maintain the minimum viable ratio of collateral to loan at all times.
NUT token use cases
Our Native Utility Token (NUT) is a core framework token giving users access to a number of the framework’s functionalities. We envision NUT as a strong incentive for the community to operate and develop its whole ecosystem.
1) Decentralized governance. NUT plays an important role in the governance of the entire Equilibrium framework. Thanks to NUT, the community is in charge of finding and discharging positions, voting for risk parameters, changing the applicable fees, interest rates and collateralization level, monitoring the market supply of EOSDT, and implementing other management functions.
Governance happens at the smart contract level through a voting mechanism that closely resembles the native EOS forum contract. In our ecosystem, only NUT owners are allowed to generate proposals and cast votes for different proposals.
2) Paying fees. In order to close their position, users must repay their debts plus an Admin fee that accrues in NUT.
3) Access to discounted collateral. Arbitrators may submit NUT to the liquidator contract to claim liquidated collateral at a reduced price.
NUT tokens are burned in both these cases. This mechanism reduces the total NUT supply, leading to a NUT price increase that rewards Equilibrium’s NUT holders.
4) Block producer voting. EOS cryptocurrency supports risk-free block producer (BP) voting, so the Equilibrium framework lets NUT holders influence decisions related to 30 BPs that may receive a staked portion of the EOS collateral. The approach of a kind will allow leveraging any DPoS architecture further.
04 链 接
原文链接：https://blog.eosdt.com/equilibrium-review-a-stablecoin-that-is-overcollateralized-above-170/
生成EOSDT：https://gateway.eosdt.com/