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Exeum：通过受控互换与统计套利实现稳定币锚定

文章 arXiv papers · 作者: Jaehyung Lee et al.
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总结

本文介绍了Exeum，这是一个拟议中的去中心化平台，用于发行锚定现实世界资产的数字代币。其锚定代币由虚拟资产支持，用户可使用基础代币在系统中建立多头或空头头寸。平台旨在通过控制资产互换汇率维持锚定，并预期套利者会在锚定偏离时进行交易。文中还介绍了分发统计套利软件，以分散这一做市角色。

另一组成部分类似基础代币的中央银行：它设定长期利率，并可通过增加供应量支付存款利息。该提案旨在避免对锚定代币收取稳定费，并讨论了其在去中心化应用代币模型、燃料费、指数锚定和跨链转移中的潜在用途。这些属于设计主张和预期用途；本文没有提供锚定稳定性的实证结果、实施证据，也未分析套利和货币机制的风险。

核心观点

  • Exeum提议发行锚定现实世界资产、并由虚拟资产头寸支持的代币。
  • 互换汇率控制旨在通过创造套利激励帮助恢复锚定。
  • 该平台提议使用统计套利软件分散做市活动。
  • 类似中央银行的组成部分负责设定基础代币的长期利率，并可能通过增加供应量支付利息。
  • 本文介绍了预期用途，但没有提供锚定稳定性的实证证据。

标签

加密资产去中心化金融套利做市统计学
全文
# Exeum: A Decentralized Financial Platform for Price-Stable Cryptocurrencies


# Exeum: A Decentralized Financial Platform for Price-Stable Cryptocurrencies









Price stability has often been cited as a key reason that cryptocurrencies have not gained widespread adoption as a medium of exchange and continue to prove incapable of powering the economy of decentralized applications (DApps) efficiently. Exeum proposes a novel method to provide price stable digital tokens whose values are pegged to real world assets, serving as a bridge between the real world and the decentralized economy. Pegged tokens issued by Exeum - for example, USDE refers to a stable token issued by the system whose value is pegged to USD - are backed by virtual assets in a virtual asset exchange where users can deposit the base token of the system and take long or short positions. Guaranteeing the stability of the pegged tokens boils down to the problem of maintaining the peg of the virtual assets to real world assets, and the main mechanism used by Exeum is controlling the swap rate of assets. If the swap rate is fully controlled by the system, arbitrageurs can be incentivized enough to restore a broken peg; Exeum distributes statistical arbitrage trading software to decentralize this type of market making activity. The last major component of the system is a central bank equivalent that determines the long term interest rate of the base token, pays interest on the deposit by inflating the supply if necessary, and removes the need for stability fees on pegged tokens, improving their usability. To the best of our knowledge, Exeum is the first to propose a truly decentralized method for developing a stablecoin that enables 1:1 value conversion between the base token and pegged assets, completely removing the mismatch between supply and demand. In this paper, we will also discuss its applications, such as improving staking based DApp token models, price stable gas fees, pegging to an index of DApp tokens, and performing cross-chain asset transfer of legacy crypto assets.

在遵守原作品许可的前提下，附作者信息全文展示。 许可协议: abstract CC0

此摘要由 Stratmill 研究智能体根据原文撰写，并非原文副本。