@paraswap @1inch • If the price of Dai goes below $1, anyone can buy cheap Dai and exchange it for USDC, USDP, or GUSD at a 1:1 rate.
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@paraswap @1inch • 如果 Dai 的价格低于 1 美元，任何人都可以购买便宜的 Dai，并以 1:1 的比率将其兑换为 USDC、USDP 或 GUSD。
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@paraswap @1inch How is the PSM hard-pegging the price of Dai?
The answer is arbitrage between the PSM and open markets.
• If the price of Dai goes above $1, anyone can exchange USDC, USDP, or GUSD for Dai at a 1:1 rate and then sell this Dai with a profit.
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@paraswap @1inch PSM 如何与 Dai 的价格挂钩？
答案是 PSM 和公开市场之间的套利。
• 如果 Dai 的价格超过 1 美元，任何人都可以以 1:1 的比率将 USDC、USDP 或 GUSD 兑换成 Dai，然后出售该 Dai 获利。
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@paraswap @1inch Basically, the PSM is a permissionless liquidity tool that works as an extremely efficient and stable decentralized exchange.
Its main objective is to hard peg the price of Dai.
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@paraswap @1inch 基本上，PSM 是一种无需许可的流动性工具，可作为一种极其高效和稳定的去中心化交易所。
它的主要目标是硬盯住 Dai 的价格。
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@paraswap @1inch These parameters can be changed by Maker Governance via the respective on-chain voting cycle.
Currently, both fees are set at 0%, which means that the PSM can exchange large amounts of stablecoins for Dai and vice-versa at a 1:1 fixed rate with no fees.
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@paraswap @1inch Maker Governance 可以通过相应的链上投票周期更改这些参数。
目前，这两种费用都设置为 0%，这意味着 PSM 可以以 1:1 的固定汇率免费将大量稳定币兑换成 Dai，反之亦然。
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@paraswap @1inch Optional fees can be activated in the PSM through these two special parameters:
• Toll In (tin): The fraction of the Stablecoin → Dai transaction charged as a fee.
• Toll Out (tout): The fraction of the Dai → Stablecoin transaction charged as a fee.
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@paraswap @1inch 可以通过这两个特殊参数在 PSM 中激活可选费用：
• Toll In (tin)：作为费用收取的稳定币→ Dai 交易的一部分。
• Toll Out (tout)：作为费用收取的 Dai → 稳定币交易的一部分。
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@paraswap In the same way, any user can put Dai into the PSM and redeem USDC, USDP, or GUSD from its reserves, at a 1:1 rate.
In this case, the PSM burns the Dai and releases the necessary reserves to complete the exchange.
Image: @1inch
9/ https://t.co/8zALwzd2RU

@paraswap 同样，任何用户都可以将 Dai 放入 PSM 并以 1:1 的比率从其储备中赎回 USDC、USDP 或 GUSD。
在这种情况下，PSM 会销毁 Dai 并释放必要的储备以完成兑换。
图片：@1inch
9/ https://t.co/8zALwzd2RU

There are PSM deployments for USDC, USPD, and GUSD.
It means that anyone can put 10 million USDC, USDP, or GUSD into the PSM and receive 10 million Dai.
The PSM allocates the USDC, USDP, or GUSD in its reserves and mints the same amount of Dai.
Image: @paraswap.
8/ https://t.co/FZUJ2ZQlbB

USDC、USPD 和 GUSD 有 PSM 部署。
这意味着任何人都可以将 1000 万美元的 USDC、USDP 或 GUSD 放入 PSM 并获得 1000 万个 Dai。
PSM 在其储备中分配 USDC、USDP 或 GUSD，并铸造相同数量的 Dai。
图片：@paraswap。
8/ https://t.co/FZUJ2ZQlbB

In addition, there is a crucial difference between the PSM and the Maker Vault system:
• In the PSM, all stable collateral is allocated in the same place, called PSM reserves — Vault's collateral is not separated between users, it is the same collateral bag for everyone.
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此外，PSM 和 Maker Vault 系统之间还有一个至关重要的区别：
• 在 PSM 中，所有稳定的抵押品都分配在同一个地方，称为 PSM 准备金——Vault 的抵押品没有在用户之间分离，对每个人来说都是同一个抵押品包。
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Technically, the PSM is a special type of Maker Vault with:
• 100% Collateralization Ratio — That is why the 1 Dai, 1 stablecoin rate.
• 0% Stability Fee — Users do not have to pay a Stability Fee because they are not asking for a Dai loan against their crypto.
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从技术上讲，PSM 是一种特殊类型的 Maker Vault，具有：
• 100% 的抵押率——这就是 1 Dai，1 稳定币利率的原因。
• 0% 的稳定费——用户无需支付稳定费，因为他们没有针对他们的加密货币申请 Dai 贷款。
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PSM stands for Peg Stability Module.
It is a special module of the Maker Protocol to quickly exchange Dai for stablecoins at a 1:1 rate.
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PSM 代表 Peg 稳定性模块。
它是 Maker 协议的一个特殊模块，用于以 1:1 的比率快速将 Dai 兑换成稳定币。
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This was one of the main drivers for designing a decentralized mechanism to hard peg the price of Dai.
This is how the PSM was introduced in November 2020 with the MIP29.
→ https://forum.makerdao.com/t/m...
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这是设计去中心化机制以硬锚定 Dai 价格的主要驱动力之一。
这就是 PSM 在 2020 年 11 月与 MIP29 一起推出的方式。
→ https://forum.makerdao.com/t/m...
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In addition, many other users started to aggressively buy Dai in order to pay off their loans and close their positions in the Maker Protocol.
The result was a spike in the demand for Dai that pushed its price above $1
3/ https://t.co/7RpqcXYrRw

此外，许多其他用户开始大举购买 Dai，以偿还贷款并平仓 Maker 协议。
结果是对 Dai 的需求激增，将其价格推高至 1 美元以上
3/ https://t.co/7RpqcXYrRw

First, a bit of context.
During the crypto market crash in March 2020, the price of ETH fell ~50% in a single day.
This market behavior led to a cascade of liquidations in the Maker Protocol when many vaults went undercollateralized.
2/ https://t.co/kJjcAAMBAf

首先，一点上下文。
在 2020 年 3 月的加密市场崩盘期间，ETH 的价格在一天内下跌了约 50%。
当许多金库抵押不足时，这种市场行为导致了 Maker 协议中的一连串清算。
2/ https://t.co/kJjcAAMBAf

+3.3 billion USDC and +499 million USDP held by the Maker Protocol are allocated in the PSM reserves.
What is the PSM, how does it work, and why is it important for stabilizing the price of Dai?
🧵 ↓
1/ https://t.co/dUiTROWfUv

Maker Protocol 持有的 33 亿 USDC 和 4.99 亿 USDP 分配在 PSM 储备中。
什么是 PSM，它是如何工作的，为什么它对于稳定 Dai 的价格很重要？
🧵↓
1/ https://t.co/dUiTROWfUv

RT: The MakerDAO wstETH-B allocation has grown by +51.88% following the stability fee reduction from 0.75% to 0% on August 15th.
Current allocation: 234,348 stETH / $379,286,533
https://dune.com/LidoAnalytica... https://t.co/XYALGXhvPM

RT：在 8 月 15 日稳定费从 0.75% 降至 0% 之后，MakerDAO wstETH-B 分配增加了 51.88%。
当前分配：234,348 stETH / 379,286,533 美元
https://dune.com/LidoAnalytica... https://t.co /XYALGXhvPM

RT: Introducing our most advanced automated strategy yet: the TRAILING STOP.🥳
Automated, trustless and non-custodial trailing stops are now available for all @MakerDAO and @LiquityProtocol users at https://app.defisaver.com/.
Powered by DFS Automation, @Chainlink and @0xProject. https://t.co/PVBbZFKAz7

RT：介绍我们最先进的自动化策略：追踪止损。🥳
所有@MakerDAO 和@LiquityProtocol 用户现在都可以在https://app.defisaver .com/。
由 DFS 自动化、@Chainlink 和@0xProject 提供支持。 https://t.co/PVBbZFKAz7

RT: 🔗 Integrations: @MakerDAO 🔗
Maker wstETH-B vault has continued its rapid increase during the last two weeks following the reduction in stability fee from 0.75% to 0%.
(cc @MakerGrowth)

RT：🔗 集成：@MakerDAO 🔗
在稳定费从 0.75% 降至 0% 之后，制造商 wstETH-B 保险库在过去两周内继续快速增长。
（抄送@MakerGrowth）

@oasisdotapp @arbitrum @LidoFinance 8️⃣ The Risk Core Unit published a document outlining the potential risks that Maker and the DeFi ecosystem face in the event of an Ethereum PoW fork after the Merge takes place.
A summary is here:
Part 1: https://twitter.com/MakerDAO/s...
Part 2: https://twitter.com/MakerDAO/s...

@oasisdotapp @arbitrum @LidoFinance 8️⃣ 风险核心部门发布了一份文件，概述了在合并后发生以太坊 PoW 分叉时 Maker 和 DeFi 生态系统面临的潜在风险。
总结在这里：
第 1 部分：

合并即将到来，以太坊 PoW 分叉是一个真正的可能性。
如果发生以太坊 PoW 分叉，Maker 面临哪些潜在风险？
🧵
1/

@oasisdotapp @arbitrum @LidoFinance 7️⃣ Dai on Optimism skyrocketed!
The supply of Canonical Dai on Optimism went from 29 million to 146 million in one month! https://t.co/UHzHRKMGHO

@oasisdotapp @arbitrum @LidoFinance 7️⃣ Dai 乐观情绪飙升！
一个月内，Canonical Dai on Optimism 的供应量从 2900 万增加到 1.46 亿！ https://t.co/UHzHRKMGHO

@oasisdotapp @arbitrum @LidoFinance 6️⃣ Many Maker Vault types also saw substantial decreases in their Stability Fees:
• ETH-B to 3.75%
• WSTETH-A to 2.25%
• WBTC-B to 3.75%
MOMC proposed a new Parameter Changes Proposal that aims to lower Stability Fees again for different vaults:
https://twitter.com/MakerDAO/s...

@oasisdotapp @arbitrum @LidoFinance 6️⃣ 许多 Maker Vault 类型的稳定费也大幅下降：
• ETH-B 至 3.75%
• WSTETH-A 至 2.25%
• WBTC-B 至 3.75%
MOMC 提出了一项新的参数更改提案，旨在再次降低不同金库的稳定费：

MakerDAO 公开市场委员会 (MOMC) 发布了其最新的参数更改提案。
这一次，MOMC 的提案起草了两个选项，用于降低许多 Maker Vault 的稳定费和调整其他重要参数。
崩溃。
🧵
1/