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摘要翻译：
价格稳定经常被认为是加密货币没有作为一种交换媒介得到广泛采用的一个关键原因，并继续证明无法有效地推动分散应用程序的经济。Exeum提出了一种新的方法来提供价格稳定的数字代币，其价值与现实世界的资产挂钩，作为现实世界和分散经济之间的桥梁。Exeum发行的盯住代币--例如，USDE指的是由系统发行的价值盯住美元的稳定代币--由虚拟资产交易所的虚拟资产支持，用户可以在虚拟资产交易所存入系统的基础代币，并进行多头或空头头寸。保证盯住代币的稳定性归结为维持虚拟资产与现实世界资产的盯住问题，Exeum使用的主要机制是控制资产的互换率。如果掉期利率完全由系统控制，套利者可以得到足够的激励，以恢复已经破裂的盯住汇率；Exeum发布了统计套利交易软件来分散这种类型的做市活动。该系统的最后一个主要组成部分是中央银行的等价物，它决定基础代币的长期利率，在必要时通过增加供应来支付存款利息，并消除对钉住代币的稳定费的需要，提高其可用性。据我们所知，Exeum率先提出了一种真正去中心化的方法来开发稳定库，使基础令牌和挂钩资产之间能够进行1：1的价值转换，完全消除了供需之间的不匹配。在本文中，我们还将讨论它的应用，如改进基于赌注的DApp令牌模型，价格稳定的天然气费用，与DApp令牌的索引挂钩，以及执行遗留加密资产的跨链资产转移。
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英文标题：
《Exeum: A Decentralized Financial Platform for Price-Stable
Cryptocurrencies》
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作者：
Jaehyung Lee and Minhyung Cho
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最新提交年份：
2018
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分类信息：
一级分类：Computer Science 计算机科学
二级分类：Cryptography and Security 密码学与安全
分类描述：Covers all areas of cryptography and security including authentication, public key cryptosytems, proof-carrying code, etc. Roughly includes material in ACM Subject Classes D.4.6 and E.3.
涵盖密码学和安全的所有领域，包括认证、公钥密码系统、携带证明的代码等。大致包括ACM主题课程D.4.6和E.3中的材料。
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一级分类：Economics 经济学
二级分类：General Economics 一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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英文摘要：
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.
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PDF链接：
https://arxiv.org/pdf/1808.03482
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