什么是 RAI？
RAI 是一种通过抵押 ETH 生成的新资产。RAI 不与任何法定货币挂钩。相反，RAI 对美元浮动。你可以不要把 RAI 看做是一种类似于「外部货币」（external currency）的稳定币（就像那些与美元挂钩的稳定币），而是将其视为一种为了降低波动性而进行自我优化的货币。
What is RAI?
- RAI is a stable asset that is backed only by ETH. RAI is not pegged to any fiat currency. Rather, RAI floats against the USD, similar to how other fiat currencies such as EUR behave.
RAI 是如何运作的？
稳定币，如 DAI 或 USDC，都与美元挂钩。RAI 没有与美元挂钩，而是与自身挂钩。当 RAI 在交易所的价格低于赎回价格时，它的赎回价格开始上升，这意味着 RAI 持有者被激励购买。当 RAI在交易所的价格高于赎回价格时，赎回价格开始下降，这意味着 RAI 持有者被激励卖出。
How does RAI work?
- Stablecoins such as DAI or USDC have a fixed peg to the US Dollar. On the other hand, RAI has a moving peg. When RAI’s price on exchanges is below the moving peg, the moving peg starts to go up, meaning that RAI holders are incentivized to buy. When RAI’s price on exchanges is above the moving peg, the moving peg starts to go down, meaning that RAI holders are incentivized to sell.
RAI 和其他稳定币的区别是什么？
RAI 和其他稳定资产的主要区别是，RAI 没有固定的挂钩（例如，与美元挂钩）。与 DAI 相比，RAI 有正负两种利率，鉴于 MakerDAO 与美元挂钩，这是 MakerDAO 无法做到的。通过对 RAI 进行贬值，该协议使得持有 RAI 的吸引力降低，而铸债的吸引力增加，这都会对 RAI 的市场价格造成下行压力。而且由于 RAI 没有任何挂钩的承诺，因此可以对 RAI 进行贬值以影响其市场价格，而对 DAI 贬值则会破坏其社会契约。
What is the difference between RAI and other stablecoins?
- The main difference between RAI and other stable assets is that RAI does not have a fixed peg (for example, a peg to the USD). Compared to DAI, RAI has both positive and negative rates that are similar but not identical to interest rates. When RAI’s moving peg goes up it means that RAI holders are subject to positive interest rates. When RAI’s moving peg goes down, it means that RAI holders are subject to negative interest rates.
RAI 是 rebase 代币吗？
RAI 不是一个 rebase 代币。RAI 协议并不会改变你拥有的代币数量。该协议改变的是 RAI 的目标价格（RAI 在交易所应该有的价格）。
Is RAI a rebase token?
- RAI is not a rebase token. The RAI protocol does not change the amount of tokens you have. The protocol changes the price that RAI targets (the price that RAI should have on exchanges).
RAI 是如何创建的？
RAI 的创建方式与 DAI 类似。任何人都可以在协议中存入 ETH，用它来铸造 RAI。RAI 的铸币商必须为他们的头寸保持最低的抵押率，否则他们会被清算。
How is RAI created?
- RAI is created in a similar way to DAI. Anyone can deposit ETH in the protocol and mint RAI with it. RAI minters must keep a minimum collateralization ratio for their positions, otherwise they can get liquidated.
RAI 有什么用？
RAI 作为一种不与法币挂钩的稳定资产是很有用的。它是其他 DeFi 协议的一个很好的抵押品类型，也是对法币失效的一种对冲。
How is RAI useful?
- RAI is useful as a stable asset that is not tied to fiat currencies. It is a great collateral type for other DeFi protocols and a hedge against the failure of fiat currencies.
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