Curve 稳定币设计白皮书的中英文参照版本，加入一些辅助理解的中文注释，也修正了一些原版的拼写错误，供大家参考学习。

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Overview

The design of the stablecoin has few concepts: lending-liquidating amm algorithm (LLAMMA), PegKeeper, Monetary Policy are the most important ones. But the main idea is in LLAMMA: replacing liquidations with a special-purpose AMM.

这个稳定币的设计中有几个概念是最重要的：借贷-清算AMM算法（LLAMMA），PegKeeper（稳定保持机制），货币政策。但主要的设计点是在LLAMMA：用一个特殊用途的AMM代替传统超额抵押借贷的清算流程。

![Figure 2: Dependence of the loss on the price shift relative to the liquidation threshold. Time window for the observation is 3 days

图2：损失对相对于清算阈值的价格变动的依赖性。观察的时间窗口为3天

](https://images.mirror-media.xyz/publication-images/\_U6Ii9j2PLODLS07-HyTO.png?height=662&width=842)

In this design, if someone borrows against collateral, even at liquidation threshold, and the price of collateral dips and bounces - no significant loss happen. For example, according to simulations using historic data for ETH/USD since Sep 2017, if one leaves the CDP unattended for 3 days and during this time the price drop of 10% below the liquidation threshold happened - only 1% of collateral gets lost.

在这种设计中，如果有人用抵押品借款，即使是在清算阈值，抵押品的价格下跌后反弹--也不会发生明显的损失。例如，根据自2017年9月以来使用ETH/USD的历史数据进行的模拟，如果放着CDP无人看管3天，在此期间，价格下跌至低于清算价格10%的情况发生的话， 也只有1%的抵押品被损失。

AMM for continuous liquidation/deliquidation (LLAMMA)

持续清算/无需清算的AMM（LLAMMA）

The core idea of the stablecoin design is Lending-Liquidating AMM Algorithm. The idea is that it converts between collateral (for example, ETH) and the stablecoin (let’s call it USD here). If the price of collateral is high - a user has deposits all in ETH, but as it goes lower, it converts to USD. This is very different from traditional AMM designs where one has USD on top and ETH on the bottom instead.

稳定币设计的核心思想是Lending-Liquidating AMM算法。这个想法是，它在抵押品（例如ETH）和稳定币（这里姑且称之为USD）之间进行转换。如果抵押品的价格很高--用户的存款都是ETH，但当价格降低时，它就会转换为USD稳定币。这与传统的AMM设计有很大不同，传统的AMM设计是将USD稳定币放在上面（AMM曲线上半截），ETH放在下面（AMM曲线下半截）。