UMA Voting

UMA 是一个去中心化金融合约平台，用于在以太坊上创建、维护和结算&ldquo;无价&rdquo;金融合约。该系统由无价的金融合约设计和去中心化的预言机机制组成。UMA 协议允许任何两个交易对手设计和输入他们自己定制的金融合约。
UMA 架构建立了一个在以太坊上创建合成资产的框架，通过组合两个不同的组件来实现：
1、设计自我执行的无价金融合约的框架；
2、称为数据验证机制 (DVM) 的去中心化预言机。
无价 DeFi 合约
根据 UMA 的说法，无价金融合约是无需链上价格信息即可运行的合约，并试图通过将其作为协议的一部分的使用最小化来避免遭受预言机攻击。UMA 通过引入一个通用框架来创建金融合同，可以在两个交易对手之间定义具有共同商定的经济条款、终止条款和保证金要求的金融合同来实现这一点。此外，合约设计有清算和争议解决机制，以激励交易对手适当地抵押他们的头寸。仅在需要解决流动性争议时才使用预言机。
每份 UMA 合约都包含 5 个核心组件： 1. 双方（制造者和接受者）的公共地址 2. 双方的保证金账户 3. 计算协议净现值 (NPV) 的经济逻辑 4. 维持保证金的功能余额、终止或结算合同 5. 出于数据验证目的选择预言机
创建合约时，交易对手必须将所需的最低保证金余额记入各自的保证金账户。只要达到商定的最低余额，制造商和接受者可以随时从他们的保证金账户中添加或提取资金，以避免提前终止或违约处罚。
经济逻辑记录在合约代码中。此代码用于计算协议的净现值，以跟踪欠制造者或接受者的款项。每次重新计算协议的经济条款 (NPV) 时，合约都会在反映参考资产价格变化的保证金账户之间移动适当的余额。在大多数情况下，由于如果协议的 NPV 导致任何一方的保证金余额低于最低金额，合同将终止，因此交易对手会被激励提供超过最低要求的余额。作为保持足够保证金的进一步激励，合同参与者可以商定在违约情况下在 NPV 之上支付违约罚款。
免许可通证化
无价金融合约模板可用于创建新颖的金融产品。在众多机会中，UMA 编写了一个来创建合成代币。合成代币是通过完全抵押 UMA 合约的一侧，然后铸造由该抵押品支持的代币来创建的。这允许创建代表对合约参考资产的合成暴露的 ERC-20 代币。使用 UMA 合约创建的合成代币的示例包括ETHBTC（一种跟踪 ETH/BTC 比率的代币）和USStocks（一种代表标准普尔 500 股票指数的合成所有权的代币）。
数据验证机制 (DVM) 
UMA 的数据验证机制是系统的预言机设计。该团队认为每个区块链预言机都容易受到攻击，这意味着每个依赖链下数据的智能合约都容易受到破坏。出于这个原因，UMA 设计了一个具有经济激励的&ldquo;诚实&rdquo;预言机，以阻止不良行为。
该系统通过引入一个框架来实现这一点，其中操纵预言机的成本大于腐败的潜在利润。换句话说，腐败成本 (CoC) 必须始终大于腐败利润 (PfC)。为了验证这个不等式始终成立，系统遵循以下步骤：
衡量腐败成本 (CoC)
衡量腐败利润 (PfC)
执行一种机制来维持 CoC &gt; PfC
为了计算 CoC，DVM 依赖于具有代币化投票权的投票系统。当价格争议需要解决时，UMA 代币持有者对争议价格进行投票，并因诚实投票而获得奖励，否则将受到处罚。由于需要 51% 的可用投票代币来控制 DVM 的输出，因此腐败成本可以估计为控制 51% 可用 UMA 代币的总成本。
系统的 PfC 是通过合同登记计算的。所有使用 UMA 系统的合约都必须在 DVM 上注册，并且需要报告最大利润，即合约的 PfC，如果攻击者控制合约的链下输入，他们就可以提取。使用此信息，系统将整个 DVM 系统的 PfC 计算为每个单独金融合同计算和报告的 PfC 值的总和。
最后，系统通过可变费用政策强制执行CoC &gt; PfC不等式。实施不平等需要保持获得 51% 投票代币的成本高于系统范围的 PfC。DVM 通过在 CoC 接近 PfC 时通过代币回购来控制代币供应来实现这一点。所有购买的代币都被烧毁，增加了代币价值，从而增加了 CoC。该系统对所有合同收取费用，以筹集进行回购所需的资金。

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UMA Voting (UMA) 简介

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By applying to become an order recipient and binding the trading API, you agree to the following disclaimer:

1. API Usage Responsibility: The individual operator acknowledges and confirms that binding the trading API is for executing contract trades. All transactions executed via the API are independent of the order recipient’s decisions, and the order recipient assumes full responsibility for the trading results.

2. Security: The order recipient is responsible for safeguarding their API key. Unauthorized access or use may result in financial loss. Brokers must immediately notify the platform in writing of any unauthorized use.

3. Trading Risks: Using the trading API involves market risks, including but not limited to price fluctuations and slippage. Leaders should independently assess market risks. Individual members should also independently assess market risks, and the platform bears no responsibility for losses caused by market fluctuations.

4. Technical Issues: The use of the trading API may be affected by technical issues, including but not limited to system failures and network interruptions. The platform is not responsible for losses resulting from technical issues.

5. API Key Protection: The order recipient must properly safeguard their API key and not share it with any third party. Any loss caused by the leakage of the API key shall be borne by the order recipient.

6. Compliance: Leaders using the API must comply with all applicable laws and regulations. Violations may result in the termination of the order recipient’s qualification.

7. API Privileges: Leaders acknowledge and agree that the privileges granted by API binding will allow contract trading execution. The platform is not responsible for losses caused by the improper use of API privileges.

8. Disclaimer Changes: The platform reserves the right to modify the disclaimer at any time. Changes will be notified by the platform. By continuing to use the API, the order recipient agrees to any modifications to the disclaimer.

I have read, understood, and agreed to all the terms of the above disclaimer.

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