流动性证明专贴 (The PoL Post)

The PoL Post

原文 Original Article：https://blog.berachain.com/blog/the-pol-post

Ooga booga! Hope all of you have been enjoying your experience on bArtio. Today’s post will cover the basics of Proof-of-Liquidity (PoL) and why it’s so pivotal to the Berachain experience. Let’s get silly.

Ooga booga! 希望大家都享受 bArtio 的体验。今天的文章将介绍流动性证明 (PoL) 的基础知识以及为什么它对 Berachain 如此关键。让我们一探究竟吧。

流动性证明的精神 (The Ethos of Proof of Liquidity)

In a world dominated by Proof of Stake blockchains, capital allocators and users balance liquidity and security. Place too much weight in security, and find yourself with a ghostchain. Place too much weight in liquidity, and find yourself negotiating with North Korean hackers.

在权益证明区块链主导的世界中，资本分配者和用户平衡流动性和安全性。过于重视安全性，就会发现自己陷入了鬼链。过于看重流动性，就会发现自己正在与朝鲜黑客进行谈判。

Proof of Liquidity is, fundamentally, a bet on the ability to transform this balance into a perfectly weighted coin - liquidity and security scaling in tandem as the network grows.

从根本上来说，流动性证明是将此类余额转化为完美加权货币的能力的赌注——流动性和安全性随着网络的发展而同步扩展。

However, I’ll go so far as to say the quiet part out loud. I don’t think anyone cares about security anymore as a concept, whether restaking or basic chain security. As a society we resigned ourselves to the belief that if we print enough tokens, and private investors stake them, all will be right in the world and the chain(s) will be safe. I don’t necessarily agree with this school of thought, but this also isn’t the hill that I’m willing to die on.

然而，我会大声说出“安静”的部分。我认为没有人再关心安全这个概念，无论是再质押还是基本的链安全。作为一个社群，我们相信，如果我们印制足够多的代币，并且私人投资者持有它们，世界上一切都会好起来，区块链也会安全。我不完全同意这种思想，但这也不是我愿意为之粉身碎骨的圣山。

I’m willing to die on a very different hill that ties into liquidity and I’ll fud my own bags to make the point.

我愿意死在一座与流动性息息相关的，完全不同的山上，我会用自己的(钱)袋子来证明这一点。

I regard the infrastructure layer as value extractive, and think it has accomplished very little over the last few years. I also strongly believe that a chain is little more than the sum of the applications built on top of it.

我认为基础设施层是价值提取的，并且认为它在过去几年中取得的成就很少。我还坚信，一条链只不过是构建在其之上的应用的总和。

Proof of Liquidity is an accelerant for the application layer of Berachain.

流动性证明是 Berachain 应用层的促进剂。

Berachain is the first example of a decentralized blockchain that mechanistically incentivizes the flow of rewards towards applications and builders as part of block production.

Berachain 是去中心化区块链的第一个示例，作为区块生产的一部分，它机制性地激励应用和构建者的奖励流。

In order for crypto as an industry to scale, we need to see a growing wave of applications that could only exist on-chain, differentiated from anything that we’ve seen in web2.

为了使加密货币作为一个行业能够规模化，我们需要看到越来越多只能存在于链上的应用，这与我们在 web2 中看到的任何应用都不同。

Proof of Liquidity enables any application on Berachain to tap into the chain’s native emissions as a source of yield, putting power back in the hands of the applications and the users who are actively growing the on-chain ecosystem.

流动性证明使 Berachain 上的任何应用都可以利用链上的原生排放作为收益来源，将权力重新交到应用和积极发展链上生态系统的用户手中。

In a world where Proof of Liquidity is successful, I expect the default launch for a new application will involve tapping into PoL emissions to turbocharge yields and user acquisitions, allowing hundreds if not thousands of applications to successfully reach breakout velocity - increasing the number of shots on goal for truly category defining crypto applications on Berachain.

在流动性证明取得成功的世界中，我预计新应用的默认启动将涉及利用 PoL 排放来提高产量和用户获取，从而允许数百甚至数千个应用成功达到临街速度 - 增加“中标”次数——这是在 Berachain 上定义真正加密应用之类别。

And the beautiful thing about it is that all of this takes place in an entirely decentralized and meritocratic system. Proof of Liquidity is for the people. The system is governed by those who have contributed their own liquidity to the ecosystem, and demonstrated their willingness to put skin in the game.

它的美妙之处在于，所有这一切都发生在一个完全去中心化的“优选”制度中。流动性证明是为人民服务的。该系统由那些为生态系统贡献了自己流动性并表现出意愿参与其中的人来管理。

Ultimately, it isn’t your inclusion in the “cabal” or your degree of “Eth alignment” that causes an application to succeed in a Proof of Liquidity powered world. PoL doesn’t discriminate, whether you’re a serial builder from a top school, or a first time hackathon participant from a developing country who just shipped their first dApp.

最终，并不是你加入“阴谋集团”或你的“Eth联盟”程度，使得应用在流动性证明驱动的世界中取得成功。 PoL 不会歧视您，无论您是来自顶尖学校的系列构建者，还是来自发展中国家、刚刚发布第一个 dApp 的首次黑客客松参与者。

Proof of Liquidity is meant to serve as the canvas for infinite economic games. And as a wise man once said - show me the incentive, and I’ll show you the outcome. Berachain’s got more than enough of those to go around.

流动性证明旨在充当无限经济游戏的画布。正如一位智者曾经说过的——向我展示激励，我就会向你展示结果。 Berachain 拥有足够多的资源可供使用。

PoL 入门 (The PoL Primer)

PoL is Berachain’s novel consensus mechanism that revolves around three major participants: validators, users, and applications. Traditionally, consensus mechanisms like Proof-of-Stake and Proof-of-History only focus on growing a network’s economic security; interests between these three major participants are not aligned at the protocol level. On Berachain incentives are aligned from day one.

PoL 是 Berachain 的全新共识机制，围绕三个主要参与者：验证者、用户和应用。传统上，权益证明和历史证明等共识机制仅专注于提高网络的经济安全性；这三个主要参与者之间的利益在协议层面上并不一致。在 Berachain 上，激励措施从第一天起就保持一致。

Berachain utilizes a tri-token model that consists of BERA, BGT, and HONEY. Users transact in BERA, trade tokens for HONEY (Berachain’s native USD-backed stablecoin) and earn BGT by providing liquidity on the network. Short for Bera Governance Token, BGT is the glue that holds everything together. BGT is non-transferable, and cannot be bought or sold; the only way to earn BGT is through interacting on-chain and participating in Proof of Liquidity.

Berachain 采用三代币模型，由 BERA、BGT 和 HONEY 组成。用户在 BERA 中进行交易，用 HONEY（Berachain 原生的美元支持的稳定币）代币进行交易，并通过在网络上提供流动性来赚取 BGT。 BGT 是 Bera 治理代币的缩写，是将一切粘合在一起的粘合剂。 BGT不可转让，不可买卖；赚取 BGT 的唯一途径是通过链上互动并参与流动性证明。

BGT stands out against other tokens because of its value within the Proof of Liquidity system. A standard governance token is generally used for one thing: voting on a protocol’s forum. This isn’t exciting and doesn’t capture value from the chain’s growth, which causes a lack of demand for most governance tokens. Governance is crucial to distributed networks, but users don’t want to participate in the process as it stands today.

BGT 因其在流动性证明系统中的价值而在其他代币中脱颖而出。标准治理代币通常用于一件事：在协议论坛上投票。这并不令人兴奋，也无法从链的增长中获取价值，从而导致大多数治理代币缺乏需求。治理对于分布式网络至关重要，但用户不想参与目前的流程。

With BGT, the users that contribute the most value to Berachain are in control of the lion’s share of rewards. It’s been said that people vote with their wallets- on Berachain, users vote with their BGT.

通过 BGT，为 Berachain 贡献最大价值的用户将控制最大份额的奖励。人说大家用钱包投票——而在 Berachain 上，用户用 BGT 投票。

澄清一些事情 (Clearing some things up)

Before digging into PoL, there are a few foundational pieces of Berachain that deserve definitions - gauges, incentives, and delegation weight.

在深入研究 PoL 之前，Berachain 的一些基础部分值得定义——测算(gauge)、激励和委托权重。

On Berachain, gauges are smart contracts that let users stake specific assets to earn BGT rewards. Because BGT is only earned through providing liquidity, gauges act like gates to the PoL ecosystem.

在 Berachain 上，测算(gauge)是(通过)让用户可以抵押特定资产来赚取 BGT 奖励的智能合约。由于 BGT 只能通过提供流动性来赚取，因此测算(gauge)就像 PoL 生态系统的大门。

The basic order of operations is as follows: users deposit liquidity on Berachain and receive LP tokens, which are then staked in a specific gauge. This position earns users BGT, which can then be staked in BGT Station.

基本操作顺序如下：用户将流动性存入 Berachain 并接收 LP 代币，然后将其质押到特定的测算(gauge)表中。该仓位为用户赚取BGT，然后可以质押到BGT Station。

When users deposit into a pool, they might choose one option or another based on the amount of rewards they receive. It’s up to users to monitor their on-chain liquidity and make choices that best benefits them. They must decide when they want to provide liquidity, analyze reward quality based on available options and determine when to stop providing liquidity.

当用户存入池时，可能会根据收到的奖励金额选择一种或另一种选项。用户有责任监控他们的链上流动性并做出最有利于他们的选择。他们必须决定何时提供流动性，根据可用选项分析奖励质量，并确定何时停止提供流动性。

Not all gauges are the same; a user’s ability to earn BGT stems from their share of total assets staked within the gauge and the amount of BGT validators are actually emitted to the gauge. blocks and receive BGT, which is only made useful upon directing BGT rewards to various gauges.

并非所有测算(gauge)都相同；用户赚取 BGT 的能力取决于他们在测算(gauge)表中质押的总资产份额以及实际发送到测算(gauge)表的 BGT 验证者的数量。 区块接收 BGT，只有将 BGT 奖励定向到各种测算(gauge)表时，BGT 才有用。

Certain gauges might offer more rewards than others, and it’s up to users to decide what the fair return is for their risk taken. Gauges are able to offer more rewards based on the amount of incentives provided to them from validator-directed rewards and protocols. This may fluctuate depending on validator selection choice or the amount of liquidity needed from these protocols, as week-to-week changes in TVL may indicate a higher or lower necessity to incentivize gauge deposits.

某些测算(gauge)可能会比其他测算(gauge)提供更多的回报，并且由用户决定其所承担的风险的公平回报是多少。测算(gauge)表能够根据验证者指导的奖励和协议，向其提供的激励金额来提供更多奖励。这可能会根据验证者的选择或这些协议所需的流动性数量而波动，因为 TVL 的每周变化，可能表明激励测算(gauge)表存款的必要性较高或较低。

Incentives are defined as creative and customizable marketplaces for a validator’s BGT emissions. When validators produce blocks, they’re able to emit BGT. It’s up to validators to decide which gauges are worthy of their BGT emissions, this decision being made based on a variety of factors. Maybe one gauge has seen heightened incentive distribution from protocols or another is more popular with users - each validator’s approach to incentive management in PoL will be different.

激励措施被定义为验证者 BGT 排放的创造性和可定制的市场。当验证者生成区块时，他们能够发出 BGT。由验证者决定哪些仪表值得其 BGT 排放，这一决定是根据多种因素做出的。也许一种衡量标准已经看到了来自协议的更高的激励分配，或者另一种衡量标准更受用户欢迎——每个验证者在 PoL 中的激励管理方法会有所不同。

Incentives are defined as creative and customizable marketplaces for a validator’s BGT emissions. Aside from directing BGT emissions to specific gauges on a recurring basis, validators also have the option to direct BGT to protocols on an as-needed basis with incentives. A protocol can incentivize more BGT from validators by offering a reward, typically in the form of their native token. For example, protocol X might set an incentive of 100 native tokens for 5 BGT. Any validator can fill this incentive, either partially or in full. The incentive the validator accepts in exchange for BGT emissions can then be shared with their delegators.

激励措施被定义为，验证者 BGT 排放的创造性和可定制的市场。除了定期将 BGT 排放定向到特定标准之外，验证者还可以选择根据需要通过激励措施将 BGT 定向到协议。协议可以通过提供奖励（通常以原生代币的形式）来激励验证者获得更多 BGT。例如，协议 X 可能会设置 100 个原生代币兑换 5 个 BGT 的激励。任何验证者都可以部分或全部填补这一激励。验证者接受的奖励以换取 BGT 排放，然后可以与其委托者共享。

But why might a protocol provide incentives?

但为什么协议可以提供激励措施呢？

If a team wanted to incentivize liquidity for a specific gauge, they might opt to incentivize a gauge in the form of token rewards. Users would see this and opt to deposit more liquidity into the gauge, earning BGT and increased rewards relative to other gauges.

如果团队想要激励特定测算(gauge)的流动性，他们可能会选择以代币奖励的形式激励测算(gauge)。用户会看到这一点，并选择向该测算(gauge)存入更多流动性，从而赚取 BGT 并相对于其他测算(gauge)增加奖励。

BGT emissions are distributed each block, and depend on a validator’s delegation weight. The more BGT a validator has delegated to them, the more BGT emissions they receive per block. Since the launch of Berachain V2, validators stake 69,420 BERA to start securing the chain. BGT is only awarded once users make the decision to delegate. From here, validators select gauges based on profitability or social alignment and act in a way to maximize alignment (fiscal or social) with their delegators.

BGT 排放分布在每个区块中，并取决于验证者的委托权重。验证者委托给他们的 BGT 越多，他们在每个区块中收到的 BGT 排放量就越多。自 Berachain V2 推出以来，验证者抵押了 69,420 BERA 来开始保护该链。只有当用户决定委托时才会授予 BGT。从这里开始，验证者根据盈利能力或社会一致性选择衡量标准，并以最大限度地与委托人保持一致（财政或社会）的方式行事。

Aside from the obvious task of securing Berachain, validators are given two major roles: maximizing their BGT delegation and directing the flow of BGT incentives. They might choose to direct BGT rewards to the most farmed gauges, or focus on maximizing gauge incentives. In the latter, validators become a black hole for BGT, should users elect to optimize individual allocations for maximum BGT distributions.

除了保护 Berachain 的明显任务之外，验证者还被赋予两个主要角色：最大化 BGT 授权和指导 BGT 激励流程。他们可能会选择将 BGT 奖励直接分配给最常耕种的测算(gauge)，或者专注于最大化测算(gauge)激励。在后者中，如果用户选择优化个人分配来获得最大 BGT 分配，验证者将成为 BGT 的黑洞。

In this scenario, validators that consistently focus on maximizing gauge incentives could see more consistent deposits, initiating a positive feedback loop to these specific validators.

在这种情况下，始终专注于最大化测算(gauge)激励的验证者可以看到更一致的存款，从而为这些特定验证者启动积极的反馈循环。

PoL serves as the first attempt at scaling economic security and liquidity simultaneously, where users are put first and validators base their decisions on user outcomes. For the end consumer, PoL stands out as a more sustainable system.

PoL 是同时扩展经济安全性和流动性的首次尝试，其中用户被放在第一位，验证者根据用户结果做出决策。对于最终消费者而言，PoL 是一个更具可持续性的系统。

You know the story.

你知道这个故事。

A new application launches, users rush to participate in its liquidity mining program, and, as emissions fade, the capital deposited slowly drips away to zero. The same is true for new chains, though it’s often less visible. Users that are early to a new L1 or L2 might be there for a variety of reasons - maybe they’re excited about the new tech stack, maybe they’re testing out different strategies, or, and this is most important, maybe they’re only participating to farm an airdrop. Once a token is launched, capital is no longer tied to an economic outcome and retreats, flocking to the next opportunity.

新应用推出后，用户争先恐后地参与其流动性挖矿计划，随着排放量的减少，存入的资本慢慢减少到零。对于新链来说也是如此，尽管它通常不太明显。较早接触新 L1 或 L2 的用户可能出于多种原因 - 也许他们对新技术堆栈感到兴奋，也许他们正在测试不同的策略，或者，这是最重要的，也许他们'我只是参与耕种空投。一旦推出代币，资本就不再与经济成果挂钩并撤退，涌向下一个机会。

Berachain fixes this. With a thriving ecosystem built on sustainable liquidity, there should never be a reason to migrate your capital. Everything you need is on-chain, managed by quality developer teams and validators that have your best interests at heart. Whether minting HONEY, trading berps or buying a meme coin on BEX, actions are all there and designed to grow effectively. Any capital deposited into Berachain is put to work. This is sticky liquidity, this is PoL.

Berachain 解决了这个问题。有了建立在可持续流动性基础上的繁荣生态系统，就不应该有理由迁移您的资本。您需要的一切都在链上，由优质的开发团队和验证者管理，他们将您的最大利益放在心上。无论是铸造 HONEY、交易 berp 还是在 BEX 上购买模因币，行动都在那里，目的是有效增长。存入 Berachain 的任何资金都会投入使用。这就是粘性流动性，这就是 PoL。

But what about the flywheels, non-native Berachain applications and profit maximization - how do these fit in? That’s probably what most are here for, anyways.

但是飞轮、非原生 Berachain 应用和利润最大化又如何呢？这些如何适应？无论如何，这可能就是大多数人来这里的目的。

策略、飞轮和利润最大化，天哪！(Strategies and flywheels and profit maximization, oh my!)

Imagine an average crypto user that’s stumbled their way onto Berachain. Maybe they’ve transacted across other DeFi ecosystems, and know their way around a blockchain. They’re new to the ecosystem, and are dying to put their skills to work to earn some BGT - but where do they start?

想象一下，一个普通的加密货币用户偶然发现了 Berachain。也许他们已经在其他 DeFi 生态系统中进行过交易，并且了解区块链。他们是这个生态系统的新手，渴望将自己的技能运用到工作中来赚取一些 BGT - 但他们从哪里开始呢？

In this scenario they might navigate to BEX and provide two-sided liquidity to the HONEY/BERA pool. This way they’re holding stables and Berachain’s native gas token, while also earning some BGT on the side. After this, maybe they want to try out something different, like Kodiak or Infrared.

在这种情况下，他们可能会导航到 BEX 并向 HONEY/BERA 池提供双向流动性。通过这种方式，他们可以持有稳定币和 Berachain 的原生 Gas 代币，同时还可以赚取一些 BGT。之后，也许他们想尝试一些不同的东西，比如 Kodiak 或 Infrared。

This piece discussed the roles of validators and users on Berachain, but what about the applications? These the third crucial actors on Berachain provide most of the foundation for the user experience. Kodiak offers a few different flywheels, including planned strategies referred to as treasury and community flywheels. Both leverage Infrared Finance’s iBGT, a liquid staking derivative for BGT. Users deposit their LP tokens into Infrared vaults, opting them into a new system with increased reward capacity.

这篇文章讨论了 Berachain 上验证者和用户的角色，但是应用呢？ Berachain 上的这些第三个关键参与者为用户体验提供了大部分基础。 Kodiak 提供了几种不同的飞轮，包括称为财务和社区飞轮的计划策略。两者都利用了 Infrared Finance 的 iBGT，这是 BGT 的流动质押衍生品。用户将他们的 LP 代币存入 Infrared 金库，选择将其加入奖励能力更高的新系统。

PoL enables applications to bootstrap deposits, as users are more inclined to interact with pools that offer higher bribes than those that don’t. Applications on Berachain can align themselves with validators to incentivize users with BGT rewards for their gauges. These same applications might also offer additional yield (potentially in the form of native tokens) on top of BGT rewards, adding another layer of rewards.

PoL 使应用能够引导存款，因为用户更倾向于与提供更高贿赂的矿池进行交互，而不是与那些不提供贿赂的矿池进行交互。 Berachain 上的应用可以与验证者保持一致，通过 BGT 奖励来激励用户。除了 BGT 奖励之外，这些相同的应用还可能提供额外的收益（可能以原生代币的形式），从而增加另一层奖励。

In Kodiak’s example, they might collaborate with 1-2 validators and market a pool with 5-10% greater BGT rewards than a competitor. Users become eligible to earn fees, Kodiak emissions, iBGT and iRED - just through liquidity provision. As more applications deploy and larger amounts of capital and users enter the Berachain ecosystem, it’s easy to see how this enables the most competitive liquidity games ever on a blockchain.

在 Kodiak 的例子中，他们可能与 1-2 个验证者合作，并推出一个 BGT 奖励比竞争对手高 5-10% 的矿池。用户只需通过提供流动性就有资格赚取费用、Kodiak 排放、iBGT 和 iRED。随着越来越多的应用部署以及越来越多的资本和用户进入 Berachain 生态系统，很容易看出这如何在区块链上实现有史以来最具竞争力的流动性游戏。

Incentives and gauges aren’t unique to Berachain, but the presence of PoL makes the experience of participating in Berachain DeFi incredibly rewarding and unique. Thanks to PoL, users, protocols, and validators are now able to collaborate in a new way and incentivize each other from day one. No more siloed liquidity or zero-sum games occurring within individual protocols; every ecosystem participant on Berachain has an equal say in where the liquidity flows.

激励和衡量标准并不是 Berachain 所独有的，但 PoL 的存在使得参与 Berachain DeFi 的体验变得非常有价值且独特。借助 PoL，用户、协议和验证者现在能够以新的方式进行协作，并从第一天起就相互激励。各个协议中不再出现孤立的流动性或零和游戏； Berachain 上的每个生态系统参与者对于流动性流向都有平等的发言权。