什么是 SolStreet？(What is SolStreet?)

SolStreet.finance is a non-custodial fund marketplace protocol built on Solana that allows third-party managers to launch non-custodial, decentralized asset pools and be connected directly to users on the Solana blockchain.

SolStreet.finance 是基于 Solana 的非托管基金市场协议，它允许第三方管理人员发布非托管的去中心化资产池，并直接连接到Solana上的用户。

SolStreet's deep liquidity is provided by the Serum Decentralized Exchange (DEX), as well as Mango Markets DEX. More DEXs will be integrated in future.

SolStreet的深度流动性由 Serum Decentralized Exchange (DEX) 以及 Mango Markets DEX 提供。未来将集成更多的DEX。

The SolStreet protocol provides ancillary technical services allowing users to “deposit” and “withdraw” funds into a smart contract (“pool”). The pools are set up by third-party managers, which permit the “manager” to perform asset swap transactions and “manage” the pool, without ever being able to withdraw user assets. As such, the words “pool”, “manager”, “deposit”, and “withdrawal” are all used metaphorically, and because of their conceptual familiarity. However, while these metaphors are helpful in understanding the operation of SolStreet at a conceptual level, they do not apply in the same sense as in traditional asset management. For instance, SolStreet is entirely non-custodial (as explained later in this paper) and, therefore, there is technically no “deposit” or “withdrawal” - only the entering into an 'open and transparent' smart contract - with all captured on the blockchain.

SolStreet协议提供辅助技术服务——允许用户将资金“存入”和“提取”到智能合约（“池”）中。池由第三方管理人建立，允许“管理人”在池中执行资产交换/交易和“管理”，但却永远无法提取用户资产。因此，“池 (pool)”、“管理人 (manager)”、“存入 (deposit)”和“提取 (withdrawal)”这些词都是隐喻使用的，因为它们在概念上（对大众）更熟悉。然而，虽然这些隐喻有助于从概念层面理解 SolStreet 的运作，但它们并不适用于与传统资产管理相同的意义。例如，SolStreet 完全是非托管的（如本文后面所述），因此，从技术上讲，没有“存入”或“提取”——只有签订“公开透明”的智能合约——所有内容都被捕获区块链。

When setting up a pool, the third-party manager will be the first participant in a pool, and be required to seed their pool. This aligns incentives with ordinary users. The more the manager puts into a pool, the more skin in the game they exhibit.

建立池时，第三方管理者将是矿池的第一个参与者，并被要求为池进行“种子轮”投资。这使得激励措施与普通用户的利益保持一致。管理人投入的池子越多，他们成功的动力就越大。

The protocol uses the Serum DEX for asset swaps. Serum has been developed as the liquidity engine for the Solana ecosystem and has 70+ asset pairs to trade, with a daily peak volume of over $500m in February 2022. Crucially, the protocol provides support for order books — typically more efficient at ensuring deep liquidity than automated market makers (AMMs); however, trades can also be executed on these order books using the swap approach more familiar to users of traditional AMM DEXs.

本协议使用 Serum DEX 进行资产交换。 Serum 已被开发为 Solana 生态系统的流动性引擎，有 70 多个资产对可供交易，2022 年 2 月的日峰值交易量超过 5 亿美元。至关重要的是，该协议支持订单簿——通常更有效地确保深度流动性高于自动做市商 (AMM)；但是，也可以使用传统 AMM DEX 用户更熟悉的swap方法在这些订单簿上执行交易。

Mango Markets provides markets with deep liquidity, spot margin, leveraged derivatives, and risk management tools for traders - all whilst earning interest on collateral.

Mango Markets 为市场提供深度流动性、现货保证金、杠杆衍生品和交易者风险管理工具——同时赚取抵押品的利息。

项目愿景 (Project Vision)

Traditional asset management is slow, expensive, and riddled with red tape. SolStreet's here to turn the table on that narrative. 📈

传统的资产管理缓慢昂贵且充斥繁文缛节。 SolStreet将在此扭转这种叙述。 📈

37% of all TradFi investments are made through the world's top 500 largest asset managers alone. By contrast, only 0.03% of all investment is made through asset managers in crypto. If a protocol were able to grow the proportion of asset management in cryptocurrency to the proportion of asset management in traditional finance, that protocol could capture a $600bn total addressable market. This is SolStreet's vision.

37% 的 TradFi 投资仅通过世界最大的500家资产管理公司就完成了 。相比之下，加密货币领域，只有 0.03% 的投资是通过加密资产管理公司进行的。如果一个协议能够将加密货币资产管理的比例提高到传统金融资产管理的比例，那么该协议可以占领 6000 亿美元的潜在市场。 这就是 SolStreet 的愿景。

That ~$600bn unaddressed market results from the various problems present in the traditional asset management space, and the nascent cryptocurrency asset management space. The problems that SolStreet seeks to solve include_:

约6000亿美元的未解决市场，源于传统资产管理领域和新兴加密货币资产管理领域存在的各种问题。 SolStreet将寻求解决的问题包含:

• Financial barriers. Most users are excluded from traditional asset management by virtue of minimum participation amounts. Similarly, prospective asset managers are excluded due to the need for massive amounts of capital from day one to carry the costs of starting and maintaining assets. By contrast, SolStreet imposes no minimum participation amounts, save for the minor fees and rentals imposed by the Solana blockchain. SolStreet imposes no running costs on managers.

  资金障碍。由于存在最低参与/投资金额，大多数用户被排除在传统资产管理之外。同样，由于从一开始就需要大量资金来承担启动与维护资产的成本，潜在的资产管理人也被排除在外。相比之下，除了 Solana 区块链征收的小额费用和租金，SolStreet 没有规定最低参与金额。 SolStreet 不增加管理人员的任何运营成本。

• Geographic barriers. Local laws often limit investors to investing only in their own geographical jurisdictions. Similarly, managers are often limited to only taking investments from investors in their jurisdictions. By contrast, other than a few jurisdictions excluded in the terms and conditions, SolStreet has no geographic barriers.

  地理障碍。当地法律通常限制投资者仅在其所在的地理辖区进行投资。同样，管理人通常仅限于当地管辖范围内的投资者那里获得投资。相比之下，除了条款中排除的少数司法管辖区外，SolStreet几乎没有地理障碍。

• Skill barriers. Retail users who do their own trading regularly get REKT because they lack the necessary financial skills. On the other hand, managers often have the experience but have no means to prove it to potential clients. SolStreet enables managers to build a transparent and immutable track record, allowing pool participants to rely on their skills.

  技能障碍。经常自己进行交易的散户会因为缺乏必要的金融技能而“搞砸”。另一方面，管理人往往有经验，但没有办法向潜在客户证明。 SolStreet 使管理人员能够建立透明且不可变的跟踪记录，使得池参与者能够依赖他们的技能。

• Management costs. Funds operating in the traditional space using legacy systems require a great deal of overhead costs. A significant portion of management fees goes towards paying custodians, administrators, and countless other service providers which are needed due to the nature of legacy systems. On SolStreet, accounting is built into the system via the blockchain.

  管理成本。在传统领域使用传统系统运作的基金，会产生大量的间接费用。由于传统系统的性质，很大一部分管理费用于支付托管人、管理人和无数其他服务提供商的费用。在 SolStreet 上，会计通过区块链被内置到系统中。

• Lack of transparency. In traditional finance, participants rely entirely on managers to be honest and punctual in their reports. As dishonest managers are unlikely to be transparent, participants will generally only learn of issues after the fact. On SolStreet, all transactions are immutably recorded and visible on the blockchain.

  缺乏透明度。在传统金融领域，参与者完全依赖管理人报告中的诚实和守约。由于不诚实的管理人一般也不太可能透明，参与者通常只会在事后才知道问题。在 SolStreet上，所有交易都在区块链上不可变地记录和公开可见。

• Mandate compliance. In traditional fund management, it is all too common for managers to break their mandates; for instance, by applying leverage where none is allowed. On SolStreet, insofar as the mandate is captured in the smart contract, it is impossible for the manager to trade outside of that mandate.

• 强制合规。在传统的基金管理中，经理人越权的情况太常见了。例如，在不允许的情况下使用杠杆。在SolStreet上，只要智能合约中不包含授权，经理就不可能在授权之外进行交易。

• Custody concerns. With the legacy systems in place in traditional fund management, it sometimes happens that fund managers abscond with fund assets. In those instances, participants have to rely on legal processes to recover what they can to the extent possible. By contrast, SolStreet is non-custodial; neither the manager nor SolStreet can abscond with pool assets.

• 托管问题。在传统基金管理中存在传统系统的情况下，有时会发生基金管理人带着资产潜逃的情况。在这些情况下，参与者必须依靠法律程序来尽可能地收回他们所能得到的东西。相比之下，SolStreet 是非托管的；经理和SolStreet都不能带着池资产潜逃。

• The traditional career ladder. For a manager to have any realistic prospect of entering the traditional fund management space, the prospective fund manager will have to have an extensive resume, including having graduated from prestigious schools, interned at prestigious firms, etc. Yet, having such a resume is not a reliable predictor of being a competent manager. On SolStreet, managers are in control of what they disclose on their resume and could choose (if they want) to rely only on their SolStreet track-records to win over participants.

  传统的职业阶梯。想要进入传统基金管理领域的管理人如要获得可靠的前景，就必须有一份丰富的履历，包括名校毕业、名企实习等，作为称职管理人的可靠预测指标。在SolStreet上，经理可以控制他们在简历中披露的内容，并且可以选择（如果他们愿意）仅依靠SolStreet的跟踪记录来赢得参与者的青睐。

• Slow settlement. Subscriptions and redemptions from traditional funds can take days, weeks, or even months. On SolStreet, it's near-instant.

  结算缓慢。传统基金的认购和赎回可能需要几天、几周甚至几个月的时间。在 SolStreet上，它几乎是即时的。

• Lack of savings culture. It poses an obstacle to traditional fund management that investors do not have a savings culture, placing a cultural limit on how much investment can be raised. On SolStreet, participants are incentivized to participate in performant and well-functioning pools (as are managers).

  缺乏储蓄文化。投资者没有储蓄文化，这对传统基金管理构成了障碍，从而限制了可以筹资规模。在 SolStreet 上，参与者被激励参与表现出色且运作良好的池（管理人亦然）。

Over and above cryptocurrency-based pools, the SolStreet protocol has included the deployment of NFT-based pools on its roadmap. Furthermore, as more and more assets are inevitably made available for trading on the blockchain (including tokenized stocks, commodities, real estate, etc.), the project offers the potential to expand and cover the entire universe of assets.

除了基于加密货币的池之外，SolStreet 协议还在其路线图中部署了基于 NFT 的池。此外，随着越来越多的资产不可避免地可以在区块链上进行交易（包括代币化股票、商品、房地产等），本项目拥有了扩展和覆盖至整个资产领域的潜力。

为什么选择Solana (Why Solana?)

Solana is an exceptional blockchain for hosting a decentralized asset management protocol. It offers a throughput of 65,000 transactions per second, near-zero fees, and sub-second block times.

Solana 是一个用于存托去中心化资产管理协议的特殊区块链。它提供每秒 65,000 笔交易的吞吐量、接近零的费用和毫秒的出块时间。

What's more, the blockchain focuses on finance and provides deep, cross-protocol liquidity via its Serum DEX — which makes use of an efficient orderbook as opposed to slippage-prone and capital-inefficient automated market makers (AMMs).

更重要的是，Solana专注于金融，并通过其 Serum DEX 提供具有深度且跨协议的流动性——它利用高效的订单簿，而不是易滑点和资本效率低下的自动做市商 (AMM)。

The rapidly growing Solana ecosystem eclipsed $1bn in TVL for the first time in May 2021, and has since continued on a rapid path of growth, with $8bn in TVL as of February 2022. This provides the project with the opportunity of partnering with other promising early-stage projects to symbiotically expand functionality and grow TVL, volumes and community awareness.

2021 年 5 月，快速增长的 Solana 生态系统首次获得超过10亿美元的TVL，此后继续快速增长，截至 2022 年 2 月达到 80 亿美元的TVL。这为本项目提供了与其他有希望的早期项目以共生方式扩展功能、提升TVL、交易规模和社区意识的机会。

Additionally, development on Solana typically utilizes Rust, a high-performance and much-loved programming language that does not compromise on security — while allowing for development more familiar to most software engineers (than languages like Solidity used by Ethereum and other EVM blockchains, such as Avalanche’s C-Chain or the Binance Smart Chain).

此外，在 Solana 上的开发通常使用 Rust，这是一种高性能且深受喜爱且不会影响安全性的编程语言——同时也使得大多数软件工程师能更熟悉地开发（比起以太坊和其他EVM区块链使用的 Solidity 等语言，如作为 Avalanche 的 C链或币安智能链）。

The performant nature of the Solana blockchain should allow the protocol to appeal to a set of managers that currently have no natural on-chain home, enabling the protocol to attract an audience of high-frequency traders using strategies that have been sidelined in the past by inefficient blockchains. Additionally, the playing field for market makers and other traders with high-quality strategies - but limited access to collateral - is leveled somewhat (as the protocol provides an efficient means of sourcing capital to scale up strategies).

Solana区块链的高性能特性，允许本协议吸引目前没有“主链”的管理人们，从而使本协议能够使用过去因低性能问题而使得策略被边缘化的高频交易受众。此外，为具有高质量策略的做市商和其他交易者提供的竞争环境—虽然获得抵押品的机会有限—在某种程度上是公平的（因为该协议提供了一种有效的资金来源来帮助策略扩展亏摸）。

池&费用 (Pools & Fees)

费用结构 (Fee Structure)

SolStreet 使用一个简单的费用结构：(SolStreet makes use of a simple fee structure:)

• A performance fee. The manager chooses this fee upon creating a pool, set as a percentage between 0% and 30%. The fee is calculated when a participant withdraws from a pool. After pool creation, the fee can be lowered, but not raised. Being in control of performance, the manager receives the entire performance fee.

  绩效费用。管理人在创建池时选择此费用，可设置在 0% 到 30% 之间。费用在参与者退出池时计算。创建池后，费用可以降低，但不能提高。由于管理人掌控绩效，获得全部绩效费用。

• Trading Fees. SolStreet will levy a fee of -
  交易费用。 SolStreet 将收取—

  • 0.15% per transaction for Serum swaps - as and when swaps are made; and
    每笔Serum交易收取0.15%的交易费，以及

  • 0.15% per transaction on Mango Markets - calculated on a transaction by transaction basis, but levied upon withdrawal from Mango.
    每笔Mango Markets交易收取 0.15%的交易费 - 先按每笔交易计提，在从 Mango 取款时统一征收。

The trading fee redemption will be made in the pool’s denomination currency. Initially, that will be USDC for all pools, but will eventually be possible to change to SOL, ETH, BTC and more. The trading fee (minus any discount, as per below) will be added to the Fee Pool. By eliminating management fees and complex fee structures, we aim to improve pool comparability and simplify participation in pools.

交易费兑换将以池的计价货币进行。最初，所有池都将以USDC收取，但最终可能会更改为 SOL、ETH、BTC 等。交易费用（减去任何折扣，如后所示）将被添加到费用池中。通过消除管理费和复杂的费用结构，我们旨在提高池的可比性并简化参与池的步骤。

Trading fees will be configurable by governance vote.

交易费用将通过治理投票进行配置。

协议费用的折扣：(Discounts on protocol fees:)

STRT functions as a loyalty membership point which embeds a licence granting active participants exclusive privileges to the extent of their holdings; so users, will be classified into different loyalty tiers based on the amount of STRT staked, and/or user activity, and/or volume of transactions. These premium membership tiers allow users to receive discounts on protocol fees on a tiered basis. As such, the fees above will be subject to discounts based on the amount of xSTRT held on the user’s account:

STRT作为嵌入许可证的忠诚会员的积分，按持有量授予活跃参与者的独家特权；因此，用户将根据 STRT 质押的数量、和/或用户活动和/或交易量分为不同的忠诚度等级。这些高级会员等级允许用户按等级获得协议费用折扣。因此，上述费用将根据用户账户中持有的 xSTRT 数量进行折扣：

Note:
注意:

• 1.STRT is the native cryptographically-secure fungible protocol token of SolStreet. See the STRT section below.

  STRT 是 SolStreet 的原生加密安全可替代协议代币。请参阅STRT 下文STRT代币 (The STRT Token)。

• 2.STRT holders who choose to stake their STRT will receive 1:1 xSTRT, which is not locked. xSTRT holders who choose to also lock their xSTRT for a period of time will receive vxSTRT. See the xSTRT and vxSTRT sections below.

  选择质押STRT的STRT持有者将获得1:1的xSTRT，该xSTRT不会锁定。选择将其 xSTRT 锁定一段时间的 xSTRT 持有者将收到 vxSTRT。请参阅xSTRT和vxSTRT (xSTRT and vxSTRT)

特色池拍卖 (Featured Pool Auction)

There are three featured pools on the front page of the SolStreet website, each of which remains featured for one week at a time.

SolStreet 网站首页上有三个特色池，每个池每次都保留一周的特色。

After launch, any third-party manager can secure a spot on the featured pool page by bidding for it using STRT tokens. The top three bidders will secure the featured pool slots, transferring the three bidders’ STRT bids to the SolStreet treasury. All non-winning bidders will receive back their bidded STRT.

启动后，任何第三方管理人都可以通过使用 STRT 代币竞标，进而在特色池页面上获得一席之地。前三名投标人将获得特色池插槽，将三个投标人的STRT投标转移到 SolStreet项目金库。未中标的投标人则会被退回其竞标的STRT。

快速提款处罚 (Rapid Withdrawal Penalty)

In order to avoid abuse of the protocol, a rapid withdrawal penalty will be applied to withdrawals that take place within 48 hours of deposits.

为了避免本协议被滥用，将对存款后 48 小时内发生的提款施加快速提款罚款。

In terms of this penalty, should a user make a deposit into a pool, and then withdraw any amount within 48 hours of making a deposit, a linearly decreasing penalty of 1% will be applied depending on when in the 48-hour period the withdrawal is made:

就该罚款而言，如果用户向池存入资金，然后在48小时内提取任何金额，则将根据48小时内的提款时间线性递减 1% 的罚款制作：

费用分配池 (Fee Allocation Pool)

On an hourly basis, the Fee Pool will be disbursed as follows:

费用池将按小时分配如下：

• 5% will be swapped for STRT (on the open market at the prevailing price) and assigned to the Boosted Performance Mining Pool;

  5% 将被交换为 STRT（公开市场上以现行价格）并分配给 Boosted Performance 矿池；

• 85% will be swapped for STRT (on the open market at the prevailing price) and assigned to the Staking Pool; and

  85% 将被交换为 STRT（公开市场上以现行价格）并分配到 Staking Pool；以及

• 10% to the treasury.

  10%归项目金库。

That said, it is envisaged that needs will change over time, and therefore the percentages above are configurable by governance vote, provided that -
也就是说，需求会随着时间而变化，因此上述百分比可以通过治理投票进行配置，但前提是 -

• the vxSTRT allocation shall not exceed 40%; and
  vxSTRT 分配不得超过 40%；以及

• the treasury allocation shall not exceed 50%, and shall at all times provide that the treasury maintain a minimum balance of funds equivalent to at least 420,000 USD.
  项目金库分配不得超过50%，并应始终规定项目金库保持至少相当于420,000 美元的最低资金余额。

代币经济学 (Tokenomics)

STRT代币 (The STRT Token)

$STRT是什么? (What is $STRT?)

STRT is the native cryptographically-secure fungible protocol token of SolStreet (ticker symbol STRT, said "Street Token" when at the bar or library). It is a transferable representation of attributed governance and utility functions specified in the protocol/code of SolStreet, and which is designed to be used solely as an interoperable utility token on SolStreet.

STRT 是SolStreet的原生加密安全可替代协议代币（代码 STRT，在交易或报价是说“Street Token”）。它是 SolStreet 协议/代码中，指定属性治理和实用功能的可转移表示，仅用于SolStreet上可交互使用代币。

STRT is a functional multi-utility token which will primarily be used as the native governance token influencing the development direction of the SolStreet Protocol, and economic incentives which will be distributed to encourage users to exert efforts towards contribution and participation in the ecosystem on SolStreet - thereby creating a mutually beneficial system where every participant is fairly compensated for its efforts.

STRT 是一种功能性多用途代币，将主要用作影响 SolStreet 协议发展方向的原生治理代币，作为分发的经济激励措施，以鼓励用户努力为 SolStreet 生态系统做出贡献和参与—从而创建一个互惠互利，每个参与者的努力都会得到公平补偿的系统。

STRT tokens are an integral and indispensable part of SolStreet, because, without STRT, there would be little incentive for users to expend resources to participate in activities or provide services for the benefit of the entire ecosystem on SolStreet. Given that additional STRT will be awarded to a user based only on its actual usage, activity and efforts made on SolStreet and/or proportionate to the frequency and volume of transactions, users of SolStreet and/or holders of STRT which did not actively participate will not receive any STRT incentives.

STRT 代币是 SolStreet 不可或缺的一部分，因为如果没有 STRT，用户将没有动力去花费资源参与活动或为 SolStreet 上的整个生态系统的利益提供服务。额外的 STRT 将仅根据用户在 SolStreet 上的实际使用、活动和努力和/或与交易的频率和交易量成比例而授予用户，SolStreet 的用户和/或未积极参与的 STRT 持有者将没有收到任何 STRT 奖励。

STRT分配 (STRT Allocations)

53% of STRT, the majority of all STRT, has been allocated towards the community through multiple channels. All of these community channels are earned:

STRT 的 53%，即STRT 的大部分，已通过多种渠道分配给社区。所有这些社区渠道都获得：

• 3 million will be hunted by qualifying holders of Wolfie NFTs;

  合格的 Wolfie NFT 持有者将分享并赢取300万；

• 1 million of the community STRT allocation will vest as Competition Rewards;

  100万STRT将作为社区竞赛奖励分配；

• 1 million of the community STRT allocation will vest as Bootstrap Rewards;

  100万社区STRT将作为 Bootstrap Rewards分配；

• 1 million of the community STRT allocation will vest as LP Rewards;

  100万社区STRT将作为 LP Rewards 分配；

• 1,336,897 of the community STRT allocation will vest as the Phase 1 Performance Drop;

  社区分配的 1,336,897STRT将作为第一阶段绩效空投；

• The balance of 45’663’103 of the community STRT will vest as performance mining rewards.

  45663103社区STRT将作为绩效挖矿奖励分配。

归属期 (Vesting Periods)

The vesting periods for the above are recorded in their respective sections.

上述的归属期记录在各自的章节中。

The STRT allocations to Team, Incubator and Strategic Reserve vest linearly over 4 years. Team and Incubator have a three-month cliff.

STRT对团队、孵化器和战略储备的分配在4年内线性归属。团队和孵化器有三个月的悬崖期。

The STRT allocations to Wolfies will vest in accordance with the Wolfie Litepaper.

分配给 Wolfies 的 STRT 将依据 Wolfie轻皮书的内容授予。

The graph below shows an aggregate release of the tokens covering the first 4-year (208-week) period over which all STRT tokens are issued. Vesting is used judiciously to further align STRT holders’ incentives with that of the protocol as a whole.

下图显示了发行所有 STRT 代币的前 4 年（208 周）期间的代币总发行量。明智地使用归属来进一步使 STRT 持有者的激励与整个协议的激励保持一致。

Note:
注意:

• 1.STRT does not in any way represent any shareholding, participation, right, title, or interest in the Company, the Distributor, their respective affiliates, or any other company, enterprise or undertaking, nor will STRT entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in Singapore or any relevant jurisdiction.

  STRT 不以任何方式代表公司、分销商、其各自关联公司或任何其他公司、企业或企业的任何股权、参与、权利、所有权或利益，STRT 也不赋予代币持有人任何费用承诺，股息、收入、利润或投资回报，并不构成新加坡或任何相关司法管辖区的证券。

  STRT may only be utilised on SolStreet, and ownership of the same carries no rights, express or implied, other than the right to use STRT as a means to enable usage of and interaction within SolStreet. The secondary market pricing of STRT is not dependent on the effort of the SolStreet team, and there is no token functionality or scheme designed to control or manipulate such secondary pricing.

  STRT 只能在 SolStreet 上使用，除了使用 STRT 作为SolStreet上使用和交互的手段之权利之外，其所有权不包含任何明示或暗示的权利。 STRT 的二级市场定价不依赖于 SolStreet 团队的努力，并且没有任何意图控制或操纵此类二级定价的代币功能或方案。

xSTRT和vxSTRT (xSTRT and vxSTRT)

The problems with existing tokenomics:
现有代币经济学的问题：

• The space is littered with protocols with no substantial performance mining rewards (or anything similar), which fail to get the flywheel going for user uptake. This inevitably leads to the failure of many such protocols for various reasons, including the lack of incentive for users to use such protocols.

  这个领域充斥着没有实质性的绩效挖矿奖励（或任何类似的东西）协议，这些协议的逻辑/叙事无法让用户完全接受。由于各种原因，导致许多类似协议不可避免地失败，尤其是用户缺乏使用此类协议的动机。

• Conversely, the space is littered with protocols that emit performance mining rewards on a substantial scale - but without utility attached to the tokens. Such protocols effectively give smaller and smaller fractions of value until the value approaches zero. A simple staking mechanism merely delays the onset of the problem.

  相反来说，该空间充斥着大量发挥性能获得挖矿奖励的，但没落地实际用例代币的协议。这样的协议显著提供越来越小的价值，直到价值接近零。一个简单的质押机制只会延迟问题的发生。

• Stated differently, on such failing protocols, the only purpose of the token is speculation, whether immediate or delayed.

  换句话说，在这种失败的协议上，代币的唯一目的是投机，无论是即时的还是延迟的。

SolStreet 的代币经济学 (SolStreet's Tokenomics)

• Tokens should incentivise protocol-enhancing behavior, including using the protocol and participating in its governance. Without the locking mechanism, the incentivisation is retrospective alone. Users who commit to locking the tokens illustrate a commitment to being users in the future and, as such, are rewarded prospectively.

  代币应该激励增强协议的行为，包括使用协议本身和参与其治理。如果没有锁定机制，激励就仅仅是追溯性的。承诺锁定代币的用户，表明了他们在未来也（继续）成为用户的承诺，因此，他们获得前瞻性奖励。

• Tokens will have greater value in the hands of holders who are also users, particularly those users who have committed to the protocol into the future.

  在同时是协议用户的持有者手中，代币将具有更大的价值，特别是那些承诺在未来（继续）使用该协议的用户。

• On SolStreet, commitment (either through staking or one of the launch mechanisms) is required to access and fully participate in half of the protocol’s tokens. There is no other way to get these tokens. Therefore, the performance mining programme not only incentivises performance but also creates a reason for users to acquire the token itself to participate in the platform.

  在 SolStreet 上，协议一半的代币需要承诺（通过质押或其中一种启动机制）才能访问和完全参与。没有其他方法可以获得这些代币。因此，绩效挖掘计划不仅可以激励绩效，还可以为用户获取代币本身来参与平台创造理由。

• By staking and actively participating in governance or providing liquidity in DEXs for other users to acquire tokens to access the protocol (as described herein), users would be incentivised with STRT rewards.

  通过质押和积极参与治理或为其他用户提供 DEX 的流动性，来获取代币访问协议（如本文所述），用户将获得 STRT 奖励。

A user’s participation in the governance vote and Staking Pool is determined by the user’s

用户参与治理投票和质押池由用户决定

$STRT\;Power_i\ =\ Unlocked \ xSTRT_i \ + \ locked \ xSTRT_i \ + \ vxSTRT_i$

A user can stake $STRT$ into the $xSTRT$ pool in order to receive $xSTRT$
tokens at a ratio of 1:1 between $STRT$ and $xSTRT$ (Unlocked $xSTRT_i$).
$xSTRT$ is not locked for any period.

用户可以将 $STRT$ 放入 $xSTRT$ 池中来获得 $xSTRT$，$STRT$ 和 $xSTRT$ 之间的代币比例为 1:1（已解锁的 $xSTRT_i$）。$xSTRT$ 不会在任何时间段内锁定。

In order to gain increased $STRT$ Power, a user can lock $xSTRT$
for a maximum of 2 years (Locked $xSTRT_i$) in order to receive a maximum of 2x $vxSTRT$($vxSTRT_i$):

为了获得增加的$STRT$ 权重，用户可以锁定$xSTRT$ 最多 2 年（锁定 $xSTRT_i$），以获得最多 2x $vxSTRT$($vxSTRT_i$)

$vxSTRT_i\ =\ Locked\ xSTRT_i \ *\ \left( \displaystyle{\frac{Chosen\ Lock\ Months_i}{Maximum\ Lock\ Months}}\right) \ *\ 2$

$xSTRT$will remain locked for the chosen period. A user can re-lock $xSTRT$ at any time up to a maximum of 2 years. This period is alterable by governance vote.

$xSTRT$ 将在所选时间段内保持锁定状态。用户可以随时重新锁定 $xSTRT$，最长可达 2 年。这个时期可以通过治理投票来改变。

$vxSTRT$ are points, not tokens. They are accordingly non-transferable. The strength of the user in governance votes and staking pools is:

$vxSTRT$ 是积分，而不是代币。因此，它们是不可转让的。用户在治理投票和质押池中的实力是：

$\frac{STRT\;Power_i\ }{Total \ STRT \ Power }$

治理 (Governance)

Examples of proposals that a STRT holder vote could determine include:

STRT 持有人可以投票确定的提案包括以下示例：

• New supported assets to be added to the protocol. The SolStreet protocol will launch with an initial core group of assets. This group will be selected based on liquidity, availability, and time in force. Future asset additions can be proposed and voted on by STRT token holders.

协议将添加支持的新资产。 SolStreet 协议将启动初始核心资产组。该组将根据流动性、可用性和有效时间进行选择。未来的资产添加可以由 STRT 代币持有者提议和投票。

• Voting on improvement proposals. The protocol’s future development will be driven by proposals voted on by the community.

  对改进提案进行投票。本协议的未来发展将由社区投票的提案驱动。

• Approving an operational budget.

  批准运营预算。

• Compensating protocol improvements. Compensating parties who have contributed meaningfully to the SolStreet protocol, even though it was not anticipated in the current roadmap, budget or governance approvals.

  协议改进的补偿。对为 SolStreet 协议做出有意义贡献的各方进行补偿，即使当前的路线图、预算或治理批准中并未预计到。

• Voting to alter tokenomic parameterization, including but not limited to:
  投票改变代币的参数，包括但不限于：

  • Voting on changes to the Performance Mining ranking algorithm.
    对绩效挖矿排名算法的更改进行投票。

  • Determining the protocol fee.
    确定协议费用。

  • Determining allocations to new development efforts.
    确定新开发工作的分配。

The right to vote is restricted solely to voting on features of SolStreet; it does not entitle STRT holders to vote on the operation and management of the Company, its affiliates, or their assets or the disposition of such assets to token holders, or select the board of directors of these entities, or determine the development direction of these entities, nor does STRT constitute any equity interest in “STRT staking” - the arrangement is not intended to be any form of joint venture or partnership.

投票权仅限于对 SolStreet 的功能进行投票；它不授予 STRT 持有人对公司、其关联公司或其资产的运营和管理或将此类资产处置给代币持有人的投票权，或选择这些实体的董事会，或确定这些实体的发展方向实体，STRT 也不构成“STRT 股权”的任何股权—本安排不意在成为任何形式的合资企业或合伙企业。

启动过程和各阶段 (Launch Process and Phases)

锁定空投 (The Lockdrop)

The ‘lockdrop’ aims to distribute the initial circulating STRT to holders aligned with the protocol and who will find utility in the token.

“锁定空投”意在将初始流通的 STRT 分发给与协议利益一致的持有者，他们将在代币中找到真实用例。

A total of 50 million STRT (out of a total of 100 million STRT) will be distributed to the SolStreet Community. During the launch process, 3,336,897 STRT (out of a total of 100 million) will be distributed to the community. These will enter circulation by distribution in the following phases, groups and amounts:

总数1 亿个 STRT中的5000 万个将分配给 SolStreet 社区。在启动过程中，将向社区分发 3,336,897 STRT（总数1 亿个）。这些将通过以下阶段、组别和数量的分配进入流通：

• Phase 0 - Competition Rewards - 1 million STRT (the “Competition Rewards”)

  第 0 阶段 - 竞赛奖励 - 100 万 STRT（即“竞赛奖励”）

• Phase 1 - 1,336,897 million STRT (the “Performance Drop Allocation”)

  第 1 阶段 - 13,368.97 亿个STRT（“绩效空投分配”）

• Phase 2 - STRT/USDC Liquidity Bootstrapping, 1 million STRT (“the STRT Bootstrap Reward”)

  第 2 阶段 - STRT/USDC 流动性引导，100 万个STRT（“STRT 引导奖励”）

After that, the remainder of the 50 million STRT allocation will be distributed by means of Liquidity Provider (LP) rewards (1 million STRT for the first year) and Performance Mining.

之后，剩余的 5000 万 STRT 分配将通过流动性提供者（LP）奖励（第一年 100 万 STRT）和绩效挖矿进行分配。

第0阶段 - 竞赛奖励 (Phase 0 - The Competition Rewards)

In 2021, three paper trading competitions were held while SolStreet was on Testnet, and Mainnet testing environment. Winners of these competitions were promised 1 million STRT as their reward. This category is accordingly closed. These tokens will vest linearly over a period of 1 year, starting from 1 July 2022. Receipt of the actual STRT token is still dependent on the actual token genesis date. To illustrate:

2021年，SolStreet在Testnet和Mainnet测试期间，举办了三场模拟交易比赛。这些比赛的获胜者会获得 100 万 STRT 作为奖励。该类别的奖励在赛后已被关闭。从 2022 年 7 月 1 日开始，这些代币将在 1 年内线性归属。当然，实际 STRT 代币的接收仍取决于实际代币生成日期。请参考以下信息：

• If token genesis takes place on 1 October 2022, the STRT vested from 1 July 2022 to 30 September 2022 will drop at once on 1 October 2022, with the remainder continuing to vest linearly from 1 October to 1 July 2023.

  如果代币生成在 2022 年 10 月 1 日，则从 2022 年 7 月 1 日至 2022 年 9 月 30 日归属的 STRT 将在 2022 年 10 月 1 日立即空投，其余部分从 2023 年 10 月 1 日至 7 月 1 日继续线性归属。

• If token genesis takes place on 1 July 2023, the STRT vested from 1 July 2022 to 31 May 2023 will drop at once on 1 July 2023, there being no remainder.

  如果代币生成在 2023 年 7 月 1 日，则从 2022 年 7 月 1 日至 2023 年 5 月 31 日归属的 STRT 将在 2023 年 7 月 1 日立即空投，没有剩余。

Note:
注意:

• 1.Token genesis is not presently planned for 1 October 2022 and this date is given for illustration only.

  代币生成目前未计划在 2022 年 10 月 1 日进行，此日期仅供说明之用。

第 1 阶段 - 绩效空投 (Phase 1 - Performance Drop)

The Performance Mining Program is the critical flywheel to attract managers to the protocol and incentivise them to provide quality services using the protocol as infrastructure. Once the protocol is up and running, any user can participate in the Performance Mining Program, provided they have staked STRT. The aim is to make the holding of the STRT token naturally desirable to SolStreet users instead of the token being the subject merely of price speculation.

绩效挖矿计划是吸引管理人加入并激励他们使用协议作为基础设施，来提供优质服务的关键。一旦协议启动并运行，只要质押STRT，任何用户都可以参与绩效挖矿计划。本计划目的是让 SolStreet 用户自然而然有意持有 STRT 代币，而不是仅仅将其作为价格投机的手段。

Since users must first have STRT to stake STRT, the Phase 1 Performance Drop will be implemented to place the STRT token in the hands of users of the protocol - particularly users who perform well in their decisions (as opposed to the public at large).

由于用户必须首先拥有 STRT 才能质押 STRT，因此将实施第 1 阶段绩效空投，将 STRT 代币给予协议用户 - 特别是在决策中表现良好的用户（而不是普通大众）。

The Phase 1 Performance Drop will commence on Phase 1 Commencement Date (“Phase 1 Commencement Date”) and last for 28 days (the “Performance Drop Period”). The Phase 1 Commencement Date will be announced on SolStreet’s Twitter and Discord accounts.

第一阶段绩效空投将从第一阶段开始日期（“第一阶段开始日期”）开始，持续 28 天（“绩效空投期”）。第一阶段的开始日期将在 SolStreet 的 Twitter 和 Discord 账户上公布。

During the Performance Drop Period, users will have the opportunity to participate in the Performance Mining Program for a period of 28 days without needing to stake STRT. Whether, and to what extent, a user qualifies to receive Performance Drop is determined by performance in terms of the Phase 1 Performance Mining Mechanism.

在绩效空投期间，用户将有机会参与为期 28 天的绩效挖矿计划，而无需质押 STRT。用户是否以及在何种程度上有资格获得绩效空投取决于第一阶段绩效挖矿计划的表现。

The formula for the Performance Drop is set out below.
绩效空投的公式如下。

In summary, performance mining rewards (in STRT) will regularly be allocated to each pool that has, over the period being measured, achieved performance in excess of a hurdle rate (initially set at 5% per annum). The greater the performance of a pool, and the greater the size of that pool measured in USDC, the greater the performance mining rewards that will be allocated to that pool. The performance mining rewards allocated to a pool are then divided among all of that pool’s members - in proportion to each member’s holding in the pool.

总而言之，绩效挖矿奖励（在 STRT 中）将定期分配给在一定时期内实现的绩效超过门槛率（最初设定为每年 5%）的每个矿池。一个矿池的性能越好，以 USDC 衡量的矿池规模越大，分配给该矿池的性能挖矿奖励就越大。然后，分配给一个矿池的绩效挖矿奖励将分配给该矿池的所有成员——与每个成员在矿池中的持股比例一致。

$$ dSTRT_u = \sum_{i=1\ U(u,i)>0}^{|Q|} \frac{s(P_i)}{\sum_{i=1}^n \ sP(i)} \frac{U(u,i)}{T(i)}$$

Where:
其中:

Q is all qualified pools for each interval. A pool qualifies if its performance measured over the relevant period is greater than the hurdle rate.The hurdle rate is initially set at 5% per annum;

Q 是每个间隔中所有合格池。如果在相关期间衡量的绩效高于最低门槛，则该池符合资格。最低限额最初设定为年化5%；

$F_i$ is the pool in question, here termed $i$
$F_i$ 是有问题的池，这里称为$i$

$P_i$ is the performance of pool
$P_i$ 是池的绩效

$s(x)$ is the score function, monotonically increasing
$s(x)$ 是得分的函数，单调递增

$s(x)$ > 0, ∀ x∈R

$U_i$ is the user’s pool tokens; the share for user $u$ in pool

$U_i$ 是用户的矿池代币；即用户 $u$ 在池中的份额

$T(i)$ is the pool’s total share pool i’s total share in number of pool tokens.
$T(i)$ 是池i中包含的所有代币。

Performance will be measured, and STRT will be allocated, hourly. The STRT for Phase 1 Performance Drop will only be allocated after termination of Phase 1 Performance Drop.

每小时会记录一次绩效，并分配 STRT。第 1 阶段绩效空投的 STRT 将仅在第 1 阶段绩效空投终止后再分配。

第 2 阶段 - 引导 (Phase 2 - Bootstrap)

The purpose of Phase 2 is for the users to determine the value of STRT. They do this by committing STRT and USDC, and the ratio determines the value. Committers will receive STRT-USDC LP tokens.

第 2 阶段的目的是让用户确定 STRT 的价值。他们通过提交 STRT 和 USDC 来达到目的，然后两者的比率将决定价值。提交者将收到 STRT-USDC LP 代币。

Upon termination of the Performance Drop Period, each qualifying address will receive (to the extent qualifying) that address’ Competition Rewards and/or Performance Drop.

绩效空投期结束后，每个符合条件的地址将收到（在符合条件的范围内）该地址的竞赛奖励和/或绩效空投。

For a period of 7 days from termination of the Performance Drop Period (the “Phase 2 Bootstrap Period”), users who were allocated STRT in Phase 0 and Phase 1 as above will have the option to choose to either -

在绩效空投期（“第 2 阶段引导期”）结束后的 7 天内，在上述第 0 阶段和第 1 阶段分配了 STRT 的用户可以选择：

• 1.Commit their STRT into a liquidity bootstrap pool, in whole or in part; or
  将他们的STRT全部或部分提交到流动性引导池中；或者

• 2.Unlock their STRT for the user to deal with as the user wishes.
  解锁其STRT，并按照自己意愿处理。

STRT allocated to users in Phase 2 Bootstrap Period will not be claimable or transferable until after the Second 7-Day Period has concluded.

在第二个 7 天期结束之前，第 2 阶段引导期分配给用户的 STRT 将不可声索或转让。

Upon termination of the Phase 2 Bootstrap Period, all committed STRT
and USDC will be used to initialize a STRT-USDC liquidity pool on Project Serum and linearly unlock over 3 months (after which you can choose to withdraw or leave in the pool to continue earning trading fees and STRT emissions).

在第 2 阶段引导周期终止后，所有已提交的 STRT和USDC 将用于在 Project Serum 上初始化一个 STRT-USDC 流动性池，并在 3 个月内线性解锁（之后您可以选择退出或放在池中继续赚取交易费和释放的STRT）。

For STRT committers:
对于 STRT 提交者:

• Within the first 3 days of the Phase 2 Bootstrap Period, they may choose to commit STRT to the Liquidity Bootstrap Pool.
  在第 2 阶段引导期的前 3 天内，他们可以选择将 STRT 提交到流动性引导池。

• There is no maximum limit to the amount of STRT a user can commit.
  用户可以提交的 STRT 数量没有最大限制。

• The committal is irreversible.
  承诺是不可逆转/撤回

• These STRT tokens emanate exclusively from the Competition Rewards or the Phase 1 Performance Drop.
  这些 STRT 代币完全来自竞赛奖励或第一阶段绩效空投。

• Any STRT not committed to the Liquidity Bootstrap Pool can be claimed and/or transferred after the termination of the Phase 2 Bootstrap Period.
  任何未承诺发送到流动性引导池的 STRT 都可以在第 2 阶段引导期结束后申请和/或转移。

For USDC committers:
对于 USDC 提交者：

• For the first 5 days of the Phase 2 Bootstrap Period, they may freely deposit and withdraw USDC to the Liquidity Bootstrap Pool.
  在第 2 阶段引导期的前 5 天，他们可以自由地将 USDC 存入和提取到流动性引导池。

• The additional two days that USDC committers have over STRT committers allows for fair price discovery, given that USDC committers will (during days 4 and 5) know exactly the amount of STRT they are bidding for.
  鉴于 USDC 提交者将（在第 4 天和第 5 天）确切地知道他竞标的 STRT 数量，USDC 提交者比 STRT 提交者多出两天时间，保证价格发现过程的公平性。

• There is no maximum limit to the amount of USDC that a user can commit.
  用户可以提交的 USDC 数量没有最大限制。

• USDC Committers might also be users who did participate in the Competition Rewards or the Phase 1 Performance Drop, but who would like a greater participation in the bootstrap liquidity pool - and the rewards allocated to it.
  USDC 提交者也可能是确实参与了竞赛奖励或第一阶段绩效空投的用户，但他们希望更多地参与引导流动性池—以及分配给它的奖励。

On day 6 of the Phase 2 Bootstrap Period, a USDC committer can withdraw up to a maximum of 50% of what the user committed to the Liquidity Bootstrap Pool.

在第 2 阶段引导期的第 6 天，USDC 提交者最多可以提取之前提交金额的 50%。

For the duration of day 7 of the Phase 2 Bootstrap Period, the percentage of a USDC committer’s withdrawable amount will decay linearly from 50% (at the start of day 7) to 0% (at the end of day 7).

在第 2 阶段引导期的第 7 天期间，USDC 提交者可提款百分比将从 50%（在第 7 天开始时）线性衰减到 0%（在第 7 天结束时）。

Users can participate in both STRT and USDC commitments if they have the means to do so.

如果有意愿，用户可以同时参与 STRT 和 USDC 的承诺。

On termination of the Second 7-Day Period,
在第二个 7 天期限结束时，

• The amount of USDC deposited against the amount of STRT deposited will effectively determine the USDC value of STRT

  USDC 的存入量与 STRT 的存入量将有效决定 STRT 的 USDC 价值

• Committers of USDC and STRT in the Phase 2: Bootstrap will receive STRT-USDC liquidity provider (LP) tokens for STRT(STRT-USDC LP). Whether STRT or USDC, any commitment will get converted to a 50/50 share of the Bootstrap Liquidity Pool when the Second 7-Day Period closes.

  第 2 阶段 USDC 和 STRT 的提交者：Bootstrap(引导流动性池) 将收到 STRT-USDC L的 STRT-USDC 流动性提供者（LP）代币。无论是 STRT 还是 USDC，任何承诺都将在第二个 7 天期结束时转换为引导流动性池的 50/50 份额。

• Users who choose to keep their STRT-USDC LP in the pool will share in 1 million of the STRT allocated as the Bootstrap Reward. In terms of the STRT Bootstrap Reward,STRT will be distributed based on each user’s share in the pool according to the following formula:

  选择将 STRT-USDC LP 保留在池中的用户将分享 100 万分配的 STRT 作为引导奖励。在 STRT Bootstrap Reward（STRT引导奖励） 方面，STRT将根据每个用户在池中的份额按照以下公式进行分配：

$\ Individual \ Bootstrap \ Reward\ =\ \left( \frac{Individual\ LP}{Total \ LP} \right)\ *\ Total \ Bootstrap \$

Commencing upon termination of Phase 2: Bootstrap, the Bootstrap Reward will be airdropped to users who chose to participate in the bootstrap pool. The Bootstrap LP tokens will unlock linearly over 90 days, commencing upon the termination of Phase 2: Bootstrap.

从第 2 阶段：引导结束时开始，引导奖励将空投给选择参引导流动性池的用户。 Bootstrap LP 代币将在 90 天内线性解锁，从第 2 阶段：引导 终止时开始。

第 3 阶段 - 持续的绩效挖矿奖励 (Phase 3 - Ongoing Performance Mining Rewards)

As of termination of the Phase 2 Bootstrap Period and indefinitely after that, users will only qualify for Performance Mining Rewards if they qualify in terms of the Ongoing Performance Mining Reward criteria. As part of those criteria, a user will not qualify for Performance Mining Rewards unless they have staked STRT.

在第 2 阶段引导期结束时，用户只会符合 第 3 阶段 - 持续的绩效挖矿奖励 (Phase 3 - Ongoing Performance Mining Rewards)标准。作为这些标准的一部分，除非已经质押了 STRT，用户将没有资格获得绩效挖矿奖励，

In order to be able to stake STRT so as to qualify for Performance Mining Rewards, users will need to have -

为了能够质押 STRT 来获得参与绩效挖矿奖励的资格，用户需要 -

• received and retained unlocked STRT as Competition Rewards;
  收到并保留解锁的，作为比赛奖励STRT；

• received and retained unlocked STRT as Performance Mining Rewards as part of the Phase 1 Performance Drop; and/or
  作为第 1 阶段绩效空投的一部分，接收并保留解锁的作为性能挖矿奖励的STRT ；和/或

• received and retained unlocked STRT as Performance Mining Rewards as part of the Ongoing Performance Mining Rewards; and/or
  作为持续绩效挖矿奖励的一部分，接收并保留解锁的 STRT 作为绩效挖矿奖励；和/或

• purchased STRT from third parties.
  从第三方购买 STRT。

STRT-USDC LP 持续奖励 (STRT-USDC LP Ongoing Rewards)

As of termination of the Phase 2 Bootstrap Period, and for 1 year after that, 1 million STRT will be distributed to users who provide liquidity to the STRT-USDC pool, distributed evenly (block-by-block) throughout that period. Liquidity Bootstrapping Pool Participants will earn these rewards while their tokens remain in the pool.

在第 2 阶段引导期结束时以及之后的 1 年内，系统将向为 STRT-USDC 池提供流动性的用户分配 100 万枚 STRT，在此期间平均分配（逐块）。流动性引导池参与者将在其代币留在池中时获得这些奖励。

$\scriptsize Year \ 1 \ Liquidity \ Provider \ Rewards \ = \ \left( \frac{Individual \ LP \ Tokens}{Total \ LP \ Tokens} \right) \ * \ block \ rewards \$

Thereafter, should circumstances require, governance will be responsible for implementing any further liquidity-enhancing measures; potentially including (but not limited to):

此后，如果情况需要，治理将负责实施任何进一步的流动性增强措施；可能包括（但不限于）：

• STRT token bonds.
  STRT 代币债券。

• Airdrops to liquidity providers.
  向流动性提供者空投。

绩效挖矿奖励 (Performance Mining Rewards)

The purpose of the Performance Mining Program is to attract users during the crucial launch phase of the project and to serve as an important tool to align stakeholder incentives - helping attract and preserve users while driving long-term growth of the protocol.

绩效挖矿奖励计划的目的是在项目关键启动阶段吸引用户，并作为调整利益相关者之激励措施的重要工具—即帮助吸引和保留用户，同时推动协议的长期增长。

The program entails the distribution of STRT token rewards to users -

该计划需要向用户分配 STRT 代币奖励—

• initially, from token inflation over a 10-year period, supplemented by a proportion of trading fees (i.e. Boosted Performance Mining is added);
  最初，是来10 年期间的代币通胀，并加上一定比例的交易费用（即添加了 Boosted Performance Mining）；

• subsequently from a proportion of trading fees alone (i.e. Boosted Performance Mining only).
  随后仅来自交易费用的一部分（即仅提升绩效挖矿）。

Performance Mining Rewards constitute, by far, the largest category of STRT issued - and is allocated exclusively to the community and based on protocol-enhancing behavior.

绩效挖矿奖励是迄今为止发行的最大的 STRT 类别 - 专门分配给社区并基于增强协议的行为。

A pool will only qualify for performance mining rewards if it met or exceeded a hurdle rate, currently set at 5% per annum (but measured over the assessment period). That percentage can be changed by governance vote.

只有在在评估期内，进过衡量达到或超过门槛率（目前设定为每年 5%）时，矿池才有资格获得绩效挖矿奖励。这个百分比可以通过治理投票来改变。

A pool’s share of any given period’s vesting of STRT is determined by that pool’s performance (converted to USDC) and STRT Power. These have been set at a 50/50 weighting, but this is alterable by governance vote.

一个矿池在任何给定时期的 STRT 归属中的份额，取决于该矿池的表现（转换为 USDC）极 xSTRT和vxSTRT (xSTRT and vxSTRT)。这些已设置为 50/50 的权重，但可以通过治理投票来改变。

A user’s share of any pool’s allocated STRT for any given period is determined by the user’s participation in a pool (expressed as a percentage of the total value locked in the pool) plus the user’s STRT Power in the pool (expressed as a percentage of the total STRT Power of the pool). These have been set at a 50/50 weighting, but this is alterable by governance vote.

在任何给定期间，用户在任何池中能分配到 STRT 的份额由用户参与池（表示为池中锁定的总价值的百分比）加上用户在池中的 STRT 权重（表示为池中的百分比）决定。这些已设置为 50/50 的权重，并可以通过治理投票来改变。

Therefore, the Performance Mining Reward Mechanism is -
因此，性能挖矿奖励机制为 -

• First, filtering out all pools that did not achieve a hurdle rate over the assessment period;
  首先，过滤掉所有在评估期间未达到门槛的池；

• second, a calculation of a score for each participant in a pool that met the hurdle rate;
  第二，计算池中每个达到最低门槛的参与者的评分；

• third, a score for each pool;
  第三，获得每个池的得分；

• fourth, a division of that period’s STRT Performance Mining Rewards to each pool depending on each pool’s score; and
  第四，根据每个池的评分，将当期的 STRT 性能挖矿奖励分配给每个矿池；和

• fifth, a division of each pool’s STRT Performance Mining Rewards among individual participants in the pool, depending on each participant’s individual score.
  第五，每个矿池的 STRT 绩效挖矿奖励在矿池中的各个参与者之间进行分配，具体取决于每个参与者的个人评分。

The entire Performance Mining Reward Allocation will be distributed over 10 years on a 0.7% per week decreasing basis. Performance Mining Rewards will be calculated on an hourly basis, and the entire hour’s allocation will be distributed according to the Performance Mining Reward mechanism. Any portion of the trading fees allocated to Performance Mining Rewards will similarly be distributed on an hourly basis.

整个绩效挖矿奖励分配将在 10 年内以每周 0.7% 的递减方式分配。绩效挖矿奖励将按小时计算，整个小时的分配将按照绩效挖矿奖励机制进行分配。分配给绩效挖矿奖励的任何交易费用将类似地按小时分配。

During both the Phase 1: Performance Drop and Ongoing Performance Mining Phases, performance will initially be measured from the Phase 1 Commencement Date. This will likely be sufficient for the initial phase of the protocol. However, value judgments on what might constitute good performance is anticipated to diverge as the protocol begins to mature, such that incentives may need to be different over shorter and longer periods, so as not to (for instance) disincentivize new pools. Accordingly, in the months immediately following the launch, the Performance Mining Mechanism will be updated to cater to these different time horizons, as well as any other modifications needed to ensure effective incentivization of users towards achieving the protocol objectives.

在第 1 阶段：绩效空投和正在进行的绩效挖矿阶段，绩效最初将从第 1 阶段开始的日期开始衡量。这对于协议的初始阶段应该已经足够了。然而，随着协议开始成熟，对什么可能构成良好性能的价值判断，预计社区会出现分歧，因此激励措施可能需要在更短和更长的时期内有所不同，以免（例如）抑制新矿池。因此，在发布后的几个月内，将更新绩效挖矿机制以适应不同的时间范围，并且确保有效激励用户实现协议目标所需的任何其他修改。

战略储备 (Strategic Reserve)

The Ecosystem Fund comprises a 20% share of token supply held in reserve by the treasury of SolStreet that may in the future be used for activities that will benefit the protocol.

生态系统基金占 SolStreet 金库储备的 20% 代币供应份额，未来可能用于有利于协议的活动。

These become available for deployment linearly over a 2-year period.

这些可在 2 年内线性部署/归属。

Tokens forming the Ecosystem Fund will not form part of the circulating supply until such a time as protocol governance determines a use.

在协议治理确定用途之前，构成生态系统基金的代币，不会成为流通供应的一部分。

狼狼狼! (Wolfies... woof)

They're here.
来了，它们来了！

Just as apes developed tools and stood erect to become human over time, so too have wolves evolved into a hyper-advanced species: Wolfies

正如猿类开发出工具并随着时间的推移直立成为人类一样，狼也进化成超先进的物种： Wolfies

Today, a scattered pack of 10 000 Wolfies roam the planet with the shared mandate of bringing asset management into the 21st century for the benefit of all. Woof.

今天，10000 只狼在地球上分散漫游，共同的使命是将资产管理带入 21 世纪，造福所有人，呜！

Traditional asset management is slow, expensive, and riddled with red tape. Together, Wolfies patrol the plains and push the frontiers of DeFi, using SolStreet.finance to put users in control of their crypto assets: no minimum investments, no expensive management fees, no withdrawal delays.

传统的资产管理缓慢、昂贵且充斥繁文缛节。 Wolfies一起巡逻平原并推进 DeFi 的前沿，使用 SolStreet.finance 让用户控制他们的加密资产：没有最低投资、没有昂贵的管理费、没有提款延迟。

用例：只是一个 JPEG (Utility: Just a JPEG)

"[With NFTs] The only thing you have is bragging rights. And really, who cares? Who do you imagine you're impressing with that?"

“[使用 NFT] 你唯一拥有的就是吹牛的权利。真的，谁在乎呢？你认为你会给谁留下深刻印象？”

Wolfies are just jpegs. But while we're at it, here are a few notes on what these particular jpegs do...

Wolfies 只是 jpeg。但是，当我们这样做的时候，这里有一些这些特定 jpeg 作用的注释......

We want a Wolfie PFP to be a strong signal for a talented trader, an intelligent investor, a deep thinker, an NFT connoisseur and, ultimately, a steward of the protocol… a SolStreeter.

我们希望 Wolfie PFP 成为有才华的交易者、聪明的投资者、深刻的思想家、NFT 鉴赏家以及最终成为协议的管理者……一个 SolStreeter。

In order to bring that vision to life, we've designed Wolfie utility to both attract and to support that type of person. Wolfies are your first class ticket to the SolStreet protocol; they make trading cheaper, they strengthen financial incentives to running or investing in SolStreet pools, and they induct you into the Wolfpack - a community that will go down in DeFi history.

为了实现这一愿景，我们设计了 Wolfie 用例来吸引和支持这类人。 Wolfies 是您使用 SolStreet 协议的头等舱门票；它们使交易变得更便宜，它们加强了对运行或投资 SolStreet 矿池的经济激励，它们将你引入狼群(Wolfpack)—一个将载入 DeFi 历史的社区。

STRT代币狩猎 (The STRT Token Hunt)

Hope you're hungry.

希望你饿了。

Wolfie holders have a shot at sinking their teeth into a potential total of 2.35 million STRT tokens, at a possible average of 235 STRT per Wolfie. Multiple Wolfies could entitle a holder to stacked token allocations.

Wolfie 持有者有机会投入 235 万个 STRT 代币的 潜力，每个 Wolfie 平均 235 STRT 的 可能。多个 Wolfies 可以赋予持有者堆叠代币分配的权利。

Why “a shot at”, a “possible” and “potential” allocation of STRT? Same reason why a wolf that doesn't hunt with the pack, doesn't eat with the pack. Wolves that rely solely on the efforts of others, don’t feast with the others.

为什么要“试一试”、“可能”和“潜在”的 STRT 分配？这与狼不与狼群打猎，也不与狼群一起吃东西的原因是一样的。只依赖他人努力的狼，不与他人共同进餐。

In order to qualify for token vesting, Wolfies must be held in a wallet that is acting as an investor and/or pool manager on the SolStreet protocol, subject to a $20 USD minimum deposit threshold.

为了有资格获得代币归属，Wolfies 必须存放在充当 SolStreet 协议上的投资者和/或池经理的钱包中，最低存款门槛为 20 美元。

Wolfies relaxing on a secondary marketplace get no STRT. More information on STRT is set out in the full documentation, here.

在二级市场上放松的狼没有 STRT。有关 STRT 的更多信息，请参见完整文档STRT代币 (The STRT Token)。

In particular, STRT acquired through Wolfies is still subject to the STRT disclaimer, terms and conditions. By purchasing or holding a Wolfie, you agree to the disclaimer, terms and conditions. Do not purchase or hold a Wolfie if you do not agree to the disclaimer, terms and conditions.

特别一提，通过 Wolfies 获得的 STRT 仍受 STRT 免责声明、条款和条件 的约束。购买或持有 Wolfie，即表示您同意免责声明、条款和条件。如果您不同意免责声明、条款和条件，请勿购买或持有 Wolfie。

TOKEN HUNT TECHNICALITIES
代币狩猎技术

When does the the Wolfie Token Hunt start?
Wolfie Token Hunt 什么时候开始？

The Wolfie mint is taking place before the STRT token genesis. Once STRT token genesis takes place, and for a period of one year thereafter, STRT will be earned by qualifying Wolfies. During the period between Wolfie mint and the STRT token genesis, Wolfies will not yet have a shot at STRT. It will not be possible for Wolfies to earn STRT before token genesis, nor will they earn STRT after expiry of the 1 year vesting period.

Wolfie 铸早是在 STRT 代币产生之前进行的。一旦 STRT 代币生成发生，在此后的一年内，合格的 Wolfies 将获得 STRT。在 Wolfie 铸早和 STRT 代币生成之间的时期内，Wolfies 不会有STRT。 Wolfies 不可能在代币生成之前获得 STRT，也无法在 1 年归属期到期后获得 STRT。

How will the Wolfie Token Hunt work?
Wolfie Token Hunt 将如何运作？

STRT tokens are streamed to wallets which hold a qualifying Wolfie, and are claimable every 24 hours. If you hold a qualifying Wolfie for the entire vesting period, you will get all of the STRT that is possible to get from that Wolfie. If you hold the Wolfie for one day only, you will only get one day’s STRT and the next holder will have a shot at earning the balance of the STRT that is possible to be earned on that Wolfie.

STRT 代币流式传输到持有合格 Wolfie 的钱包，并且每 24 小时可领取一次。如果您在整个归属期内持有合格的 Wolfie，您将获得可能从该 Wolfie 获得的所有 STRT。如果您仅持有 Wolfie 一天，您将只能获得一天的 STRT，而下一位持有者将有机会赚取该 Wolfie 可能获得的 STRT 余额。

The 235 STRT are allocated linearly over 1 year but this linear allocation pauses when the Wolfie is unstaked and idle. SCENARIO: Ghost invests $100 in John's fund which qualifies him 235 STRT / 365 = 0.64 STRT per day if he owns a Wolfie and stakes that Wolfie in John's fund. At the end of the week Ghost decides to disinvest so he first claims his STRT (0.64 * 7 = 4.48 STRT, unstakes his Wolfie and withdraws his ~$100 PnL. Ghost’s Wolfie now has 230.52 STRT (235 - 4.48 STRT) which will be claimable by him or any new holder of the Wolfie once the owner invests into and/or starts a fund and stakes the Wolfie in said fund. If the Wolfie sits idle for 2 years and then only gets staked along side an investment it will still have an outstanding allocation of 230.52 claimable.

235 STRT 在 1 年内线性分配，但当 Wolfie 未抵押和空闲时，这种线性分配会暂停。场景：Ghost 向 John 的基金投资 100 美元，如果他拥有 Wolfie 并将 Wolfie 投资于 John 的基金，那么他每天有资格获得 235 STRT / 365 = 0.64 STRT。在本周结束时，Ghost 决定撤资，因此他首先申领了他的 STRT (0.64 * 7 = 4.48 STRT，取消了他的 Wolfie 并提取了他的 ~$100 PnL。Ghost 的 Wolfie 现在有 230.52 STRT (235 - 4.48 STRT)，这将是可声索的。一旦所有者投资和/或启动基金并将 Wolfie 质押在所述基金中，则由他或 Wolfie 的任何新持有人进行。如果 Wolfie 闲置 2 年，然后仅与投资一起被质押，它仍然会有230.52 可声索的代币.

Further details of the Wolfie staking mechanism will be shared in due course.

Wolfie 质押机制的更多细节将在适当时候分享。

解锁绩效挖矿奖励 (Unlock Performance Mining Rewards)

This is worth a sniff.
这值得一试。

NOTE: To appreciate the weight of this feature, you will need to understand the basics of SolStreet’s Performance Mining Program. Complete documentation is available here, and a 5 minute primer is available here.

注意：_要了解此功能的重要性，您需要了解 SolStreet 性能挖掘程序的基础知识。完整的可用文档第 3 阶段 - 持续的绩效挖矿奖励 (Phase 3 - Ongoing Performance Mining Rewards)和 5 分钟的入门 [此处](https://twitter.com/ SolStreetFin/status/1545311434564947968?s=20&t=49FDiWX8PtP4KHkhzz0UeQ)。

The only way of participating in SolStreet’s Performance Mining Program is by holding a Wolfie.

参与 SolStreet 绩效挖矿计划的唯一方法是持有 Wolfie。

Read that again.
再读一遍。

Why does this matter?
为什么这很重要？

If you think the STRT Token Hunt for a few million STRT tokens is a big deal, you’ve seen nothing yet. As you’ll read in the Perfomance Mining Rewards section of the litepaper, nearly half of all STRT tokens will be earned as performance mining rewards on SolStreet. Wolfies are the ticket to the main event.

如果您认为寻找几百万个 STRT 代币的 STRT 代币狩猎很重要，那么其实您什么都没看到。正如您将在 litepaper 的第 3 阶段 - 持续的绩效挖矿奖励 (Phase 3 - Ongoing Performance Mining Rewards)中读到的，将近一半的 STRT 代币将通过绩效挖矿获得SolStreet 上的奖励。Wolfies是主赛事的门票。

赚取费用折扣 (Earn Fee Discounts)

You're licking your lips.
你在舔嘴唇。

SolStreet levies a protocol fee on all trades made by pool managers. Discounts on these fees are available through the STRT staking mechanism. Holding a Wolfie offers an alternative mechanism by which one can access protocol fee discounts.

SolStreet 对矿池的管理人进行的所有交易征收协议费用。这些费用的折扣可通过 STRT 质押机制获得。持有 Wolfie 提供了一种替代机制，人们可以通过该机制获得协议费用折扣。

Discounts apply only to the pools in which Wolfies are staked. Fee discount tiers for pools managed by staked Wolfie holders are calculated by adding the pool manager’s xSTRT value to a base of $16,000.

折扣仅适用于质押 Wolfies 的矿池。由质押 Wolfie 持有者管理的矿池的费用折扣等级是通过将矿池管理人的 xSTRT 值加上 16,000 美元的基数来计算的。

Further discounts can only be unlocked through the STRT staking mechanism.

更多折扣只能通过 STRT 质押机制解锁。

加入狼群 (Join The Wolfpack)

...do it For The Pack: 4TP
...为了狼群：4TP

With a strong team, a year of building under our belts, a working product with cutting-edge features, and having recently raised a private round from some of the premier backers in the space, SolStreet is around for the long haul.

SolStreet 拥有一支强大的团队，经过一年建设的具有尖端功能的运行中的产品，以及最近从该领域的一些主要支持者那里筹集的私人融资，SolStreet将会长期存续。

Wolfies will be the boiling core of the SolStreeter community. Wolfies will be the power users and biggest winners in SolStreet’s ecosystem. Key to that, will be the exclusive community that is the Wolfpack.

Wolfies 将成为 SolStreeter 社区沸腾的核心。 Wolfies 将成为 SolStreet 生态系统中的超级用户和最大赢家。关键在于狼群(Wolfpack)的独家社区。

Among other prospects, joining the Wolfpack brings:

在其他前景中，加入 Wolfpack 会带来：

• Access to Wolfpack channels on the SolStreet Discord
  在 SolStreet Discord 上访问 Wolfpack 频道

• Trading alpha and guest events with prominent DeFi thinkers
  阿尔法交易和与著名的 DeFi 思想家互动

• Early access to new SolStreet features, starting with NFT Pools: SolStreet’s first-of-its-kind NFT fund where Alpha Wolves can start an NFT Pack for non-custodially buying NFTs. Others can join such a pack and provide liquidity to it, increasing the ability of the pack to stack more NFTs.
  从 NFT 池开始，提前访问 SolStreet 的新功能：SolStreet 的首个 NFT 基金，Alpha Wolves 可以在其中启动 NFT 包，用于非托管购买 NFT。其他人可以加入这样的包并为其提供流动性，从而增加包堆叠更多 NFT 的能力。

• Priority treatment in competitions, partnerships, and other programs.
  在比赛、合作伙伴和其他项目中优先处理。

• A few tricks and sprinkles up our sleeves… woof.
  一些不为人知的小技巧......呜!

SolStreet’s team is deeply invested in a decentralized future, and committed to generously rewarding the genuine users, contributors, and believers who join for the journey.

SolStreet 的团队对去中心化的未来进行了深入的投资，并致力慷慨地奖励加入这一旅程的真正用户、贡献者和信徒。

狼艺术 (Woof: Wolfie Art)

No derivatives here. Developed & designed patiently, with care, over months.

这里没有衍生品。经过数月的耐心、精心开发和设计。

14 tasty traits. An average of 13 different features per trait. A possible 135 trillion complete Wolfie combinations.

14 种美味特征。每个特征平均有 13 个不同的特点。一个可能的 135 万亿个完整的 Wolfie 组合。

Follow us on Twitter & keep an eye on our Discord’s #woof channel for more.

在 Twitter 上关注我们并关注我们的 Discord 的#woof 频道了解更多信息。

铸造细节 (Mint Details)

The need-to-knows.

必须要知道的。

We’ve partnered with our friends at Magic Eden to deliver a slick mint experience.

我们与 Magic Eden 的朋友合作，提供流畅的铸造体验。

• Collection Size: 10,000
  收藏数量：10,000

• Mint Date: 27 July
  铸币日期：7 月 27 日

• Mint Site: Magic Eden Launchpad (Page coming soon)
  铸造网站：Magic Eden Launchpad（页面即将推出）

• Price: TBC
  价格：待定

Specific mint dynamics (such as times and prices) will be communicated and published in due course.

具体的造币厂动态（如时间和价格）将在适当时候进行沟通和发布。

白名单详情 (Whitelist Details)

If this is the first page you clicked to then shame on you... but I know how it is.

如果这是您点击的第一页，那真实太“羞耻”了……但我知道就会这样。

Many of today’s SolStreeters have been traders, investors, competitors, and believers in the project, right from the earliest days of the testnet Money Never Sleeps contests. If that’s you, we want to thank you for building, testing, and growing with us: there’s a whitelist spot with your name on it. If that’s not you, but you are interested in being part of our journey in the future, the whitelist has a spot for you on it, too.

今天的许多 SolStreeter 都是交易员、投资者、竞争对手和本项目的信徒，从测试网“金钱永不眠”竞赛的早期开始就伴随我们。如果您是，我们要感谢您与我们一起构建、测试和发展：白名单上的位置，会有您的名字。如果您不是，但您有兴趣成为我们未来旅程的一部分，那么白名单上也将有您的位置。

We’re not interested in WL grinding and meaningless Discord messaging to jack up server XP. We’re interested in good people. In builders. In DeFi & web3 adventurers. In astute analysts and top traders. Here’s our plan for finding you.

我们对刷白名单和在Discord里发送无意义的信息来提升经验值毫无兴趣。我们对好人感兴趣。建设者， DeFi 和 web3 冒险家，精明的分析师和顶级交易员（才是我们要找的人）。这是我们找到您的计划。

The Wolfies mint will be accessible to four groups:
四组人可以使用 Wolfies 铸币：

• 1.OG WL | 500 spots
  OG 白名单 | 500 个位置

  SolStreeters who were most active in helping us build and test since the early stages of the project have earned the SolStreet Wolf or SolStreet Cub roles. These roles are locked in based on a history of feedback and activity prior to the announcement of Wolfies. The OG WL role will be awarded to SolStreet Wolves and Cubs that wish to claim a whitelist spot. This role will be entitled to mint up to two Wolfies at a discounted price, to be announced in due course. How to claim:

  项目早期阶段以来最积极地帮助我们构建和测试的 SolStreeter 获得了 SolStreet Wolf 或 SolStreet Cub 角色。这些角色是根据 Wolfies 发布之前的反馈和活动历史锁定的。OG白名单角色将授予希望获得白名单的 SolStreet Wolves 和 Cubs。该角色将有权以折扣价铸造最多两个 Wolfies，我们将在适当时候宣布。具体如何声索可见下文：

  Instructions coming soon...
  很快更新....

• 2.Wolfie WL | 4500 spots
  Wolfie 白名单 | 4500个位置

  Spots on the Wolfie WL will be awarded in several ways, through staggered phases.

  Wolfie 白名单上的名额将通过各个阶段以多种方式授予。

  Phase 1: Spots will be awarded to verified members of SolStreet’s Discord server and Telegram group who participated in the Money Never Sleeps testnet trading competitions. Qualifying SolStreeters will be able to claim these spots as follows:

  阶段1: 名额将奖励给经过验证的，参加过 金钱永不眠 测试网交易比赛的，SolStreet's Discord和Telegram群组的成员。符合条件的 SolStreeters 将能够按如下方式获得这些位置：

  Instructions coming soon...
  很快更新...

  Phase 2: Phase 2 Spots will be awarded to those that achieve them through various WL Competitions. These WL Competitions will be advertised on SolStreet’s Discord server first, and then - within a few hours - through SolStreet’s Twitter page second. WL Competitions will be hosted in a variety of channels, but all will ultimately require you to be a verified member in the SolStreet Discord to claim the spots. Winners will be allocated WL Spots as per the specific WL Competition rules. How to get Phase 2:

  阶段2： 第 2 阶段的名额将颁发给通过各种 WL 比赛“达标”的人。这些 WL 比赛将首先在 SolStreet's Discord 上进行广告宣传，然后 - 在几个小时内 - 通过 [SolStreet's Twitter] (https://twitter.com/SolStreetFin) 页面继续。 WL 比赛将通过多种渠道举办，但最终都需要您成为 SolStreet Discord 中经过验证的会员才能获得名额。获胜者将根据具体的 WL 比赛规则分配 WL白名单。如何获得第二阶段可见：

  Instructions coming soon...
  很快更新...

  Phase 3: 1000 spots will be awarded to holders of Magic Eden’s Magic Ticket collection. These spots will be subject to MagicDAO members becoming verified SolStreet Discord server members, and select other criteria which will be communicated within the MagicDAO.

  _第3阶段：_Magic Eden的Magic Ticket collection持有者将获得1000个名额。这些名额将分配给经过验证的 SolStreet Discord 服务器成员（由MagicDAO 成员转化而来），转化标准依据 MagicDAO 内自行制定的标准。

• 3.1-of-1 WL | TBC spots
  1对1白名单 | 待定

• One-of-one Wolfies have been awarded to close supporters of the protocol throughout the building of SolStreet so far. These include:

  迄今为止，在 SolStreet 的整个建设过程中，团队已向该协议的密切支持者颁发了一对一的 Wolfies。这些包括：

• 1.Money Never Sleeps competition winners
  金钱永不眠 比赛获胜者

• 2.Key community figures and supporters
  社区关键人物和支持者

• 3.Core Team and investors in the seed and private sale funding rounds
  核心团队和种子轮和私募融资中投资者

• 4.Dedicated Product Testers
  专门的产品测试人员

All one-of-one recipients will receive private communication in order to claim their Wolfies.

所有一对一的收件人都将收到私信，以便声索他们的 Wolfies。

• 4.Public | Balance of Available Wolfies
  公共 |可用 Wolfies 的余额

  Once each WL group has had their allocated opportunity to mint Wolfies, whatever Wolfies remain will be made available to the public.

  一旦每个 WL 组都有分配的机会来铸造 Wolfies，任何剩余的 Wolfies 都将向公众提供。

团队的一些想法 (Some Thoughts from the Team)

Give me a moment to climb on my soap box.

给我一点时间爬上我的肥皂盒。

The SolStreet Core Team is as bullish on NFTs as anyone around.

SolStreet 核心团队和周围的任何人一样看好 NFT。

NFTs are a paradigm-shifting, deeply fascinating, profoundly potential-holding technology. We believe that we will see a future where NFTs will permeate every aspect of culture and business and we’re building towards that future. We’ve personally traded them for over a year. We own some as a protocol. We’re building the world’s first decentralized and non-custodial NFT pools. You name it.

NFT 是一种范式转换、引人入胜、极具潜力的技术。我们相信，我们将看到 NFT 将渗透到文化和商业的各个方面的未来，我们正在朝着这个未来发展。我们已经交易它们一年多了。我们拥有一些作为协议。我们正在建立世界上第一个去中心化和非托管 NFT 池。你说如何？

For this reason, Wolfies have been on our roadmap since the very inception of SolStreet. And for this same reason, Wolfies will always be a fundamentally important part of SolStreet. Wolfies will be a frontier for innovation and value creation as long as we are around.

出于这个原因，SolStreet 成立之初，Wolfies 就一直在我们的路线图上。同样的原因，Wolfies 将永远是 SolStreet 的重要组成部分。只要我们还在，Wolfies 就会成为创新和价值创造的前沿阵地。

Among the many opportunities, there also lies the potential for harm. Rug pulls, botting, engagement farming, skewed incentives, greed, and disloyalty have all been undesired byproducts of the beautiful explosion of Solana NFTs. There is much to be gained, and much to be lost.

在众多机会中，也存在潜在的危害。地毯式推送、机器人、参与“种田”、有问题的激励、贪婪和不忠诚都是 Solana NFT 美丽爆发中不受欢迎的副产品。有得也有失。

We are therefore committed to the following:
在此我们承诺：

• True Community: Meaningless engagement and WL grinding are of no value to us whatsoever. SolStreet will always endeavor to foster meaningful, substantial community activity, and be a place where people find intellectual and social belonging.

  真正的社区：毫无意义的参与和刷白名单对我们来说毫无价值。 SolStreet 将始终努力促进有意义的、实质性的社区活动，并成为人们找到知识和社会归属感的地方。

• Responsible Treasury Management: SolStreet’s treasury, including the mint funds, is used for the sole objective of enhancing the SolStreet protocol and building-up the SolStreet community. It is managed by a multisig which the DAO will eventually govern.

  负责任的资金管理：SolStreet 的资金，包括铸币基金，用于增强 SolStreet 协议和建设 SolStreet 社区的唯一目标。它最终将由DAO治理的多重签名管理。

• Long Term Mindset: Those with longer time horizons tend to win in the end. The floor price of Wolfies will fluctuate up and down in response to myriad factors, most of which are entirely out of our control. Despite the discomfort, we believe in free markets and will be resilient to these movements, and will not take irresponsible actions to support short-term floor price. We have designed Wolfie utility such that their long-term value is truly massive to the right people: SolStreet users. Said another way: we don’t care about speculators, but we really care about users. As free-market fundamentalists we believe that, over time, as holdership settles in the hands of SolStreet users and those users build SolStreet’s strength and size, the market will reward the holders of Wolfies

  长期心态： 那些具有较长时间视野的人往往最终会获胜。 Wolfies 的地板价会因各种因素而上下波动，其中大部分因素是我们完全无法控制的。尽管感到不安，但我们相信自由市场并将对这些变动保持弹性，并且不会采取不负责任的行动来支持短期底价。我们设计了 Wolfie 用例，使它的长期价值对合适的人（SolStreet 用户）是巨大的：。换一种说法：我们不关心投机者，但我们真正关心用户。作为自由市场原教旨主义者，我们相信，随着时间的推移，随着 SolStreet 用户的持有权和这些用户建立 SolStreet 的实力和规模，市场将奖励 Wolfies 的持有者

• Solana Ecosystem Commitment: While we are broadly technology agnostic, we have built on Solana because we believe the chain and the ecosystem is the best place to do so. We are committed to supporting it in going from strength to strength. While we will convert most of the mint into USDC in order to de-risk our treasury, we will (as Solana Bulls) hold a portion of mint revenue in $SOL, and spend it last. We will also look, at every turn, to make use of the tools and technologies of other Solana builders before looking elsewhere. This applies to - among other areas - treasury management, community and DAO infrastructure, operational tooling, and protocol integrations. If you are building these on Solana, give us a howl.

  Solana 生态系统承诺：虽然我们在很大程度上与技术无关，但我们建立在 Solana 的基础上，因为我们相信链和生态系统是这样做的最佳场所。我们致力于支持它不断壮大。虽然我们会将大部分铸币转换为 USDC 以降低我们的金库风险，但我们将（作为 Solana Bulls）以 $SOL 的形式持有部分铸币收入，并最后花费。在找到其它地方之前，我们还将随时考虑利用其他 Solana 构建者的工具和技术。这适用于 - 在其它领域 - 如资金管理、社区和 DAO 基础设施、操作工具和协议集成。如果您要在 Solana 上构建这些，请通知我们。

4TP - woof.
为了狼群 - 呜！.