Unlocking liquidity for soulbound BGT!
@stride_zone entering @berachain with stBGT. How? Why? And what does this mean for Berachads?
Let’s dive in. 🧵👇 

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解锁 soulbound BGT 的流动性!
<stride_zone>进入<berachain>并推出 stBGT。如何?为什么?这对 Berachads 意味着什么?
让我们深入了解。

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1/ First, let's do a basic overview of the tokenomics, as they're important to understand. Berachain's proof of liquidity flywheel is built on two tokens:
- BERA token
- BGT (Berachain Governance Token)

1/ 首先，让我们对代币经济学做一个基本的概述，因为理解它们很重要。 Berachain 的流动性证明飞轮建立在两种代币上：
- BERA 代币
- BGT（Berachain治理代币）

2/ Let's start with a brief look at BERA
The responsibilities of the BERA token are to secure the chain, be used for gas, and decide which validator proposes the next block.
- Higher BERA stake = higher odds to propose the next block.
- The range of BERA tokens a validator… https://x.com/i/web/status/1886409269148344739

2/ 让我们先简单了解 BERA
BERA 代币的职责是确保链条安全、用于支付 gas 费用以及决定哪个验证者提出下一个区块。
- BERA 股份越高 = 提出下一个区块的几率越高。
- 验证器 BERA 代币的范围......https://x.com/i/web/status/1886409269148344739

3/ Now let's dig into the BGT token, why it's soulbound, and how Stride makes it liquid.
The BGT token determines how much BGT a validator can emit to a reward vault. A reward vault is essentially a smart contract where you can deposit a receipt token you receive when… https://x.com/i/web/status/1886409271039951301

3/ 现在让我们深入研究 BGT 代币，了解为什么它是灵魂绑定的，以及 Stride 如何使其流动。
BGT 代币决定验证者可以向奖励库发出多少 BGT。奖励库本质上是一个智能合约，您可以在其中存入收到的收据代币…https://x.com/i/web/status/1886409271039951301

4/ If a validator decides to emit BGT to a specific reward vault, he then emits BGT ranging from 1-5.25 and depends on whether the validator already emits BGT to other vaults.
Everyone who has deposited the receipt token into these reward vaults receives BGT depending on their… https://x.com/i/web/status/1886409272948400392

4/ 如果验证者决定将 BGT 发送到特定的奖励库，那么他将发出 1-5.25 之间的 BGT，这取决于验证者是否已经将 BGT 发送到其他库。
每个将收据代币存入这些奖励库的人都会根据他们的...获得 BGT https://x.com/i/web/status/1886409272948400392

5/ The BGT the user receives is soulbound, meaning it's not transferable. It can only be delegated to validators like us, or swapped 1:1 to BERA, no revers possible.
The more a user delegates to a validator, the more BGT the validator can emit, which leads to more BGT a user… https://x.com/i/web/status/1886409275246772272

5/ 使用者收到的 BGT 是灵魂绑定的，这表示它不可转让。它只能委托给像我们这样的验证者，或以 1:1 的比例兑换为 BERA，无法逆转。
使用者委托给验证者的越多，验证者可以发出的 BGT 就越多，这会导致使用者获得更多的 BGT......https://x.com/i/web/status/1886409275246772272

6/ But what if you want to do other things with your BGT, like borrowing assets against them, using other DeFi protocols, or selling them on the open market?
This is where Stride steps in. They've built a solution to make exactly this possible.
Stride will have their own reward… https://x.com/i/web/status/1886409277255905359

6/ 但是，如果你想用你的 BGT 做其他事情，例如用它们借入资产、使用其他 DeFi 协议或在公开市场上出售它们，该怎么办？
这正是 Stride 介入的地方。
Stride 将获得自己的奖励…https://x.com/i/web/status/1886409277255905359

7/ Once you've earned or bought stBGT on the open market, you can pool it together with BERA and deposit this LP receipt token into the Stride vault to earn more stBGT.
Additionally, Stride has a points program for specific pools, which provides additional rewards. You earn… https://x.com/i/web/status/1886409279172722870

7/ 一旦您在公开市场上赚取或购买了 stBGT，您就可以将其与 BERA 汇集在一起，并将此 LP 收据代币存入 Stride 保险库以赚取更多 stBGT。
此外，Stride 还为特定池提供积分计划，可提供额外奖励。你赚了…https://x.com/i/web/status/1886409279172722870

8/ The third way to earn stBGT is via a single-asset reward vault. You can stake stBGT via Stride instead of LP-ing them. This approach gives you access to all staking rewards earned by the protocol.
We anticipate that the APR might be higher for this because not everyone will… https://x.com/i/web/status/1886409281135575212

8/ 赚取 stBGT 的第三种方式是透过单一资产奖励库。您可以透过 Stride 质押 stBGT，而不是对其进行 LP 操作。透过这种方法，您可以存取协议获得的所有质押奖励。
我们预期 APR 可能会更高，因为不是每个人都会...https://x.com/i/web/status/1886409281135575212

9/ In conclusion, stBGT offers the following benefits:
- Potentially higher APR
- BGT's scarcity means stBGT will likely trade at a premium to BERA, making earning stBGT via PoL more valuable than earning BGT.
- Unlike BGT, stBGT is fully transferable and can be sold, LP-ed,… https://x.com/i/web/status/1886409283106976011

9/ 总而言之，stBGT 有以下优势：
- 可能更高的年利率
- BGT 的稀缺性意味著 stBGT 可能会以高于 BERA 的价格交易，这使得透过 PoL 赚取 stBGT 比赚取 BGT 更有价值。
- 与 BGT 不同，stBGT 是完全可转让的，可以出售、LP-ed、…https://x.com/i/web/status/1886409283106976011

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