DAO 採用多元化策略來緩解加密貨幣波動

DAO 越來越認識到過度依賴其原生代幣所帶來的風險，並正在尋求多元化持有。根據 Karpatkey 的一份報告，在 25 個最大的 DAO 中，三分之二的 90% 以上的資金都以原生代幣形式持有。為了減輕這些風險，DAO 正在探索各種多元化策略，包括持有穩定幣、抵押以太幣和法定貨幣。多元化的最佳水平是一個持續爭論的話題，專家建議將原生代幣在金庫中的比例設定為 90% 的閾值。

Diversification of Decentralized Autonomous Organization (DAO) Treasuries: A Prudent Strategy Amid Cryptocurrency Volatility

去中心化自治組織（DAO）金庫的多元化：加密貨幣波動中的審慎策略

Introduction

介紹

As the cryptocurrency market continues its upward trajectory, Decentralized Autonomous Organizations (DAOs) are increasingly recognizing the importance of diversifying their holdings. This strategic move aims to mitigate risks associated with over-reliance on native tokens and seize income-generating opportunities.

隨著加密貨幣市場持續呈上升趨勢，去中心化自治組織（DAO）越來越認識到資產多元化的重要性。這項策略性舉措旨在減輕與過度依賴原生代幣相關的風險並抓住創收機會。

Perils of Over-dependence on Native Tokens

過度依賴原生代幣的危險

The recent downturn in Uniswap's UNI token, a stark reminder of the volatility inherent in crypto assets, has underscored the perils of relying heavily on native tokens. DAOs holding a significant portion of their treasuries in such tokens face heightened risk exposure, as evidenced by Uniswap's 20% price drop following an SEC notice.

Uniswap 的 UNI 代幣最近的低迷，清楚地提醒人們加密資產固有的波動性，凸顯了嚴重依賴原生代幣的危險。持有此類代幣很大一部分金庫的 DAO 面臨更高的風險敞口，SEC 通知後 Uniswap 價格下跌 20% 就證明了這一點。

Diversification as a Mitigation Strategy

多角化作為緩解策略

To counter this risk, DAOs are exploring diversification strategies. A recent report commissioned by Arbitrum DAO revealed that nearly two-thirds of the 25 largest DAOs hold over 90% of their treasuries in their native tokens, highlighting the need for diversification.

為了應對這種風險，DAO 正在探索多元化策略。 Arbitrum DAO 最近委託發布的一份報告顯示，在 25 個最大的 DAO 中，近三分之二以其原生代幣持有超過 90% 的資金，這凸顯了多元化的必要性。

Benefits of Diversification

多元化的好處

Diversification can provide numerous benefits for DAOs. It enhances treasury resilience, enabling DAOs to withstand market fluctuations and maintain sustainability. Additionally, it allows DAOs to diversify income streams and capture opportunities in the evolving cryptocurrency landscape.

多元化可以為 DAO 帶來許多好處。它增強了財務彈性，使 DAO 能夠承受市場波動並保持可持續性。此外，它還允許 DAO 實現收入來源多元化，並在不斷發展的加密貨幣領域中抓住機會。

Implementation Considerations

實施注意事項

While diversification is crucial, excessive diversification can lead to selling pressure on native tokens and impair alignment with the organization's primary purpose. StableLab's Doo Wan Nam recommends a "good indicator" for sufficient diversification is a 90% threshold, ensuring that native tokens do not comprise more than 90% of a DAO's treasury.

雖然多元化至關重要，但過度多元化可能會導致原生代幣面臨拋售壓力，並損害與組織主要目標的一致性。 StableLab 的 Doo Wan Nam 建議充分多樣化的「良好指標」是 90% 的閾值，確保原生代幣不佔 DAO 金庫的 90% 以上。

Diverse Treasury Examples

多樣化的財務範例

CoW DAO, governing the CoW Swap decentralized exchange, exemplifies a diversified treasury approach. It holds approximately 12% of its treasury in stablecoins and staked Ether, complementing its 88% holding of COW tokens.

管理 CoW Swap 去中心化交易所的 CoW DAO 體現了多元化的財務方法。它持有約 12% 的穩定幣和抵押以太幣，補充了其 88% 的 COW 代幣持有量。

Income-Generating Opportunities

創收機會

DAOs are finding innovative ways to generate income from their diversified treasuries. Many are embracing liquid staking tokens for Ether, which yield a modest return from staking rewards. Stablecoins pegged to the dollar, known as yield-bearing stablecoins, offer a further hedge against volatility while earning interest.

DAO 正在尋找創新的方式來從其多元化的金庫中創造收入。許多人都在接受以太坊的流動性質押代幣，這種代幣從質押獎勵中獲得了適度的回報。與美元掛鉤的穩定幣，被稱為收益穩定幣，可以在賺取利息的同時進一步對沖波動性。

Balancing Diversification and Treasury Goals

平衡多元化和財務目標

While diversification is essential, DAOs must also consider their treasury goals. Arbitrum DAO, for instance, opted to focus on ecosystem growth over diversification. The organization explored treasury diversification through real-world asset providers, aligning with its members' preferences.

雖然多元化至關重要，但 DAO 還必須考慮其財務目標。例如，Arbitrum DAO 選擇專注於生態系統的成長而不是多樣化。該組織透過現實世界的資產提供者探索資金多元化，並符合其成員的偏好。

Time Considerations

時間考慮因素

Diversifying DAO treasuries is a complex process that requires careful planning and coordination. Arbitrum DAO's journey from proposal to final vote spanned almost four months. Uniswap DAO has initiated a working group but anticipates a lengthy deliberation process before presenting a diversification proposal.

DAO 金庫多元化是一個複雜的過程，需要仔細規劃和協調。 Arbitrum DAO 從提案到最終投票的歷程歷時近四個月。 Uniswap DAO 已成立一個工作小組，但預計在提出多元化提案之前需要經過漫長的審議過程。

Conclusion

結論

The diversification of DAO treasuries is a prudent strategy in the face of market volatility and evolving income-generating opportunities. By spreading their holdings across various asset classes, DAOs can mitigate risks, enhance sustainability, and seize the potential benefits of the growing cryptocurrency ecosystem. However, careful consideration must be given to the balance between diversification and treasury goals, ensuring that the process aligns with the organization's mission and objectives.

面對市場波動和不斷變化的創收機會，DAO 金庫的多元化是一項審慎的策略。透過將其持有的資產分散到不同的資產類別，DAO 可以降低風險，增強永續性，並抓住不斷發展的加密貨幣生態系統的潛在好處。然而，必須仔細考慮多元化和財務目標之間的平衡，確保流程符合組織的使命和目標。