為什麼DTAO被打破

BITTENSOR的DTAO機制最初是為了更公平地分發Tao的發行，但在發布後一個月就出現了問題。

Original Title: Why dTAO is broken

原始標題：為什麼DTAO被打破

Original Author: @tzedonn, crypto writer

原始作者：@tzedonn，加密作家

Original Compiler: zhouzhou, BlockBeats

原始編譯器：khouzhou，blockbeats

Editor's Note: Bittensor's dTAO mechanism was designed to distribute the release of TAO more fairly, but issues emerged just a month after its launch. SN28 subnet exploited a mechanism flaw, pushing the release of TAO into meme coin speculation, ultimately leading to centralized intervention by the foundation. As decentralization progresses, similar incidents may be unavoidable, and Bittensor could transform into a generalized incentive network rather than an AI project, with the core issue being a lack of unified goals.

編者註：Bittensor的DTAO機制旨在更公平地分發Tao的發布，但是在發布後一個月就出現了問題。 SN28子網利用了一個機制缺陷，將道釋放到模因硬幣猜測中，最終導致基金會的集中乾預。隨著權力下放的進展，類似的事件可能是不可避免的，而Bittensor可以轉變為廣義的激勵網絡，而不是AI項目，其核心問題是缺乏統一的目標。

I am someone who is irresistibly drawn to novel token economics, watching as crypto protocols continuously adjust their incentive mechanisms, sometimes appearing quite clever—until they inevitably run into problems. This process itself is fascinating. So when Bittensor launched the dynamic $TAO (dTAO) system on Valentine's Day (was this a Valentine's gift from @const_reborn?), I was immediately intrigued.

我是一個被新穎的代幣經濟學吸引的人，看著加密協議不斷調整其激勵機制，有時看起來很聰明 - 直到他們不可避免地遇到問題。這個過程本身令人著迷。因此，當Bittensor在情人節推出了Dynamic $ TAO（DTAO）系統（這是@const_reborn的情人節禮物嗎？）時，我立即引起了我的興趣。

The idea is simple: to provide a new, more "fair" way to distribute the release of TAO, allowing various subnets to obtain TAO more reasonably.

這個想法很簡單：提供一種新的，更“公平”的方式來分發陶的發布，從而使各種子網更合理地獲得TAO。

However, less than a month later, problems began to surface. It turns out that a design that seems reasonable does not necessarily survive in a free market.

但是，不到一個月後，問題開始浮出水面。事實證明，似乎合理的設計不一定在自由市場中生存。

How dTAO Works

DTAO的工作原理

A brief recap of how dTAO works:

簡要回顧了DTAO的工作方式：

Each subnet has its own subnet token ($SN), existing as a TAO-SN based UniV2 type native liquidity pool (LP). However, "staking" TAO for SN is essentially the same as "exchanging" TAO for SN. The only difference is that you cannot add additional liquidity to the liquidity pool, nor can you trade directly between different SN tokens (e.g., SN1 → SN2), but you can exchange indirectly through TAO (SN1 → TAO → SN2).

每個子網都有自己的子網令牌（$ SN），以基於TAO-SN的Univ2型本機流動性池（LP）存在。但是，SN的“ Staking” Tao基本與“交換” tao相同。唯一的區別是，您不能在流動性池中添加額外的流動性，也不能直接在不同的SN代幣（例如SN1→SN2）之間進行交易，但是您可以通過TAO間接交換（SN1→TAO→SN2）。

The release of TAO is allocated based on the price of each subnet's SN token. They use a moving average price to smooth out price fluctuations and prevent price manipulation.

TAO的發布是根據每個子網SN令牌的價格分配的。他們使用移動的平均價格來平滑價格波動並防止價格操縱。

The release amount of SN tokens is also quite high, with a supply cap of 21 million, similar to TAO and BTC. A portion of this enters the TAO-SN trading pool, while the remainder is allocated to subnet stakeholders (miners, validators, subnet owners).

SN令牌的釋放量也很高，供應上限為2100萬，類似於Tao和BTC。其中一部分進入了TAO-SN交易池，而其餘部分則分配給子網利益相關者（礦工，驗證者，子網所有者）。

The number of SN tokens entering the TAO-SN trading pool depends on how many SN are needed to "balance" the TAO entering the pool, ensuring that the price of SN remains stable under TAO valuation while increasing liquidity.

進入TAO-SN交易池的SN令牌的數量取決於需要多少SN來“平衡” TAO進入池的“平衡”，從而確保在TAO估值下，SN的價格在增加流動性的同時保持穩定。

However, if the calculated number of SN tokens obtained by the subnet exceeds its maximum release amount (determined by the SN release curve), then the SN release amount will be capped, leading to an increase in the price of SN under TAO valuation.

但是，如果子網獲得的SN令牌數量超過其最大釋放量（由SN釋放曲線確定），則SN釋放量將被限制，從而導致TAO估值下的SN價格上漲。

Core Assumptions of the dTAO Mechanism

DTAO機制的核心假設

Point (2) in the dTAO mechanism is based on a core assumption: that subnets with higher market capitalization create more value for the Bittensor network and therefore should receive more TAO release.

DTAO機制中的點（2）基於一個核心假設：具有較高市值的子網為Bittensor網絡創造了更多的價值，因此應該獲得更多的TAO釋放。

But the reality is that in the crypto market, the tokens with the highest prices are often those that are most hyped, most marketed, and even exhibit characteristics of Ponzi schemes. This is why the valuations of L1 public chains and meme coins are always relatively high.

但是現實是，在加密市場中，價格最高的代幣通常是最被大肆宣傳，銷售最多甚至表現出龐氏騙局特徵的代幣。這就是為什麼L1公共連鎖店和模因硬幣的估值總是相對較高的原因。

The original intention of the mechanism design was good, as it assumed that subnets that truly create value would repurchase SN tokens through generated revenue, driving up the price of SN, thereby obtaining more TAO release. However, I find this logic somewhat naive.

機制設計的最初意圖是好的，因為它假設真正創建價值的子網將通過產生的收入來回購SN令牌，從而提高了SN的價格，從而獲得了更多的Tao釋放。但是，我發現這種邏輯有些天真。

Meme Coin Subnets & Broken Token Economics

模因硬幣子網和破碎的代幣經濟學

Before the launch of dTAO, I discussed the obvious flaws in the dTAO token economic model with several crypto analysts—high market capitalization does not equal high revenue, nor does it mean that more value is truly created.

在DTAO推出之前，我與幾位加密分析師討論了DTAO代幣經濟模型中的明顯缺陷 - 高價收入並不等於高收入，也不意味著真正創造了更多的價值。

But I did not expect this theory to be validated by the market so quickly. The workings of the free market are always surprising.

但是我沒想到這一理論會如此迅速地驗證。自由市場的運作總是令人驚訝。

Just before the dTAO upgrade, an anonymous user took over subnet 281 and directly transformed it into a meme coin subnet, naming it "TAO Accumulation Corporation," abbreviated as "LOL-subnet." This was clearly unrelated to AI.

就在DTAO升級之前，一個匿名用戶接管了子網281，並將其直接轉換為模因硬幣子網，並將其命名為“ Tao Accumulation Corporation”，縮寫為“ LOL-SUBNET”。這顯然與AI無關。

On the (now deleted) GitHub page, it stated… no mining required, just hold the tokens—completely turned into a Ponzi scheme.

在（現已刪除的）GitHub頁面上，它說……不需要採礦，只需保留令牌即可變成龐氏騙局。

In the LOL-subnet (subnet 281), miners do not need to run any code, and the validator scoring mechanism is entirely based on the number of subnet tokens held by miners. The more SN28 tokens held, the more TAO release they receive.

在LOL-SUBNET（子網281）中，礦工無需運行任何代碼，並且驗證器評分機製完全基於礦工持有的子網令牌的數量。 SN28令牌越來越多，收到的Tao發布就越多。

What actually happened was: speculators bought SN28 tokens → SN28 price rose, SN28 price rose → received more TAO release, if TAO release exceeded the subnet'

實際發生的是：投機者購買了SN28代幣→SN28價格上漲，SN28價格上漲→如果Tao釋放超過子網，則收到了更多的Tao釋放。