DAO 采用多元化策略来缓解加密货币波动

DAO 越来越认识到过度依赖其原生代币所带来的风险，并正在寻求多元化持有。根据 Karpatkey 的一份报告，在 25 个最大的 DAO 中，三分之二的 90% 以上的资金都以原生代币形式持有。为了减轻这些风险，DAO 正在探索各种多元化策略，包括持有稳定币、抵押以太币和法定货币。多元化的最佳水平是一个持续争论的话题，专家建议将原生代币在金库中的比例设定为 90% 的阈值。

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

去中心化自治组织（DAO）金库的多元化：加密货币波动中的审慎策略

Introduction

介绍

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.

随着加密货币市场继续呈上升趋势，去中心化自治组织（DAO）越来越认识到资产多元化的重要性。这一战略举措旨在减轻与过度依赖原生代币相关的风险并抓住创收机会。

Perils of Over-dependence on Native Tokens

过度依赖原生代币的危险

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 代币最近的低迷，清楚地提醒人们加密资产固有的波动性，凸显了严重依赖原生代币的危险。持有此类代币很大一部分金库的 DAO 面临着更高的风险敞口，SEC 通知后 Uniswap 价格下跌 20% 就证明了这一点。

Diversification as a Mitigation Strategy

多元化作为缓解策略

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.

为了应对这种风险，DAO 正在探索多元化策略。 Arbitrum DAO 最近委托发布的一份报告显示，在 25 个最大的 DAO 中，近三分之二以其原生代币持有超过 90% 的资金，这凸显了多元化的必要性。

Benefits of Diversification

多元化的好处

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.

多元化可以为 DAO 带来诸多好处。它增强了财务弹性，使 DAO 能够承受市场波动并保持可持续性。此外，它还允许 DAO 实现收入来源多元化，并在不断发展的加密货币领域抓住机遇。

Implementation Considerations

实施注意事项

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.

虽然多元化至关重要，但过度多元化可能会导致原生代币面临抛售压力，并损害与组织主要目标的一致性。 StableLab 的 Doo Wan Nam 建议充分多样化的“良好指标”是 90% 的阈值，确保原生代币不占 DAO 金库的 90% 以上。

Diverse Treasury Examples

多样化的财务示例

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 体现了多元化的财务方法。它持有约 12% 的稳定币和抵押以太币，补充了其 88% 的 COW 代币持有量。

Income-Generating Opportunities

创收机会

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 正在寻找创新的方式从其多元化的金库中创收。许多人都在接受以太坊的流动性质押代币，这种代币从质押奖励中获得了适度的回报。与美元挂钩的稳定币，被称为收益稳定币，可以在赚取利息的同时进一步对冲波动性。

Balancing Diversification and Treasury Goals

平衡多元化和财务目标

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.

虽然多元化至关重要，但 DAO 还必须考虑其财务目标。例如，Arbitrum DAO 选择专注于生态系统的增长而不是多样化。该组织通过现实世界的资产提供商探索资金多元化，并符合其成员的偏好。

Time Considerations

时间考虑因素

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 金库多元化是一个复杂的过程，需要仔细规划和协调。 Arbitrum DAO 从提案到最终投票的历程历时近四个月。 Uniswap DAO 已成立一个工作组，但预计在提出多元化提案之前需要经过漫长的审议过程。

Conclusion

结论

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.

面对市场波动和不断变化的创收机会，DAO 金库的多元化是一项审慎的策略。通过将其持有的资产分散到不同的资产类别，DAO 可以降低风险，增强可持续性，并抓住不断发展的加密货币生态系统的潜在好处。然而，必须仔细考虑多元化和财务目标之间的平衡，确保该流程符合组织的使命和目标。