DAO 在不断发展的去中心化金融格局中拥抱法律结构

随着 DAO 走向成熟，许多 DAO 正在建立正式的法律结构，以适应不断变化的监管环境。 MakerDAO 与 TradFi 机构的整合凸显了以 RWA 为重点的协议建立法律实体的必要性。 Sushi 重组为多个离岸实体，展示了平衡权力下放与监管和业务需求的复杂性。正如 Tornado Cash 案中所见，监管机构愿意针对去中心化实体，这也促使 DAO 寻求法律保护，尽管围绕监管强制可能存在批评和争论。

The Evolution of Decentralized Autonomous Organizations: Embracing Legal Structures Amidst Complexities

去中心化自治组织的演变：在复杂性中拥抱法律结构

The decentralized autonomous organization (DAO) landscape has undergone a significant transformation in recent years, with many DAOs recognizing the need to establish formal legal structures. This evolution poses nuanced challenges and opportunities that require careful navigation.

近年来，去中心化自治组织 (DAO) 格局经历了重大转变，许多 DAO 认识到建立正式法律结构的必要性。这种演变带来了微妙的挑战和机遇，需要仔细导航。

Real World Assets and Legal Imperatives

现实世界的资产和法律要求

DAOs that delve into real-world assets (RWAs) such as bonds and bank loans face the imperative of forming legal entities. This has been evident in the actions of MakerDAO, a prominent DeFi protocol that has forged alliances with TradFi institutions.

深入研究债券和银行贷款等现实世界资产（RWA）的 DAO 面临着组建法人实体的迫切需要。这在 MakerDAO 的行动中得到了体现，MakerDAO 是一个著名的 DeFi 协议，已与 TradFi 机构结成了联盟。

MakerDAO's partnerships with Huntingdon Valley Bank, Societe Generale's blockchain subsidiary, and Coinbase's institutional arm Prime have expanded its horizons. However, these collaborations have also introduced complexities that necessitate organizational restructuring.

MakerDAO 与亨廷顿谷银行、法国兴业银行的区块链子公司以及 Coinbase 的机构部门 Prime 的合作伙伴关系扩大了其视野。然而，这些合作也带来了复杂性，需要进行组织重组。

Under the leadership of its legal counsel Eli Cohen, MakerDAO plans to reorganize into subDAOs or "MetaDAOs" to manage its diverse operations effectively. This restructuring will enable each MetaDAO to possess its unique tokenomics, separate from Maker's MKR token.

在法律顾问 Eli Cohen 的领导下，MakerDAO 计划重组为 subDAO 或“MetaDAO”，以有效管理其多元化运营。此次重组将使每个 MetaDAO 拥有其独特的代币经济，与 Maker 的 MKR 代币分开。

"By proactively working with and educating legacy institutions, DAOs can partner with real-world asset entities," Cohen explains. "Specific MetaDAOs will assume the responsibility of integrating RWAs, securing the necessary licensing for interactions with mainstream financial institutions."

“通过积极与传统机构合作并对其进行教育，DAO 可以与现实世界的资产实体合作，”Cohen 解释道。 “特定的 MetaDAO 将承担整合 RWA 的责任，确保获得与主流金融机构互动所需的许可。”

Maturing DAOs: Balancing Permissionlessness and Regulation

成熟的 DAO：平衡无许可与监管

Sushi, the fifth-largest decentralized exchange by TVL, is also embracing structural overhauls to maximize revenue streams. However, this pursuit has also brought forth complexities.

TVL 第五大去中心化交易所 Sushi 也正在进行结构性改革，以最大限度地提高收入来源。然而，这种追求也带来了复杂性。

In October, Sushi's community overwhelmingly approved the formation of three entities in the Cayman Islands and Panama to oversee various aspects of the project's operations. A Cayman Islands-based DAO foundation will oversee on-chain governance and treasury management, while a Panamanian foundation will focus on protocol development and maintenance. A separate Panamanian corporation will be responsible for operating Sushi.com's user interface.

10 月，Sushi 社区以压倒性多数批准在开曼群岛和巴拿马成立三个实体，以监督该项目运营的各个方面。位于开曼群岛的 DAO 基金会将监督链上治理和财务管理，而巴拿马基金会将专注于协议开发和维护。一家独立的巴拿马公司将负责运营 Sushi.com 的用户界面。

Sushi's embrace of legal structures exemplifies the challenges facing maturing DAOs, which must now reconcile their permissionless and decentralized nature with regulatory and business imperatives.

Sushi 对法律结构的拥护体现了成熟的 DAO 所面临的挑战，它们现在必须将其无需许可和去中心化的性质与监管和商业要求相协调。

Regulatory Considerations and Formal Structures

监管考虑和正式结构

The increasing willingness of regulators to take action against decentralized entities has further spurred DAOs towards formal legal structures. The Biden Administration's crackdown on Tornado Cash has highlighted the need for DAOs to protect themselves from sanctions and penalties.

监管机构越来越愿意对去中心化实体采取行动，这进一步促使 DAO 走向正式的法律结构。拜登政府对 Tornado Cash 的打击凸显了 DAO 需要保护自己免受制裁和处罚。

This realization has led top teams like Aave and Uniswap Labs to block wallet addresses associated with Tornado Cash from using their front-end interfaces. However, community members have raised concerns about the vulnerability of legal entities associated with DeFi protocols to regulatory coercion.

这种认识导致 Aave 和 Uniswap Labs 等顶级团队阻止与 Tornado Cash 相关的钱包地址使用其前端接口。然而，社区成员对与 DeFi 协议相关的法律实体容易受到监管强制表示担忧。

As DAOs continue to evolve, the debate over the appropriate balance between decentralized governance and legal compliance is expected to intensify. DAOs must navigate the complexities of regulation, business objectives, and maintaining their core values to ensure longevity and impact in the rapidly evolving world of decentralized finance.

随着 DAO 的不断发展，关于去中心化治理和法律合规之间适当平衡的争论预计将会加剧。 DAO 必须应对监管、业务目标的复杂性，并维护其核心价值观，以确保在快速发展的去中心化金融世界中的长寿和影响力。

Conclusion

结论

The establishment of formal legal structures by DAOs marks a significant milestone in their evolution, presenting both opportunities and challenges. By embracing RWAs, engaging with TradFi institutions, and addressing regulatory concerns, DAOs are positioning themselves for sustained growth and impact. However, the road ahead is not without its complexities, as DAOs must strike a delicate balance between innovation, decentralization, and compliance.

DAO 正式法律结构的建立标志着其发展过程中的一个重要里程碑，既带来了机遇，也带来了挑战。通过拥抱 RWA、与 TradFi 机构合作以及解决监管问题，DAO 正在为自己的持续增长和影响力做好准备。然而，前方的道路并非一帆风顺，因为 DAO 必须在创新、去中心化和合规性之间取得微妙的平衡。