DTAO：好，坏和大声笑子网

我一直对小说的kenomics感兴趣。看到加密协议如何保持激励措施，有时它们看起来很诱人，这总是令人着迷

Author: donn

作者：唐

Compiled by: TechFlow

编译者：TechFlow

I’m always interested in novel tokenomics. It’s always fascinating to see how crypto protocols align incentives, and sometimes they look very tempting — until they inevitably fall apart. So when Bittensor launched its dynamic $TAO (dTAO) system on Valentine’s Day, I was immediately intrigued.

我一直对小说的kenomics感兴趣。看到加密协议如何使激励措施保持一致，有时它们看起来很诱人 - 直到它们不可避免地崩溃为止。因此，当Bittensor在情人节推出了动态$ TAO（DTAO）系统时，我立即引起了我的兴趣。

The idea is simple: provide a new, more “fair” way to distribute TAO issuance between subnets.

这个想法很简单：提供一种新的，更“公平的”方式来在子网之间分发TAO发行。

But just one month later, problems emerged. It turns out that seemingly perfect designs don’t always work as expected in a free market.

但是仅仅一个月后，出现了问题。事实证明，看似完美的设计并不总是在自由市场中正常工作。

How dTAO works

DTAO的工作原理

Here is a simplified review of how dTAO works:

这是对DTAO如何工作的简化评论：

Each subnet has its own subnet token ($SN), which exists in the form of a native TAO-SN UniV2 type pool. Confusingly, although users are "staking" TAO in exchange for SN, this is actually no different from "exchanging" TAO for SN in terms of functionality. The only difference is that users cannot add liquidity to the liquidity pool or trade between subnet tokens directly (e.g. SN1 → SN2), but can use TAO as an intermediary (SN1 → TAO → SN2).

每个子网都有自己的子网令牌（$ sn），它以本机tao-sn Univ2型池的形式存在。令人困惑的是，尽管用户正在“ Staking” Tao以换取SN，但实际上，这与在功能方面的“交换” TAO并没有什么不同。唯一的区别是，用户无法直接向流动性池或子网令牌之间的交易添加流动性（例如SN1→SN2），但可以将TAO用作中介（SN1→TAO→SN2）。

The issuance of TAO is allocated in proportion to the price of the subnet SN token. To smooth price fluctuations or prevent price manipulation, the system uses a moving average price.

TAO的发行与子网SN令牌的价格成比例。为了平稳价格波动或防止价格操纵，系统使用了移动的平均价格。

The SN token itself also has a high issuance, with a supply cap of 21 million, similar to TAO and BTC. A portion of SN is allocated to the TAO-SN liquidity pool, and the rest is allocated to the stakeholders of the subnet (miners, validators, subnet owners). The amount of SN allocated to the TAO-SN pool is to balance the issuance of TAO in the pool, so that the price of SN (in TAO units) remains stable while increasing liquidity.

SN令牌本身也具有很高的发行，其供应上限为2100万，类似于Tao和BTC。 SN的一部分分配给TAO-SN流动性池，其余部分分配给子网的利益相关者（矿工，验证者，子网所有者）。分配给TAO-SN池的SN的数量是平衡池中Tao的发行，以便SN（在TAO单位）的价格在增加流动性的同时保持稳定。

However, if the above calculation results show that the number of SNs required by the subnet exceeds the maximum issuance of SNs (based on the issuance curve of SNs), the issuance of SNs will be limited to the maximum value, and the price of SNs (in TAO units) will rise.

但是，如果上述计算结果表明子网要求的SN数量超过了SNS的最大发行（基于SNS的发行曲线），则SNS的发行将仅限于最大值，并且SNS的价格（在TAO单位）将上涨。

The core assumption of this mechanism is that subnets with higher market capitalization create more value for the Bittensor network, so they should receive more TAO issuance.

这种机制的核心假设是，具有较高市值的子网为Bittensor网络创造了更多的价值，因此他们应该获得更多的TAO发行。

However, the reality is that the highest priced tokens in the crypto market are often those with the most attention, hype, Ponzi characteristics, and marketing resources. This is why L1 public chains and memecoins usually have the highest relative valuations.

但是，现实是，加密货币市场价格最高的代币通常是那些具有最大关注，炒作，庞氏骗局和营销资源的标记。这就是为什么L1公共连锁店和成员通常具有最高的相对估值。

Although the starting point of the mechanism design is good, assuming that subnets that generate value by generating revenue will use part of the revenue to repurchase SN tokens, thereby pushing up prices and obtaining more TAO issuance, this idea is somewhat naive.

尽管机制设计的起点是好的，但假设通过产生收入产生价值的子网将利用部分收入来回购SN代币，从而提高价格并获得更多的Tao发行，那么这个想法有些天真。

Subnets filled with meme coins and out-of-control token economics

子网充满模因硬币和失控的代币经济学

Prior to the launch of dTAO, I discussed with a number of crypto analysts the apparent flaws in the dTAO token economics — namely that higher market cap ≠ higher revenue or greater value creation.

在启动DTAO之前，我与许多加密分析师讨论了DTAO代币经济学中明显的缺陷 - 即，更高的市值≠更高的收入或更高的价值创造。

But I didn’t expect that this theory would soon be verified in practice. The free market worked in a “beautiful” way.

但是我没想到该理论很快就会在实践中得到验证。自由市场以“美丽”的方式运作。

Just before the upgrade, an anonymous person took over subnet 281 and turned it into a memecoin subnet called “TAO Accumulation Corporation” (“LOL Subnet” for short). This obviously has nothing to do with AI.

就在升级之前，一个匿名人士接管了子网281，并将其变成了一个名为“ Tao Accumulation Corporation”的Memecoin子网（简称“ LOL Subnet”）。这显然与AI无关。

From the now deleted Github page:

从现在删除的github页面：

Miners do not need to run any code, and validators score them based on the number of subnet tokens they hold. The more tokens a miner holds, the higher the issuance they receive.

矿工不需要运行任何代码，并且验证者会根据其持有的子网令牌数量进行评分。矿工拥有的代币越多，他们收到的发行就越高。

What actually happens is: speculators buy SN28 tokens → SN28 price rises → SN28 gets more TAO issuance → If the issuance limit of subnet tokens is exceeded, SN28 price continues to rise → SN token issuance is distributed proportionally to "miners" holding SN → People buy more SN to get more TAO → Price rises further → Ponzi cycle continues.

What actually happens is: speculators buy SN28 tokens → SN28 price rises → SN28 gets more TAO issuance → If the issuance limit of subnet tokens is exceeded, SN28 price continues to rise → SN token issuance is distributed proportionally to "miners" holding SN → People buy more SN to get more TAO → Price rises further → Ponzi cycle continues.

As a result, TAO issuance officially began to fund… memes! At one point, the SN28 subnet even became the seventh-largest subnet by market cap.

结果，道发行正式开始资助……模因！有一次，SN28子网甚至成为市值第七大子网。

But why did SN28 fail to take over Bittensor? Centralization saved the situation

但是，为什么SN28无法接管Bittensor？集中化节省了情况

In just a few days, the Opentensor Foundation used its root stake to run custom validator code, which essentially incentivises people to sell SN28 tokens, causing their price to plummet 98% in a few hours.

在短短几天内，Opentensor基金会使用其根股权来运行自定义验证器代码，这实际上激励人们出售SN28代币，导致其价格在几个小时内下降98％。

SN28 subnet tokens plummet 98% following Opentensor Foundation action

SN28子网令牌坠落98％，opentensor基金会行动

Essentially, the Opentensor Foundation acts as a centralized entity that prevents the free market from exploiting the dTAO mechanism. This centralized intervention is currently possible because we are in a slow transition period from

从本质上讲，OpenTensor基金会充当一个集中实体，可防止自由市场利用DTAO机制。目前，这种集中干预是可能的，因为我们从