为什么DTAO被打破

BITTENSOR的DTAO机制最初是为了更公平地分发Tao的发行，但在发布后一个月就出现了问题。

Original Title: Why dTAO is broken

原始标题：为什么DTAO被打破

Original Author: @tzedonn, crypto writer

原始作者：@tzedonn，加密作家

Original Compiler: zhouzhou, BlockBeats

原始编译器：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.

编者注：Bittensor的DTAO机制旨在更公平地分发Tao的发布，但是在发布后一个月就出现了问题。 SN28子网利用了一种机制缺陷，将道释放到模因硬币投机中，最终导致基金会的集中干预。随着权力下放的进展，类似的事件可能是不可避免的，而Bittensor可以转变为广义的激励网络，而不是AI项目，其核心问题是缺乏统一的目标。

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.

我是一个被新颖的代币经济学吸引的人，看着加密协议不断调整其激励机制，有时看起来很聪明 - 直到他们不可避免地遇到问题。这个过程本身令人着迷。因此，当Bittensor在情人节推出了Dynamic $ TAO（DTAO）系统（这是@const_reborn的情人节礼物吗？）时，我立即引起了我的兴趣。

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.

这个想法很简单：提供一种新的，更“公平”的方式来分发陶的发布，从而使各种子网更合理地获得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，不到一个月后，问题开始浮出水面。事实证明，似乎合理的设计不一定在自由市场中生存。

How dTAO Works

DTAO的工作原理

A brief recap of how dTAO works:

简要回顾了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).

每个子网都有自己的子网令牌（$ SN），以基于TAO-SN的Univ2型本机流动性池（LP）存在。但是，SN的“ Staking” Tao基本与“交换” tao相同。唯一的区别是，您不能在流动性池中添加额外的流动性，也不能直接在不同的SN代币（例如SN1→SN2）之间进行交易，但是您可以通过TAO间接交换（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的发布是根据每个子网SN令牌的价格分配的。他们使用移动的平均价格来平滑价格波动并防止价格操纵。

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令牌的释放量也很高，供应上限为2100万，类似于Tao和BTC。其中一部分进入了TAO-SN交易池，而其余部分则分配给子网利益相关者（矿工，验证者，子网所有者）。

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.

进入TAO-SN交易池的SN令牌的数量取决于需要多少SN来“平衡” TAO进入池的“平衡”，从而确保在TAO估值下，SN的价格在增加流动性的同时保持稳定。

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，如果子网获得的SN令牌数量超过其最大释放量（由SN释放曲线确定），则SN释放量将被限制，从而导致TAO估值下的SN价格上涨。

Core Assumptions of the dTAO Mechanism

DTAO机制的核心假设

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机制中的点（2）基于一个核心假设：具有较高市值的子网为Bittensor网络创造了更多的价值，因此应该获得更多的TAO释放。

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.

但是现实是，在加密市场中，价格最高的代币通常是最被大肆宣传，销售最多甚至表现出庞氏骗局特征的代币。这就是为什么L1公共连锁店和模因硬币的估值总是相对较高的原因。

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.

机制设计的最初意图是好的，因为它假设真正创建价值的子网将通过产生的收入来回购SN令牌，从而提高了SN的价格，从而获得了更多的Tao释放。但是，我发现这种逻辑有些天真。

Meme Coin Subnets & Broken Token Economics

模因硬币子网和破碎的代币经济学

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，我与几位加密分析师讨论了DTAO代币经济模型中的明显缺陷 - 高价收入并不等于高收入，也不意味着真正创造了更多的价值。

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

但是我没想到这一理论会如此迅速地验证。自由市场的运作总是令人惊讶。

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升级之前，一个匿名用户接管了子网281，并将其直接转换为模因硬币子网，并将其命名为“ Tao Accumulation Corporation”，缩写为“ LOL-SUBNET”。这显然与AI无关。

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

在（现已删除的）GitHub页面上，它说……不需要采矿，只需保留令牌即可变成庞氏骗局。

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（子网281）中，矿工无需运行任何代码，并且验证器评分机制完全基于矿工持有的子网令牌的数量。 SN28令牌越来越多，收到的Tao发布就越多。

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

实际发生的是：投机者购买了SN28代币→SN28价格上涨，SN28价格上涨→如果Tao释放超过子网，则收到了更多的Tao释放。