治理令牌：分散決策的關鍵

這些代幣賦予持有人對關鍵決策進行投票的權力，從協議升級到資助分配，將控制權從集中團隊轉移到社區。

In the realm of cryptocurrency, governance tokens are digital assets that grant voting rights within a crypto project. They go beyond mere coins for trading and function more like ballots. When you hold governance tokens, your input matters in deciding how the project should operate.

在加密貨幣領域，治理令牌是在加密項目中授予投票權的數字資產。他們超越了僅僅硬幣，而更像是投票。當您持有治理令牌時，您的意見在確定項目應如何運作方面很重要。

These tokens shift control over key decisions from centralized teams to the community. This could involve protocol upgrades or fund allocation, allowing the project to evolve based on user feedback and collective wishes.

這些代幣將對關鍵決策的控制權從集中團隊轉移到社區。這可能涉及協議升級或資金分配，從而可以根據用戶反饋和集體願望發展項目。

A governing system in a blockchain project is often referred to as a decentralized autonomous organization (DAO).

區塊鏈項目中的管理系統通常稱為分散的自主組織（DAO）。

There are over 13,000 DAOs worldwide, and over 6,000 actively involve members in making impactful choices. Together, they manage around $24.5 billion in treasury assets and include approximately 11.1 million governance token holders.

全球有13,000多個Daos，超過6,000多名成員參與了有影響力的選擇。他們共同管理約245億美元的國庫資產，其中包括大約1,110萬個治理令牌持有人。

From steering a project's direction to shaping its rules, governance tokens make decentralized governance a reality.

從指導項目的指導到塑造規則，治理令牌使分散的治理成為現實。

What are governance tokens used for?

使用什麼治理令牌是用什麼？

Should a project change its fee structure, or launch on a new chain? If you hold the governance tokens, you can vote yes or no.

項目應該改變其費用結構，還是在新鏈上推出？如果您持有治理令牌，則可以投票是或否。

The concept is straightforward: people who use or invest in a project should also help determine its path. This prevents a few founders or investors from making critical decisions in a vacuum.

這個概念很簡單：使用或投資項目的人也應該有助於確定其道路。這樣可以防止一些創始人或投資者在真空中做出重要決定。

Some tokens arrive automatically when you join a platform, while others are earned by providing liquidity or staking. You can also purchase them on major crypto exchanges.

加入平台時，有些令牌會自動到達，而另一些令牌則通過提供流動性或積累來賺取。您也可以在主要的加密交易所購買它們。

However, acquiring a governance token doesn't guarantee control; it provides the opportunity to participate. The more people engage, the more balanced the system becomes.

但是，獲取治理令牌不能保證控制；它提供了參加的機會。參與的人越多，系統就越平衡。

Now, let's examine how that voting power works and what makes it significant.

現在，讓我們檢查一下投票能力的工作原理以及使其重要的原因。

Voting power

投票權

The voting power measures how much influence your governance tokens carry during a vote, usually depending on the number of tokens you hold.

投票權衡量您的治理代幣在投票期間帶來的影響，通常取決於您持有的令牌數量。

The more tokens in your wallet, the greater the weight of your vote in proposals. It's not always a one-token-one-vote system; some projects use different methods to balance things out.

您的錢包中的令牌越多，提案中投票的重量就越大。它並不總是一個單言式系統；一些項目使用不同的方法來平衡事物。

For instance, a "whale" with thousands of tokens might have a larger say, but some platforms cap power or require staking to vote, preventing it from being a simple money game. Other projects utilize quadratic voting, which lessens the impact of someone accruing an unbalanced amount of influence. This encourages more users to participate.

例如，具有成千上萬個令牌的“鯨魚”可能具有更大的發言權，但是某些平台限制了力量或需要投票才能投票，從而阻止了它是一個簡單的錢遊戲。其他項目利用二次投票，這減少了受到不平衡影響力的人的影響。這鼓勵更多的用戶參與。

Voting usually occurs through mobile or web apps that connect to your crypto wallet. You select an option, submit your vote, and it gets recorded on the blockchain.

投票通常通過連接到加密錢包的移動或網絡應用程序進行。您選擇一個選項，提交投票，並將其記錄在區塊鏈上。

Most votes remain open for a set time and follow a simple majority or quorum rule. Some votes might also require a minimum number of voters to pass.

大多數選票在設定的時間內保持開放，並遵循簡單的多數或法定規則。有些票也可能需要最少的選民通過。

This brings us to the question of why people would vote in the first place.

這使我們提出了一個問題，為什麼人們首先會投票。

What are the incentives for participating in the votes?

參加投票的激勵措施是什麼？

Voting in crypto governance can also come with real perks, in addition to shaping a project's direction and determining future updates.

除了塑造項目的方向並確定未來的更新外，加密治理中的投票也可以帶有真正的好處。

Many projects reward people for participating in proposals to keep the system active and fair. Here’s what you might get for showing up and casting your vote:

許多項目獎勵人們參與提案以保持系統積極和公平的建議。這是您可能獲得的出現和投票的原因：

How are governance tokens used in DeFi?

Defi中如何使用治理令牌？

In decentralized finance (DeFi), governance tokens are a key part of how platforms work and evolve. They give users the power to make decisions that affect the entire system.

在分散的金融（DEFI）中，治理令牌是平台如何運作和發展的關鍵部分。他們賦予用戶做出影響整個系統的決策的能力。

Instead of relying on a company or CEO, DeFi projects let the community vote on how things should be done, how to spend money, and what updates to make.

Defi項目不依賴公司或首席執行官，而是讓社區對應該如何做事，如何花錢以及進行什麼更新進行投票。

This is different from traditional startups, where founders often decide strategy and investors care about returns. In DeFi, governance tokens shift control to those who use and invest in the protocols.

這與傳統創業公司不同，在傳統初創公司中，創始人經常決定戰略，而投資者關心回報。在Defi中，治理令牌的控制權轉移到了使用和投資協議的人中。

These tokens are used to vote on two main types of proposals: Treasury management and protocol changes.

這些令牌用於對兩種主要建議類型進行投票：財政管理和協議更改。

Treasury management

財政部管理

Many DeFi projects have large treasuries—wallets full of tokens or stablecoins. Governance tokens give the community control over how that money is used. It's like a shared budget, and token holders get to vote on what’s worth funding.

許多Defi項目都有龐大的國庫券 - 裝滿令牌或穩定幣的WALLETER。治理令牌可以使社區控制如何使用這筆錢。這就像一個共同的預算，代幣持有人可以對什麼值得資金進行投票。

This could be paying developers, funding audits, launching marketing campaigns, or supporting ecosystem grants. If a project wants to sponsor a hackathon or partner with another protocol, the decision often goes to a vote.

這可能是為開發人員支付資金，審核，啟動營銷活動或支持生態系統贈款。如果一個項目想贊助黑客馬拉鬆或與其他協議合作，則該決定通常會投票。

Good treasury management can help a project grow, stay secure, and reward its community. But bad decisions or low participation can waste resources or stall progress. So even one vote matters.

良好的財政管理可以幫助項目發展，保持安全並獎勵其社區。但是錯誤的決定或參與度較低會浪費資源或失速進展。因此，即使是一票也很重要。

Protocols changes

協議更改

Governance tokens also give users the power to shape how a protocol works "under the hood." These votes aren't just about money—they can change the core functions and behavior of the system.

治理令牌還賦予用戶能夠塑造協議在“引擎蓋下”的工作方式。這些投票不僅與金錢有關，而且可以改變系統的核心功能和行為。

A well-known case is Compound, where its COMP token holders have voted to adjust borrowing limits, pause risky assets, and even upgrade the protocol itself. These aren't suggestions; they're binding changes made through on-chain proposals.

一個眾所周知的案例是複合案件，其補充令牌持有人投票通過調整借貸限制，暫停風險資產，甚至升級協議本身。這些不是建議；它們是通過鍊鍊提案進行的約束變化。

The beauty of this system is that it evolves with its users. If something isn't working or the community feels an opportunity isn't being seized

該系統的優點在於它隨著用戶而演變。如果某事不起作用，或者社區認為沒有抓住機會