解開2025治理協議激增

2025年標誌著交換聚合器治理方案的關鍵時刻，採用和創新都有明顯的激增。

The year 2025 has seen a pronounced surge in activity within swap aggregator governance protocols, marking a pivotal moment for the decentralized finance (DeFi) sector. As swap aggregators, such as 1inch and ParaSwap, become increasingly prominent in facilitating efficient token swaps and providing optimal routing solutions, the protocols underpinning their governance have grown increasingly sophisticated.

2025年在掉期聚合器治理方案中的活動激增，標誌著分散融資（DEFI）部門的關鍵力矩。隨著交換匯總器（例如1英寸和paraswap）在促進有效的令牌掉期和提供最佳路由解決方案方面變得越來越突出，基於其治理的協議越來越複雜。

These protocols, which are largely based on decentralized autonomous organizations (DAOs) and token-based voting, empower community members to make critical decisions regarding protocol upgrades, security measures, and even revenue-sharing models. The surge in governance activity is evident in the increased participation rates observed in major DeFi DAOs. For instance, 1inch Network's DAO witnessed a participation high of over 70,000 wallet addresses engaging in proposals during Q1 2025.

這些協議主要基於分散的自治組織（DAOS）和基於代幣的投票，使社區成員能夠就協議升級，安全措施甚至收入共享模型做出關鍵決定。在主要Defi Daos觀察到的參與率上升中，治理活動的激增顯而易見。例如，1英寸網絡的DAO目睹了70,000多個錢包的參與地址在第1季度2025年第1季度參與建議。

A significant contributor to this surge is the improvement in voting interfaces and the introduction of staking rewards for voters, further incentivizing community involvement. Similarly, ParaSwap's integration of quadratic voting and real-time proposal tracking aims to mitigate governance capture and boost transparency, leading to a 40% year-over-year increase in proposal submissions.

引起這一激增的一個重要貢獻是投票界面的改善和為選民引入獎勵的獎勵，進一步激勵社區參與。同樣，Paraswap的二次投票和實時建議跟踪的整合旨在減輕治理捕獲和提高透明度，從而導致提案提交的提案同比增長40％。

Several trends are shaping the future of swap aggregator governance. Firstly, there's a strong emphasis on security and risk management. Protocols are beginning to implement circuit-breaker mechanisms and real-time analytics for governance proposals, reducing the risk of malicious or rushed upgrades. These features, first piloted by 1inch Network in late 2024, are rapidly becoming industry standards.

幾種趨勢正在塑造掉期聚合治理的未來。首先，非常重視安全和風險管理。協議開始實施斷路器機制和治理建議的實時分析，從而降低了惡意或急速升級的風險。這些功能在2024年底首先由1英寸網絡進行了試點，它迅速成為行業標準。

Secondly, the emergence of governance-as-a-service providers is lowering the barrier for new projects to implement robust, modular governance systems. This will likely foster the development of more specialized governance models tailored to specific aggregator use cases.

其次，治理 - 服務提供商的出現正在降低新項目實施強大的模塊化治理系統的障礙。這可能會促進針對特定聚合器用例量身定制的更專業的治理模型的開發。

Looking ahead, the governance landscape is expected to experience further decentralization and composability. The integration of decentralized identity (DID) solutions and reputation-based voting is already in early-stage pilots, promising to improve both participation integrity and proposal quality.

展望未來，治理格局有望經歷進一步的權力下放和合成性。分散的身份（DID）解決方案和基於聲譽的投票的整合已經在早期飛行員中，有望提高參與完整性和建議質量。

Cross-aggregator collaborations on governance standards, such as the formation of interoperability working groups, are also being observed. These collaborations aim to create a more unified DeFi infrastructure, paving the way for more seamless integration of liquidity and services across different platforms in 2026 and beyond.

還觀察到了有關治理標準的交叉聚集者合作，例如互操作性工作組的形成。這些合作旨在創建一個更統一的Defi基礎架構，為2026年及以後的不同平台上更多無縫的流動性和服務鋪平道路。

In conclusion, the surge in swap aggregator governance protocol activity during 2025 is characterized by deeper community engagement, enhanced security, and a move toward standardized, composable governance tools. These advances are setting the stage for the next phase of scalable, resilient DeFi aggregation.

總之，掉期聚合器治理方案活動的激增的特徵是社區參與度更深，安全性增強以及朝著標準化的，可組合的治理工具邁進。這些進步正在為下一階段的可擴展，彈性偏移聚集奠定了基礎。

Table of Contents

目錄

Executive Summary: Unpacking the 2025 Governance Protocol Surge

執行摘要：解開2025年治理協議激增

The year 2025 marks a pivotal moment for swap aggregator governance protocols, with a pronounced surge in both adoption and innovation. Swap aggregators, decentralized platforms that route users' token swaps across various decentralized exchanges (DEXs) for optimal pricing, are increasingly relying on sophisticated governance frameworks to ensure security, adaptability, and community alignment.

2025年標誌著交換聚合器治理方案的關鍵時刻，採用和創新都有明顯的激增。交換聚合器，分散的平台，這些平台將用戶在各種分散交易所（DEX）上劃分以進行最佳定價，越來越多地依靠複雜的治理框架來確保安全性，適應性和社區一致性。

The protocols underpinning leading aggregators such as 1inch Network, ParaSwap, and Matcha (by 0x Labs) have advanced their on-chain governance models, empowering token holders to directly influence critical parameters, upgrades, and even revenue distribution mechanisms. These platforms are integrating advanced voting systems, modular governance components, and cross-chain interoperability solutions to meet the evolving demands of the DeFi ecosystem.

支撐領先的聚合器的協議，例如1英寸網絡，Paraswap和Matcha（由0x Labs）提高了其鏈政策模型，使代幣持有人能夠直接影響關鍵參數，升級甚至收入分配機制。這些平台正在整合高級投票系統，模塊化治理組件和跨鏈互操作性解決方案，以滿足Defi生態系統不斷發展的需求。

During 2024 and into 2025, several major governance milestones have been achieved. 1inch Network reached new participation highs, with over 70,000 wallet addresses engaging in its DAO proposals. This uptick is attributed to improved voting interfaces and incentive mechanisms, such as staking rewards for voters. Similarly, ParaSwap introduced quadratic voting and real-time proposal tracking to mitigate governance capture and boost transparency, leading to a 40% increase in proposal submissions year-over-year.

在2024年至2025年期間，已經實現了一些主要的治理里程碑。 1英寸的網絡達到了新的參與高點，有70,000多個錢包的地址參與了DAO建議。這種上升歸因於改進的投票界面和激勵機制，例如選民的獎勵。同樣，Paraswap引入了二次投票和實時建議跟踪，以減輕治理捕獲並提高透明度，從而使提案同比提交的提案提交40％。

Meanwhile, Matcha (by 0x Labs) integrated cross-chain governance modules, enabling community oversight of aggregator operations across Ethereum, Polygon, and emerging L2s. The goal is to provide a flexible, upgradable governance process that can rapidly respond to changing market or regulatory conditions.

同時，抹茶（由0x實驗室）集成了跨鏈治理模塊，從而使社區對以太坊，多邊形和新興的L2S進行聚合操作。目的是提供靈活的，可升級的治理過程，可以快速響應不斷變化的市場或監管條件。

A key trend is the emphasis on security and risk management. Protocols have begun implementing circuit-breaker mechanisms and real-time analytics for governance proposals, reducing the risk of malicious or rushed upgrades. These features, first piloted by 1inch Network in late 2024, are rapidly becoming industry standards.

關鍵趨勢是強調安全和風險管理。協議已經開始實施斷路器機制和治理建議的實時分析，從而降低了惡意或急速升級的風險。這些功能在2024年底首先由1英寸網絡進行了試點，它迅速成為行業標準。

Furthermore, the emergence of governance-as-a-service providers is lowering the barrier for new projects to implement robust, modular governance systems. This will likely foster the development of more specialized governance models tailored to specific aggregator use cases.

此外，治理 - 服務提供商的出現正在降低新項目實施強大的模塊化治理系統的障礙。這可能會促進針對特定聚合器用例量身定制的更專業的治理模型的開發。

Looking ahead, the governance landscape is expected to experience further decentralization and composability. The integration of decentralized identity (DID) solutions and reputation-based voting is already in

展望未來，治理格局有望經歷進一步的權力下放和合成性。分散身份（ID）解決方案和基於聲譽的投票的整合已經存在