治理令牌：分散决策的关键

这些代币赋予持有人对关键决策进行投票的权力，从协议升级到资助分配，将控制权从集中团队转移到社区。

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.

在加密货币领域，治理令牌是在加密项目中授予投票权的数字资产。他们超越了仅仅硬币，而更像是投票。当您持有治理令牌时，您的意见在确定项目应如何运作方面很重要。

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.

这些代币将对关键决策的控制权从集中团队转移到社区。这可能涉及协议升级或资金分配，从而可以根据用户反馈和集体愿望发展项目。

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

区块链项目中的管理系统通常称为分散的自主组织（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多个Daos，超过6,000多名成员参与了有影响力的选择。他们共同管理约245亿美元的国库资产，其中包括大约1,110万个治理令牌持有人。

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

从指导项目的指导到塑造规则，治理令牌使分散的治理成为现实。

What are governance tokens used for?

使用什么治理令牌是用什么？

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.

项目应该改变其费用结构，还是在新链上推出？如果您持有治理令牌，则可以投票是或否。

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.

这个概念很简单：使用或投资项目的人也应该有助于确定其道路。这样可以防止一些创始人或投资者在真空中做出重要决定。

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.

加入平台时，有些令牌会自动到达，而另一些令牌则通过提供流动性或积累来赚取。您也可以在主要的加密交易所购买它们。

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，获取治理令牌不能保证控制；它提供了参加的机会。参与的人越多，系统就越平衡。

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

现在，让我们检查一下投票能力的工作原理以及使其重要的原因。

Voting power

投票权

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

投票权衡量您的治理代币在投票期间带来的影响，通常取决于您持有的令牌数量。

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.

您的钱包中的令牌越多，提案中投票的重量就越大。它并不总是一个单言式系统；一些项目使用不同的方法来平衡事物。

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，具有成千上万个令牌的“鲸鱼”可能具有更大的发言权，但是某些平台限制了力量或需要投票才能投票，从而阻止了它是一个简单的钱游戏。其他项目利用二次投票，这减少了受到不平衡影响力的人的影响。这鼓励更多的用户参与。

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.

投票通常通过连接到加密钱包的移动或网络应用程序进行。您选择一个选项，提交投票，并将其记录在区块链上。

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.

大多数选票在设定的时间内保持开放，并遵循简单的多数或法定规则。有些票也可能需要最少的选民通过。

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

这使我们提出了一个问题，为什么人们首先会投票。

What are the incentives for participating in the votes?

参加投票的激励措施是什么？

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

除了塑造项目的方向并确定未来的更新外，加密治理中的投票也可以带有真正的好处。

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:

许多项目奖励人们参与提案以保持系统积极和公平的建议。这是您可能获得的出现和投票的原因：

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运作和发展的关键部分。他们赋予用户做出影响整个系统的决策的能力。

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项目不依赖公司或首席执行官，而是让社区对应该如何做事，如何花钱以及进行什么更新进行投票。

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.

这与传统创业公司不同，在传统初创公司中，创始人经常决定战略，而投资者关心回报。在Defi中，治理令牌的控制权转移到了使用和投资协议的人中。

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

这些令牌用于对两种主要建议类型进行投票：财政管理和协议更改。

Treasury management

财政部管理

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.

许多Defi项目都有庞大的国库券 - 装满令牌或稳定币的WALLETER。治理令牌可以使社区控制如何使用这笔钱。这就像一个共同的预算，代币持有人可以对什么值得资金进行投票。

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.

这可能是为开发人员支付资金，审核，启动营销活动或支持生态系统赠款。如果一个项目想赞助黑客马拉松或与其他协议合作，则该决定通常会投票。

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.

良好的财政管理可以帮助项目发展，保持安全并奖励其社区。但是错误的决定或参与度较低会浪费资源或失速进展。因此，即使是一票也很重要。

Protocols changes

协议更改

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.

治理令牌还赋予用户能够塑造协议在“引擎盖下”的工作方式。这些投票不仅与金钱有关，而且可以改变系统的核心功能和行为。

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.

一个众所周知的案例是复合案件，其补充令牌持有人投票通过调整借贷限制，暂停风险资产，甚至升级协议本身。这些不是建议；它们是通过链链提案进行的约束变化。

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

该系统的优点在于它随着用户而演变。如果某事不起作用，或者社区认为没有抓住机会