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[论文解读] The Governance of Decentralized Autonomous Organizations: A Study of Contributors' Influence, Networks, and Shifts in Voting Power

Stefan Kitzler, Stefano Balietti|arXiv (Cornell University)|Sep 25, 2023
FinTech, Crowdfunding, Digital FinanceBusiness, Management and Accounting被引用 3
一句话总结

本研究利用来自872个DAO的链上投票数据，调查了贡献者（开发者和核心团队成员）在去中心化自治组织（DAO）中的影响。研究发现，贡献者平均在7.54%的DAO中控制治理；在20.41%的情况下，其投票具有决定性作用；在共投票网络中占据核心位置，且14.81%的提案在投票前出现最后时刻的代币所有权变动，表明投票前存在战略性协调。

ABSTRACT

We present a study analyzing the voting behavior of contributors, or vested users, in Decentralized Autonomous Organizations (DAOs). We evaluate their involvement in decision-making processes, discovering that in at least 7.54% of all DAOs, contributors, on average, held the necessary majority to control governance decisions. Furthermore, contributors have singularly decided at least one proposal in 20.41% of DAOs. Notably, contributors tend to be centrally positioned within the DAO governance ecosystem, suggesting the presence of inner power circles. Additionally, we observed a tendency for shifts in governance token ownership shortly before governance polls take place in 1202 (14.81%) of 8116 evaluated proposals. Our findings highlight the central role of contributors across a spectrum of DAOs, including Decentralized Finance protocols. Our research also offers important empirical insights pertinent to ongoing regulatory activities aimed at increasing transparency to DAO governance frameworks.

研究动机与目标

  • 通过实证方法评估贡献者（开发者、团队成员）在DAO治理决策中的作用。
  • 考察贡献者在DAO共投票网络中的结构中心性。
  • 检测并量化治理代币所有权在投票前的最后时刻变动。
  • 提供关于表面上去中心化治理模式中集中化风险的实证洞见。
  • 通过识别去中心化金融（DeFi）和DAO运营中的关键影响者，支持监管工作。

提出的方法

  • 构建了包含986,557名投票者的数据集，覆盖872个DAO，并将438,668票与链上记录交叉验证，一致性达97.48%。
  • 将贡献者定义为在dApp开发或治理中具有经验证角色的个体，数据来自多个公开来源。
  • 构建了DAO与贡献者地址之间的二部图，并基于共享贡献者将该图投影为DAO-DAO共投票网络。
  • 应用网络中心性度量（度数、介数、特征向量、接近度）及k-core分解，评估结构影响力。
  • 设定10次共票的边权重阈值，以确保网络稳健性并减少噪声。
  • 对阈值进行敏感性分析，以验证网络统计量的稳定性。
Figure 2: Contributor involvement across DAO spaces . The DAOs are ranked by contributor involvement $\bar{w}^{s}_{C}$ ( ) from highest (left) to lowest (right). Some high-TVL dApps ( ) are annotated for illustrative purposes and contributor involvement of more than $50$ % is colored ( ).
Figure 2: Contributor involvement across DAO spaces . The DAOs are ranked by contributor involvement $\bar{w}^{s}_{C}$ ( ) from highest (left) to lowest (right). Some high-TVL dApps ( ) are annotated for illustrative purposes and contributor involvement of more than $50$ % is colored ( ).

实验结果

研究问题

  • RQ1在不同协议中，贡献者对DAO治理的决定性投票权有多大？
  • RQ2DAO的共投票网络有多集中？贡献者是否处于这些网络的核心位置？
  • RQ3是否存在可检测的投票前代币集中积累模式，表明存在战略性协调？
  • RQ4代币所有权的变动与去中心化金融（DeFi）及其他DAO中提案结果的相关性如何？
  • RQ5在去中心化治理框架中，贡献者存在集中化影响的实证证据是什么？

主要发现

  • 在7.54%的DAO中，贡献者集体持有控制治理决策所需的超级多数票。
  • 在20.41%的DAO中，贡献者的投票至少在一个提案中具有决定性作用，表明其对结果的直接影响。
  • 与非贡献者相比，贡献者在共投票网络中始终更具中心性，所有中心性度量指标得分均更高。
  • 在8,116项提案中，共有1,202项（14.81%）在投票前数日内出现多数所有权变动，表明存在战略性代币积累。
  • k-core分析显示，贡献者较少出现在低核心区域，表明其在密集投票社区中整合度更高。
  • 在两个网络中检测到一个非贡献者的异常聚类，其k-core值较高，表明非核心参与者可能存在间接影响。
Figure 3: Contributor self-decisions across DAO spaces. The $178$ DAOs are ranked by contributor self-decisions $\delta^{s}$ ( ) in descending order, with a threshold of $0.1$ %. The y-axis represents the fraction of proposals in which DAO contributors voted and decided their outcome with dominant v
Figure 3: Contributor self-decisions across DAO spaces. The $178$ DAOs are ranked by contributor self-decisions $\delta^{s}$ ( ) in descending order, with a threshold of $0.1$ %. The y-axis represents the fraction of proposals in which DAO contributors voted and decided their outcome with dominant v

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