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[13:28] 去中心化应用和DAO的概念 The concepts of Decentralised Applications (dApps) and Decentralised Autonomous Organizations (DAOs)

去中心化应用（Decentralised Application，dApp）是一种基于区块链技术的应用程序，它通过智能合约的编写和执行，使应用程序的逻辑代码和数据存储在区块链网络中，就主要的特点还是不再集中于某个中心化的服务器或数据中心。

“Decentralised Application (dApp) is an application based on blockchain technology that stores the application’s logic code and data on a blockchain network through writing and execution of smart contracts. Its main feature is that data is no longer centralised on a particular server or data center.

The design of dApp aims to achieve decentralisation and eliminates the need for centralised management operations. Although most dApps today have achieved the goal of not relying on servers, they still requires human intervention and management at certain levels.

[16:13] 去中心化应用的定义和特点 The Definition and Characteristics of dApps

• Decentralised: Decentralised applications do not rely on a single central authority or server, but are instead maintained and managed by a distributed network of multiple nodes.
• Transparency: All transactions and interactions within dApp are visible to all participants on the network.
• Safety: The security of decentralised applications has been greatly improved as data and applications code are distributed among multiple nodes – making it difficult for attackers to launch an attack on a single node.
• Autonomous: The development and governance of decentralised applications are jointly determined by the community. Not having a single centralised management ensures the fairness and flexibility of decentralised applications.
• Immutability: All transactions and operations are recorded on a public blockchain, and they cannot be tampered with or deleted once recorded. This ensures the fairness and credibility of decentralised applications.

DeFi的兴起使得更多人开始关注去中心化应用的潜力，以及它们在颠覆传统产业（包括金融领域）方面的能力。没有DeFi之前，许多DApp大多停留在概念阶段，缺乏用户和资金的支持，因此很难实现规模化发展。但是，随着DeFi的兴起，越来越多的人开始看到DApp的潜力和机会，这导致了对DApp生态系统的关注和投资的增加。

The rise of DeFi has brought attention to the potential of dApp and their ability to disrupt traditional industries, especially finance. Before the advent of DeFi, many dApp remained conceptual as it lacks user base and financial support, making it difficult to scale. However, with the rise of DeFi, more and more people realise the potential and opportunities of dApps, leading to increased attention and investment in the dApp ecosystem.

[40:00] DAO的定义和特点

DAO  – 全称为”去中心化自治组织” 是一种基于区块链技术的组织形式，可以通过智能合约等技术实现自治和去中心化。它允许成员通过代币投票来做出决策，同时确保了透明度和去中心化。

Decentralised Autonomous Organisation (DAO), is an organisational form based on blockchain technology that runs autonomously and is decentralised through the use of smart contracts and other technologies. It allows members to make decisions through token voting while ensuring transparency and decentralisation.

从 DeFi 的角度来看，DAO 已经不再是一个概念，而是已经进入了实际应用阶段。在 DeFi 生态系统中，越来越多的项目和平台采用 DAO 组织形式来实现去中心化和自治，比如 MakerDAO和CurveDAO等等。这些项目通过智能合约等技术来实现成员代币投票决策，从而实现真正的去中心化和自治。此外，DAO 也为 DeFi 生态系统的可持续性发展提供了有力的支持，因为它可以让项目在没有中心化管理的情况下继续运营和发展。

From the perspective of DeFi, DAO is no longer a concept, but is now at the application stage. In the DeFi ecosystem, more and more projects and platforms have started adopting DAO organisational forms, such as MakerDAO and CurveDAO. These projects use technologies such as smart contracts to implement members’ token voting decisions, thereby realizing the true decentralisation and community autonomous. In addition, DAO also provides strong support for the sustainable development of the DeFi ecosystem, as it allows projects to continue to operate and develop without centralised management.

• Decentralised: DAO does not have a central entity to control all the resources and assets within the organisation. Instead, decisions are made by members through token voting. This makes the organisation more decentralised and democratic.
• Autonomous: DAO’s members can make autonomous decisions without relying on a central entity. Members can express their opinions through token voting and they play different roles in the organisation.
• Transparency: As DAO is based on blockchain technology, all transactions and decisions are publicly visible. This ensures transparency and fairness in the organisation, and reduces the possibility of fraud and corruption.
• Smart Contract: DAOs use smart contracts to execute protocols and rules. This makes transactions within the organisation more transparent and automated, while reducing transaction costs and time.
• Token Economy: DAO uses tokens to manage the resources and assets within the organisation, and incentivises members to actively participate in the decision-making process of the organisation. Tokens can be used for voting, as well as access to resources and assets within the organisation.
• Trustless: DAO uses blockchain technology to ensure the security and transparency of transactions, which reduces the need for trust. Traditional business models require trust in intermediaries to process transactions that increases transaction costs and the risk of fraud.

简单来说，DAO 是一种建立在区块链上的新型组织形式，它利用代币经济和智能合约来管理组织内的资源和资产。它去除了中介机构的角色，使得组织可以通过代码来运作，实现去中心化的管理方式。

In simple terms, DAO is a new type of organisational structure built on blockchain technology, which uses token economics and smart contracts to manage the resources and assets within the organisation. By removing the role of intermediaries, organisations can operate through code and enabled via a decentralised management approach.

[50:05] 以托管为核心的商业模式存在的问题 The Issues with Custody-based Business Model

虽然要完全执行DAO 还需要很多完善的基础设施，但传统中心化的商业模式一直存在的弊端和风险，例如单点故障的风险、高昂的运营成本、信息不对称、以及可能存在的腐败和欺诈，促使人们寻找像DAO的新商业化模式。

Although a lot more infrastructure are still needed to fully implement DAO, the drawbacks and risks of traditional centralised business models – such as the risk of single-point failure, high operating costs, information asymmetry, and possible corruption and fraud – have prompted people to look for new commercial models like DAO.

[1:13:10] 以DAO为核心的去中心化应用的优势 Advantages of dApps with DAO at the Core

DAO的核心理念之一就是将控制权交给其成员，实现去中心化的组织管理，也就是所谓的社区自治。DAO社区自治的优势和灵活性使得DAO能够更好地适应不同的社区需求和变化。

One of the core principles of DAO is to transfer control to its members, enabling decentralised organisational management, and an autonomous governance model. The advantages and flexibility of DAO allow it to better adapt to the needs of different communities.

有些人可能会对让公司或组织参与度更高的概念感到陌生或者不理解。但如果我们换位思考，可以发现放权给社区的好处。比如，通过智能合约等技术可以实现自动化的管理和运营，减少人为干预和管理成本，从而降低组织的运营成本，提高利润和效益。

Some people may feel unfamiliar with the concept of community’s participation in a company or organization. But if we can take it from a different perspective, there are a handful of benefits in empowering the community. For example, through technologies such as smart contracts, we can achieve automated management and operations, which reduces human intervention, management costs and operating costs, and hence the increased profitability and efficiency.

在DeFi的赛道上，我们需要更多的DAO参与。DeFi的核心理念是去中心化和开放性，而DAO的社区自治和去中心化的特点与DeFi的理念高度契合。因此，DAO在DeFi中的角色越来越重要，不仅可以提供资金支持和治理机制，还可以促进DeFi生态系统的发展和创新。以DAO为核心的开放式生存生态系统与价值共享和社区参与度的概念存在了很多开创全新商业模式看的价值和潜能。 The more participation of DAOs, the better DeFi will be. The core concept of DeFi is decentralisation and openness, and the community governance and decentralisation characteristics of DAOs are highly compatible with DeFi’s principles. Therefore, the role of DAOs in DeFi is becoming increasingly important, as they can not only provide financial support and governance mechanisms but also promote the development and innovation of the DeFi ecosystem. The concept of an open and collaborative ecosystem centered around DAOs, with a focus on value sharing and community participation, has created many new business models with great value and potential.

[1:29:41] 以Curve DAO为例的去中心化应用研究

Curve DAO是一个典型的DAO，采用去中心化的治理模式，允许代币持有者参与决策，从而实现社区自治和透明度。Curve DAO的收入主要来自于交易费用。它的协议允许用户在稳定币之间进行低滑点和低费用的交易，例如在USDC、USDT和DAI之间交易。

Haowi最后也和大家分享了他对Curve DAO 的洞察与见解，想了解Curve DAO的分析和代币经济学可观看视频。

Curve DAO is an example of real DAO that adopts a decentralised governance model. It allows token holders to participate in decision-making, thereby achieving community autonomy and transparency. The revenue of CurveDAO mainly comes from transaction fees. Its protocol allows users to make low-slippage and low-fee trades between stablecoins, such as trading between USDC, USDT, and DAI.

Finally, Haowi also shared his insights and perspectives on Curve DAO with everyone, and if you want to learn more about the analysis and token economics of Curve DAO, you can watch the recordings.