去中心化金融中的去中心化幻觉:MakerDAO 投票中代币化投票的证据

IF 6.1 2区 经济学 Q1 BUSINESS, FINANCE
Xiaotong Sun , Charalampos Stasinakis , Georgios Sermpinis
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引用次数: 0

摘要

去中心化自治组织(DAO)在去中心化金融(DeFi)应用中非常流行,因为它通过区块链提供了一种去中心化治理解决方案。我们分析了 Maker 协议、其稳定币 DAI 及其治理代币 Maker (MKR) 的治理特征。为此,我们建立了几种中心化治理的衡量标准。我们的实证分析研究了中心化治理对一系列与 MKR 和 DAI 相关因素的影响,如金融、网络和 Twitter 情绪指标。我们的结果表明,治理集中化会影响 Maker 协议,投票权的分配也很重要。这项研究的主要意义在于,MakerDAO 中的中心化治理非常存在,而 DeFi 投资者则面临着 DeFi 协议的去中心化和性能之间的权衡。这进一步推动了当代关于 DeFi 能否真正去中心化的争论。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Decentralization illusion in Decentralized Finance: Evidence from tokenized voting in MakerDAO polls

Decentralized Autonomous Organization (DAO) is very popular in Decentralized Finance (DeFi) applications as it provides a decentralized governance solution through blockchain. We analyze the governance characteristics in the Maker protocol, its stablecoin DAI and its governance token Maker (MKR). To achieve that, we establish several measurements of centralized governance. Our empirical analysis investigates the effect of centralized governance over a series of factors related to MKR and DAI, such as financial, network and Twitter sentiment indicators. Our results show that governance centralization influences the Maker protocol and that the distribution of voting power matters. The main implication of this study is that centralized governance in MakerDAO very much exists, while DeFi investors face a trade-off between decentralization and performance of a DeFi protocol. This further contributes to the contemporary debate over whether DeFi can be truly decentralized.

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来源期刊
CiteScore
7.70
自引率
9.30%
发文量
78
审稿时长
34 days
期刊介绍: The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.
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