5 分钟读懂去中心化自治组织 DXdao 的投资潜力

可能是盈利能力最好的 DAO 。

Could be the best DAO for profit.

撰文：LeftOfCenter

, by LeftofCenter

去中心化自治组织 DXdao 自启动以来，其代币 DXD 一度从 45 美元飙涨十倍达到 467 美元，虽然币价随后出现了明显回落，但截至发文时仍保持在 251 美元，涨幅超 450%。DXdao 采用了一种由其治理代币 REP 持有者联合治理，而持有原生代币 DXD 则有权分享这些产品产生的收益的模式。那么，DXdao 到底是如何运行的？旗下产品盈利能力如何？是否还有增长潜力？以及 为什么去中心化自治组织模式 DAO 综合数据平台 DeepDAO 称其为一种成熟的去中心化管理模式？请看今天的链闻 5 分钟读懂系列。

To centralize the Autonomous Organization DXDao, whose token DXD had risen tenfold from $45 to $467 since its launch, despite the subsequent apparent fall in currency prices, has remained at $251 as of the time of the submission, exceeding 450% . DXDao has adopted a form of governance co-governance by REP proprietors , while holding the original A.D.D. DXD has the right to share the proceeds of these products . So, how does DXDao operate? What is the profitability of the products under the flag?

DXdao 是什么？

DXdao 由 Gnosis 团队于 2019 年 3 月发起，基于 DAO Stack 创建，旨在以一种去中心化的组织模式开发 DeFi 产品。该项目部署完成后 Gnosis 会撤出，以保证不在 DXdao 中保留任何类型的控制权或预挖资产，确保一切都是公平公正的。

Launched by the Gnosis team in March 2019, DXDao was created on the basis of DAO Stack to develop the DeFi product in a decentralised organizational model. When the project is deployed, Gnosis will withdraw to ensure that no type of control or predrawn assets are retained in DXDao and that everything is fair and just.

DXdao 成立的最初目的是管理 DutchX 协议的参数，DutchX 是一个使用荷兰拍卖原理的完全去中心化的交易协议。在 DutchX 上进行交易的用户可获得 DXdao「声誉代币」REP，持有该代币具有 DXdao 的投票权。此外，你可以通过锁定 ETH 或 DutchX 支持的其他 ERC20 代币来获得「声誉代币」REP。

DXDao was originally created to manage the parameters of the DutchX protocol, which is a completely decentralised transaction agreement using Dutch auction principles. Users trading on DutchX have the DXDao “Recent Currency” REP, which has the right to vote in DXDao. In addition, you can get a “Recent Currency” REP by locking in other ERC20s supported by ETH or DutchX.

虽然 DXdao 的最初目标仅仅是管理 DutchX 协议 ，但由于 DXdao 参与者可以通过投票推动 DXdao 逻辑升级，因此，DXdao 其实可以进化成以太坊区块链上允许实现的任何事物。

Although DXDao’s original objective was to manage the DutchX protocol only, since DXDao participants could push the DXDao logical upgrade by voting, DXDao could actually evolve into to achieve anything allowed on the chain of blocks.

目前为止，DXdao 的所有成员联合拥有并运营一系列 DeFi 应用，包括去中心化预测市场 Omen.eth、无需许可的 DEX Mesa.eth、隐私工具 Mix 以及代币交换器 DXswap 等多款产品。

To date, all members of DXDao have jointly owned and operated a range of DeFi applications, including to centralize the predictive market Omen.eth, non-licensed DEX Mesa.eth, privacy tools Mix, and currency exchange DXswap, among others.

DXD 是「声誉代币」REP 之外 DXdao 发行的另一种代币。DXdao 采用联合曲线发行原生代币 DXD 进行筹款，持有 DXD 代币可享受 DXdao 旗下一系列 DeFi 产品创造的收益。2020 年 5 月，DXdao 开启众筹计划，总共发行 12,000 枚 DXD 代币，旨在筹集价值 300,000 美元的 ETH。不过这并非 DXdao 首次发币，此前，该团队已经声称预铸造了 100,000 DXD。在联合曲线发行计划向公众启动后 2 个月，DXD 的价格达到了 0.51 ETH，DXD 的总供应量超过 124,000。截至到目前为止，DXdao 基于联合曲线已生成 48,837 DXD，收入 2485 枚 ETH。

DXD is another currency issued by DXDao in addition to the Honorary Currency REP. DXDao uses a combined curve to issue original DXD bills for fund-raising, holding DXD tokens for a range of DeFi products under the DXDao flag . In May 2020, DXDao opened a public plan to issue 12,000 DXD tokens to raise ETHs valued at $300,000. , although this was not the first time DXDao issued, the team claimed to have pre-created 100,000 DXDs. The total supply of DXDs to the public was more than 124,000 months after the joint roll-out plan was launched. To date, DXDdao has generated 48,837 DXDs on the basis of the combined curve and earned 2485 ETHs .

作为 DXdao 生态系统中的原生代币，DXD 赋予了以及其持有人一系列权益，包括分得 DXdao 总收入分成以及类似无需 gas 费交易等 DeFi 应用的服务和高级功能等权利。

As original intergenerational currency in the DXDao ecosystem, DXD confers a range of rights and interests on its holders, including the share of the total income of DXDao and the services and advanced functions of DeFi applications similar to those that do not require a gas fee transaction.

DXdao 的收入来源

DXdao 有两个资产池，分别是联合曲线准备金池和 DAO 金库（即资产负债表）。 DAO 的调整后资产负债表约为 12441257 美元，而联合曲线准备金约为 914480 万美元。

DXDao has two asset pools: the pool of the combined curve reserve and the Dao vault (i.e. balance sheet) The adjusted balance sheet of DAO is estimated at $12441257, while the combined curve reserve is estimated at $914.48 million.

为了给生态开发和增长提供资金，DXdao 会将收入的 90％输送给 DAO 金库。无论产生新的代币 DXD 购买还是旗下产品产生的收入，都只会留取 10％的额度分配给准备金，剩下的全都输送给 DAO 金库留作生态增长。

In order to finance ecological development and growth, DXdao will channel 90% of its revenues to DAO Treasury

去中心化自治组织模式 DAO 综合数据平台 DeepDAO 数据显示，DXdao 由 428 个成员组成，这 400 多个成员共同拥有并运营一系列 DeFi 应用产品组合， 包括预测市场（Omen）、拍卖平台 /DEX （Mesa）、隐私工具（Mix）、代币交换器（DXswap），以及仍处于起步阶段的第 2 层支付应用（Rails）。 其中，Omen 是基于 Gnosis 的条件代币框架（Gnosis' Conditional Token Framework）构建的，Mesa 是基于 Gnosis 协议构建的，Mix 集成了 tornado.cash，DXswap 是 Uniswap V2 的克隆版，Rails 则利用了 Loopring 的 zkRollup 技术。

Data from the DAO integrated data platform for centralizing autonomous organizations show that DXDao is made up of 428 members who jointly own and operate a range of DeFi applications, including predicting markets (Omen), auction platforms/DEX (Mesa), privacy tools (Mix), currency exchange (DXswap) and the 2nd floor payment application (Rails), which is still in the start-up phase, of which Omen is built on the Gnosis conditionality framework (Gnosis' Conditional Token Framework), Mesa is built on the Gnosis agreement, and Mesi is built on the Tronado.cash, DXswap is a cloned version of Uniswap V2, which makes use of zakRolup technology.

以上这些产品中，只有 Omen 和 Mesa 这两款产品刚刚上线，处于早期阶段的 DXdao 几乎无法靠这些产品产生任何营收。不过一旦任何一款产品产生收入，其原生代币 DXD 持有人就可以分得这部分收入。

Of these products, only Omen and Mesa are just online and the early DXDao can hardly generate any revenue from them. But once

此外，DXdao 的资产负债表还有一个重要的收入来源，即旗下各个 DAO 项目发行的原生代币资产。今年 4 月，DeFi 货币市场基金会（DMMF）向 DXdao 分配了总供应量 2％的 DMG 治理代币，以让 DXdao 的成员可以帮助其管理 DMM DAO。7 月 1 日，去中心化仲裁机 Kleros 为 DXdao 提供了 400 万个 PNK 代币奖励。不过该奖励是有条件的，Kleros 提供的争议解决服务整合了 DXdao 旗下产品预测市场 Omen，Omen 上每发生一次预测市场交易行为，Kleros 都可成为其中的一个仲裁选项。条件是，只有通过 Omen 至少为 Kleros 产生 2,000 万美元的交易量订单，该奖励才会激活。同样，DXdao 旗下应用产品的界面为 Gnosis 协议生成 2000 万美元的交易量后，就可从 Gnosis 获得 10,000 GNO 的赠款。数据显示，光是 Mesa 一款应用就已达成了这一交易量目标，这意味着 DXdao 已经获得了这些代币。

In addition, the balance sheet of DXdao also has an important source of revenue, namely, the original currency asset issued by the DAO projects under the flag of , . In April this year,

上图为 DXdao 资产负债表中包含的各种代币资产

DXdao 链上治理

由于担心中心化控制，目前有很多去中心化项目均采用了链下治理，导致其决策瘫痪或停滞不前。DXdao 认为，共识不是目的，而是一个过程。针对目前现状，需要改进和构建一种新系统，帮助这些去中心化项目可以以一种可扩展、去中心化和有效方式达成共识。具体来说，DXdao 的核心目标是构建一种工具、产品和流程，以促进全球范围内的大型去中心化社区做出决策和达成共识。

Fears of centralization have led to many decentralisation projects that have adopted chain-level governance that has paralysed or stalled their decision-making. DXDao argues that the consensus is not an end, but a process. needs to be improved and constructed to help these decentralization projects reach consensus in an expanded, decentralised and effective way. In particular, the central objective of DXDao is to build a tool, product and process to facilitate decision-making and consensus-building in large decentralised communities around the world.

DXdao 采用全息共识进行治理，这种机制可扩大决策的范围。具体来说，提案执行有两种方式，对于常规提案来说，只要在特定时间内获得绝对多数（超过 50％）的 REP 持有者的投票，那么该提案将被通过执行。另一种方式是，在进行投票之前，社区成员可使用 GEN 质押代币对常规提案进行 staking 下注，一旦 staking 的 GEN 代币达到一定阈值，该提案将升级为「增强」提案，这时候将会有更多人注意到它，于是，促其通过的投票率也就没那么难达到了。之后，如果该提案在特定时间内获得绝对多数（超过 50％）的 REP 持有者的投票，那么该提案将被执行。

DXDao uses the to govern a mechanism that can broaden the scope of decision-making. Specifically, there are two ways to implement the proposal. For the regular proposal of , as long as an absolute majority (more than 50%) of the REP holders vote in a given time, the proposal will be implemented. Another way is that, before voting, community members can use the GEN pledge currency to make a stake on the regular proposal, and once the GEN dean in a standing currency has reached a certain threshold, the proposal will be upgraded to to "enhanced" proposal , which will be noticed, so that the turnout for its adoption is less difficult to achieve.

在 DXdao 系统中，共有 3 种代币，分别是原生代币 DXD、治理代币 REP 和质押代币 GEN。其中，持有 DXD 原生代币可享受 DXdao 旗下产品创造的收益；REP 是声誉代币，主要用于 DXdao 的投票和治理，无法购买，只能通过给社区做贡献获得，它与以太坊地址关联，无法转让。GEN 则是一种质押代币，主要用于 staking 反对或支持提案。

In the DXDao system, there are 3 currencies , the original currency of DXD, the governing currency REP and the pledged currency GEN. The possession of the original currency of DXD benefits from the products under the DXDao flag; REP is a reputational currency, which is used mainly for voting and governance of DXDao and cannot be purchased, but only through contributions to the community, and which is linked to an ethomese address and cannot be transferred. GEN is a pledge currency, which is used mainly for stagking against or supporting the proposal.

DXdao 采用了一种相对复杂的治理机制，将经济收益（DXD）和投票权（REP）分离开来，从而可实现尽可能多的去中心化程度，可使其最大限度地分发 REP 并扩展为世界上最大的去中心化组织。

DXDao has adopted a relatively complex governance mechanism that separates

整体排名和数据表现

基于调整后的资产负债表排名，DXdao 排名首位，第二位为 The Lao，在成员总数指标排名第三、投票总数和产生的提案指标上 DXdao 均排名第二。

Based on the adjusted balance sheet ranking of

数据显示，排名前 10 位的声誉代币 REP 持有者控制着 52％ 的投票权。尽管论坛上有活跃的社区和提案总数增加，但总体投票人数却在逐渐降低。

According to the data, the top 10-bit reputational token REP holder controls 52% of voting rights . Despite an increase in the number of active communities and proposals in the forum, the overall voter turnout is declining.

DXdao 启动之前，已预铸了 10 万个 DXD，这些资金将会在三年内陆续解锁至 DAO 金库储备金中。在 10 万预铸代币 DXD 释放前，市场上真实流通的 DXD 只有 48837 枚。因此，在 10 万个 DXD 完全释放完之前，DXD 的市值只能按照 48837 个 DXD 计算，基于当前价格，DXD 的市值约为 1269 万美元。完整的 DXdao 金库储备金可以在 这里 看到。

Prior to the launch of DXDo, 100,000 DXDs had been predefined and the funds would be unlocked in the DAO Treasury reserve for three years inland. Only 48837 DXDs were in real circulation on the market before the release of DXDs in advance of the pre-cast DXDs. Thus, the market value of DXDs could only be calculated on the basis of 48837 DXDs, based on current prices, and the market value of DXD would be approximately $12.69 million. The full DXDo Treasury reserve could be .

DXdao 的金库储备金主要是为旗下产品的未来增长提供资金，大部分资金都花在产品开发和营销成本上。根据 DXdao 的预算提案，可以看出 DXdao 每月常规支出安排相对合理。在不增加新的 DXD 购买、产品不产生收入、现在持有的代币价格没有波动，以及按月释放的 10 万预铸代币 DXD 不加入进来的前提下，那么以当前的库存资金持有量，DXdao 还维持 6.3 年运转。

DXDao’s treasury reserves finance future growth of its products, most of which are spent on product development and marketing costs. According to the DXDao budget proposal, DXDao’s regular monthly spending arrangements are relatively reasonable. With no new DXD purchases, no income generated from products, no fluctuations in current currency prices, and a monthly release of 100,000 pre-constructed currency DXD, DXD also maintains current stock holdings, with 6.3 years of operation .

那么，DXD 盈利能力如何呢？或许可以算一算其原生代币 DXD 的市净率。

So, what about the profitability of DXD? Maybe you can calculate the net market rate of its original ingenuity DXD.

根据 DXdao 的资产负债表，可以计算出每个 DXD 的每股净资产的价格。如下图显示，计算得出，DXD 的市净率为 0.91，这意味着 DXD 还有一定的上涨潜力。此外，DXdao 旗下产品还未产出收益，但具有极大的营收潜力。比如，预测市场 Omen 目前的交易量已大大超过 AugurV2，Mesa 每月交易量略低于 IDEX。

Based on DXDao's balance sheet, it is possible to calculate the price per share of the net assets of each DXD. As shown in the figure below, DXD's net market rate of is calculated at 0.91 , which means that DXD still has some potential to increase. Moreover, DXDao's products have not produced a yield but have a significant revenue potential. For example, the market Omen is now projected to have much more transactions than AugurV2, and Mesa has slightly less monthly transactions than IDEX.

市净率（Price-to-Book Ratio，简称 P/B PBR）是指是每股股价与每股净资产的比率。 市净率可用于股票投资分析，一般来说市净率较低的股票，投资价值较高，相反，则投资价值较低；但在判断投资价值时还要考虑当时的市场环境以及公司经营情况、盈利能力等因素。

refers to the ratio of stock prices to net assets per stock.

8 月 23 日，加密货币研究机构 Delphi Digital 宣布加入去中心化自治组织 DXdao （DXD），并针对该组织目前现状提出了一系列改进建议：

On August 23, Delphi Digital, an encoded currency research institute, announced its membership in the decentralised autonomous organization DXDao (DXD) and proposed a series of improvements to the current status of the organization :

1. 到目前为止，DXdao 旗下产品几乎没有产生任何收入。Delphi Digital 建议 DXdao 学习开市客（Costco）的经营策略和商业模式，最大化旗下不同应用的生态系统及会员的价值，即在生态系统达到临界质量时收取会员费。在此之前，非会员可以获得与会员相同的收益，以便更好地扩大资本规模并提升采用率；
2. Delphi Digital 建议 DXdao 在二层解决方案上构建整个生态系统以增加可扩展性和灵活性；
3. DXD 目前的联合曲线阻碍了项目的短期发展，会导致缺乏流动性阻止潜在成员购买 DXD 以及二级市场中出现大幅折价。Delphi Digital 建议 DXdao 对其联合曲线进行更新；
4. DXdao 当前的治理设计过于繁琐、缺乏用户界面且持有的 DXD 并不直接等同于投票权。DXdao 可以进一步更新其流动性挖矿计划，并分配部分代币；
5. DXdao 需要对其项目发展进程进行标准化和信息透明化。