标题： 去中心化金融治理中的投票委托 显示英文标题

标题： Vote Delegation in DeFi Governance

摘要： 我们研究了去中心化自治组织（DAO）中投票权委托的驱动因素，以Uniswap治理DAO作为实验场。我们发现，拥有较少自有投票权的各方以及与控制型风险投资公司Andreesen Horowitz（a16z）有关联的各方，会获得更多投票权委托。这些模式表明，尽管Uniswap生态系统重视去中心化，但a16z可能在其中进行表面装饰。此外，我们发现，在提交改进提案方面有积极且成功的记录，尤其是在最终阶段，会导致更多的投票权委托，这表明DAO中的委托至少部分是基于声誉或成就的。综合来看，我们的研究结果为治理和去中心化在DeFi中的运作提供了新的见解。 显示英文摘要

摘要： We investigate the drivers of vote delegation in Decentralized Autonomous Organizations (DAOs), using the Uniswap governance DAO as a laboratory. We show that parties with fewer self-owned votes and those affiliated with the controlling venture capital firm, Andreesen Horowitz (a16z), receive more vote delegations. These patterns suggest that while the Uniswap ecosystem values decentralization, a16z may engage in window-dressing around it. Moreover, we find that an active and successful track record in submitting improvement proposals, especially in the final stage, leads to more vote delegations, indicating that delegation in DAOs is at least partly reputation- or merit-based. Combined, our findings provide new insights into how governance and decentralization operate in DeFi.