ATOM War 能成为抬举」ATOM 价格的良方么

金色财经Published on 2024-08-12Last updated on 2024-08-12

撰文：Tia，Techub News

 

Cosmos 也要开始进行 ATOM War 了，刚看到的时候还是免不了一阵心酸。

 

唏嘘归唏嘘，虽然个人认为这其实是穷途末路之举，好的项目应该是发扬其优势而非为了现状而改变强融，上一个硬融 ve 代币经济模型的项目 Balancer 也在 ve 代币经济模型发布后并未溅起多大的水花。但总还是要抱有希望的不是嘛，万一成功了呢。

 

Cosmos 的叙事是主权，其一键发链的功能让那些不适应「本土」链环境的应用能够拥有自主发链的权利。应用不再需要依附于主权链，Cosmos 直接赋予他们自立门户的权利，因此一度被认为是最具 crypto 精神的栖息地，很多开发者也都很爱 Cosmos。Celestia 创始人也曾在 Interchain Travel 上说，Cosmos 是他的 spiritual home。

 

虽然 Cosmos 生态强大，很多很棒的项目都是通过 Cosmos 发链的。但作为 Cosmos Hub 治理代币的 ATOM 却并为从中获得任何收益（也是为了赋予在 Cosmos 上发链项目的经济主权而作出的取舍），甚至一度被嘲沦落为 meme 币。但作为还在继续更新的项目，Cosmos 不能只成为无法盈利的公共物品。Cosmos Hub 和 ATOM 是 IBC、Cosmos SDK、CometBFT 和 Cosmos 堆栈其余部分开发的第一个也是最大的资金来源，而社区资金池多年来一直资金不足。Cosmos Hub 需要找到一种方式从生态中获取部分收益以支持其继续开发。

 

ATOM War

「ATOM War」一词源自以太坊上的 Curve War。在 Curve 中，流动性提供者可以获得的激励有两部分：该池子的交易费以及额外的 CRV 激励。CRV 激励这部分则是通过投票决定的，为了让自己的池子尽可能地获得更高的 CRV 激励，就会倒逼他们购买治理代币 CRV 进行锁定从而获得更高的投票权。由于锁定 CRV 的需求增加，就会带来价格的上涨，进而增加池子的 APY，吸引更多流动性提供者，从而形成飞轮效应。

 

ATOM War 某种意义上是 Cosmos 2.0 的延续。由于流动性质押模块已经开发完毕，ATOM 质押者可以通过流动性质押模块将质押的 ATOM 转换为「DelegationShares」，再通过将「DelegationShares」锁定到新的治理平台 Hydro 来获取 hATOM 以享有投票权。不同锁定期限可获取不同等级的 Voting Power。

 

 

通常，Cosmos 生态有向 Hub 提出请求流动性的需求。以提案 853 为例，pSTAKE Finance 就向 Hub 提出请求分配 60 万枚 ATOM 的需求，该部分 ATOM 主要是为了向 Cosmos 生态 DEX 提供 stkATOM/ATOM LP，其中 30 万枚 ATOM 用来质押获取 stkATOM，然后与剩下 30 万枚 ATOM 一起组成 stkATOM/ATOM LP。这其中有两处地方可以产生收益，一是将 ATOM 质押获取 stkATOM，而是 LP 收益。pSTAKE 承诺会向 Hub 分享 15% 的收益并免除 5% 的协议费。

 

因此，Cosmos 社区便有了 ATOM War 的想法，即让对 ATOM 有资金需求的各方竞争获取资金。当然，初始流动性来自 Hub 社区池。据提案建议，初始资金为 100 万 ATOM（约为当前社区资金的 1/3）。

 

需要流动性支持的项目方则需在 Hydro 平台进行白名单注册，并详细描述关于该资金的用途、向 Hub 社区池分享的收益以及对于 hATOM 投票者的出价（即项目为了赢得拍卖愿意向其 hATOM 支持者支付的金额），hATOM 持有者则根据这些信息进行投票，得票最多的项目即可获得社区池的流动性资金。

 

但通过出价的方式很容易带来一个弊端，即容易导致投票者支持「高收益高风险」项目。Curve USDM 稳定币池就是前车之鉴。因此，Hydro 增加了「Incentives alignment」机制，如果一个项目对资金管理不佳，则支持该项目的投票方将相应获得惩罚；而如果一个项目方对获得的资金利用较好，最终表现高于预期，则支持该项目方的投票方则可获得奖励。

 

Cosmos Hub 与 Cosmos 生态项目的关系其实很微妙，一方面 Cosmos 赋予了生态项目最高权限的自由——经济自由，但另一方面 Cosmos Hub 依旧在负责 Cosmos 各个组件的开发方向其着决定性作用。Hub 把经济问题留给了自己，生态项目在享受完 Cosmos 各种便捷服务后，并没有任何纳税制度。但 Hub 应当想办法，因为这不仅涉及到财政和经济问题，还涉及到治理。生态项目是 Cosmos 的利益相关方，不管生态项目是否有意识，作为 Hub 有义务让生态参与治理，无论是主动或是被动。

 

Hub 一直在谈增强 ATOM 作为储备货币的能力，ATOM War 一定程度上能够帮助到这一目标的，但将治理代币经济化，真的是一个好的主意吗？我想，在 ATOM War 之前，找准 Hub 的定位以及存在的意义可能要比 ATOM War 本身更重要。

 

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