从 “标配” 到 “拖累”:基金会模式正在走向黄昏期

链捕手Published on 2025-06-24Last updated on 2025-06-24

作者:Fairy,ChainCatcher

编辑:TB,ChainCatcher

 

十一年前,以太坊基金会在瑞士注册,树立了加密项目治理结构的早期范式。到了“万链齐发”时代,基金会成了Layer1项目的“标配”——去中心化、非营利、服务社区,这些标签一度被奉为区块链项目的“治理黄金标准”。

然而,近期a16z的一篇文章《加密货币基金会时代的终结》重新引发了人们对基金会的思考。这套理想化结构的现实困境逐渐暴露,基金会光环正迅速褪色。

当理想照进现实:基金会模式的失控样本

理想中的基金会,带有强烈的道德光环,被视为项目链接初创阶段与自治治理之间不可或缺的桥梁。但随着许多项目进入成熟期与规模化阶段,这套机制也开始显露出结构性疲态。内部斗争、资源错配、社区参与感削弱……越来越多的项目基金会,在实际运作中出现治理失衡问题,理想与现实之间的落差正在被放大。

Arbitrum 基金会曾在未获 DAO 批准的情况下划拨大量 ARB,引发社区强烈反对,基金会以沟通不畅作解释;Kujira 基金会因将 KUJI 代币用于杠杆操作,却遭连环清算和币价暴跌,最后将国库交由 DAO 接管;以太坊基金会则多次因高位出售 ETH、效率低不作为等问题遭受批评,虽然近期开始改革,但质疑声仍未消散。

在权力结构方面,早期的 Tezos 项目因基金会与创始团队之间的权力争斗陷入长期内耗,不仅延误了发币进程,还引发投资者诉讼。类似的情况也发生在 Cardano 基金会,其被指控边缘化创始人 Charles Hoskinson,并在链上治理和宪章起草等关键事务上缺乏积极作为。

由此可见,当前部分基金会面临治理流程不透明、权力结构模糊、资金管理与风险控制薄弱,以及社区参与和反馈机制不足等问题。在监管环境趋于友善和行业快速变化的背景下,基金会的角色定位与治理模式是否需要重新审视和升级?

看不见的利益网络与代币命运

在加密项目的实际运营中,基金会与Labs的角色分工逐渐形成了一套结构范式:基金会负责治理协调、资金管理与生态资助,而技术开发则通常由独立的 Labs 或 Dev 公司承担。然而,这背后或许也存在着越来越多利益交织的复杂现实。

据加密KOL“加密无畏”透露,在如 Movement 等北美项目背后,已形成一个由律师、传统合规顾问构成的专业化基金会“架构输出集团”。他们为项目提供标准化的“Labs + 基金会”模板,帮助其合规发币、设计治理架构,并深度参与诸如空投规则、生态基金投向、做市合作等关键事项。

然而,这些董事通常并非项目原生成员,而是以几十万美元年薪挂名担任基金会要职,在没有深度参与产品建设的前提下却握有实质性的“合规否决权”,甚至对关键资源流向产生影响。

我们整理了一批近一年中基金会活跃、参与度高的公链项目,并统计其代币在过去三个月和一年的市场表现:


从整体数据来看,多数基金会主导的项目代币在过去三个月均出现了不同程度的下跌,年线表现同样乏力。不过,这一走势也受到山寨币市场整体下行行情的影响。

据加密 KOL “加密无畏”透露,已有两家市值排名前 200 的项目方计划在今年下半年撤销基金会架构,直接并入 Labs。作为加密项目的两种主流组织形式,基金会与公司制架构各有侧重:基金会强调非营利、去中心化与生态治理,而公司制则以效率与增长为导向,追求业务发展和市值增长。

与此同时, a16z 也在文章中表示,开发公司模式能够更精准调动资源、吸引人才并快速响应变化。随着美股上市潮升温、币股联动加剧,公司主导的治理结构似乎更具优势。

那么,一些基金会的退出,是否已经进入倒计时?

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