Curve 治理权变局：1700 万 CRV 拨款提案遭否，资本方成新决策核心

marsbitPublished on 2025-12-26Last updated on 2025-12-26

Abstract

Curve社区近期否决了一项向开发团队Swiss Stake AG拨款1700万CRV的提案，Convex和Yearn等大票权方投下反对票并影响了最终决策。该提案由Curve创始人Mich发起，旨在支持团队继续推进llamalend、链上外汇市场及crvUSD扩展等开发工作。反对声音主要聚焦两点：一是社区要求开发资金的使用需更透明化，包括历史支出明细、未来规划及实际项目收益评估；二是veCRV持有者不愿承受无明确回报的代币稀释风险。此次事件反映出Curve治理结构的特点——实际决策权逐渐由创始人转向资本方主导的“治理资本主义”模式。 ve模型通过将投票权与长期锁仓绑定，吸引资金体量大、能承受流动性损失的资本群体，而普通用户则通过Convex/Yearn等代理层委托投票并获取收益。这种结构虽提升了治理效率，但也可能加剧中心化风险。未来Curve的治理权可能进一步向大型资本集中，传统DAO模型的局限性在此背景下愈发明显。

原文作者:CM(X:@cmdefi)

前几天,Curve的一项拨款提案被否了,内容是拨给开发团队(Swiss Stake AG) 17M $CRV 开发经费,Convex和Yearn都投了反对票,而且这个票权比例足以影响最终结果。

从Aave治理问题开始发酵之后,治理开始被市场关注了,要钱就给的这种惯性也开始打破了。Curve这个提案背后有两个关键点:

1. 社区一部分声音,并不反对给AG拨款,但之前的钱怎么用的,未来怎么用,是否可持续,是否给项目带来了收益,这些东西是他们想要的。同时这种过于原始的grant模式,导致钱只要出去了,就没有任何约束,未来DAO需要成立Treasury,收入支出要透明化,或者增加治理约束。

2. veCRV的大票权们,不想稀释自己的价值。这是比较明显的利益冲突,如果CRV grant所支持的项目不能可预见的给veCRV创造利益,那大概率不会得到支持。当然Convex和Yearn也有各自的私心和势力,这方面的问题先不谈。

这个提案是由Curve创始人Mich发起的,AG也是2020年就开始维护核心代码库的团队之一,这次拨款AG给出的路线图大概包含,继续推进llamalend,包括对PT、LP的支持,另外是链上外汇市场和crvUSD的扩张。看起来是值得做的,但是否值得17M $CRV 的拨款,这需要另外计算了,特别是Curve的治理与Aave有很多不同的地方,它的权力分布在几个立场鲜明的团队手里,

将ve与常规的治理模型做个比较:

先说结论,目前大多数的常规治理模型,从设计上基本没有优点可言,当然如果DAO足够成熟,那么传统结构也能运行的很好,但很遗憾目前Crypto还没有一个项目成熟到这个层次,比如市场共识的头部Aave也会出问题。

那么如果单独聊模型设计,ve有一定先进的地方,首先它是有现金流的,它背后是流动性控制权,当外界有流动性需求就会对这个权力进行贿赂,所以即使你不想长期锁仓,那你也可以把你的代币委托给Convex/Yearn这种代理项目来获得收益。

所以ve是投票权与现金流绑定的模型,那么未来的演变大概率是“治理资本主义”路线,vetoken把投票权和“长期锁仓”绑定,本质是在筛选那些资金体量大、能承受流动性损失、有能力做长期博弈的人。那么拉长时间,结果就是治理者从普通用户群体逐渐变成“资本群体”。

同时由于Convex/Yearn这种代理层的存在,很多普通用户甚至是忠诚用户,希望自己在得到收益的同时不损失流动性和灵活性,也会逐渐选择放在这些项目中委托治理。

从这次投票中也能看到一些端倪,未来Curve的治理Mich未必是主角,而在于这些大票权手中,之前Aave治理出现问题的时候,有人提出“委托治理/精英治理”的想法,其实跟目前Curve的结构就比较相似了。至于好与不好,需要时间去检验了。

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Curve 治理权变局：1700 万 CRV 拨款提案遭否，资本方成新决策核心

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