论文标题
途径：DAO治理令牌的算法定价协议
Pathway: a protocol for algorithmic pricing of a DAO governance token
论文作者
论文摘要
在本文中，我们将考虑使用AMM（CPMM）DEX（自动推销商分散交易所）进行流动性运营的治理令牌定价算法，其流动性属于分散的自治组织（DAO），也称为协议拥有的流动性（POL）。该协议的主要目的是通过以两个步骤组成的干预措施来确定算法来维持价格PEG：从AMM流动性池中提取流动性并进行“代币交换”操作。我们将涵盖设置最佳PEG函数作为某些归一化因素的加权总和，该函数将由DAO共同确定。特别是，我们将审查流动性干预的各种算术不变性，这将价格带到了PEG，同时使总流动性完好无损，并展示如何通过所谓的PMM（积极主动的做市商）协议在实践中替代此类干预措施。
In this paper, we will consider a governance token pricing algorithm that conducts liquidity operations on AMM (CPMM) DEXs (automated market maker decentralized exchanges) with liquidity that belongs to a decentralized autonomous organization (DAO), also called protocol-owned liquidity (POL). The primary aim of the protocol is maintaining a price peg by determining algorithmically when and how to carry out interventions that consist of two steps: extracting liquidity from an AMM liquidity pool and conducting "token swap" operations. We will cover setting up an optimal peg function as a weighted sum of certain normalized factors, which are to be determined collectively by the DAO. In particular, we will review various arithmetic invariants of liquidity intervention, which brings the price to a peg while leaving total liquidity intact, and show how such interventions can be substituted in practice by so-called PMM (proactive market maker) protocols.
