The FTX scandal and crypto boom-and-bust cycles have called into question the sustainability of decentralised systems like DAOs. This article argues that inherent constraints will limit DAOs’ mainstream adoption. We contend that the primacy of code in DAOs—represented by the code is law maxim—is overstated given semantic gaps in contracts. Crisis management is another serious bottleneck due to challenges of coordinating decisions without central authorities. Informal hierarchies may also emerge—in line with organisational theoretic concept of power clawing back, which would undermine decentralization objectives. Our analysis considers anonymous reputation verification, flexibility, and transparency to have more staying power and identifies scalability as the primary obstacle—stemming from high transaction costs and throughput constraints.

中文翻译：

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为持久而生，而非规模化：去中心化自治组织的长期发展


FTX 丑闻和加密货币繁荣与萧条周期让人们对 DAO 等去中心化系统的可持续性产生了质疑。本文认为，固有的限制将限制 DAO 的主流采用。我们认为，鉴于合约中的语义差距，代码在 DAO 中的首要地位（以代码为代表的法律准则）被夸大了。由于在没有中央当局的情况下协调决策的挑战，危机管理是另一个严重的瓶颈。非正式的等级制度也可能出现——这符合权力收回的组织理论概念，这将破坏权力下放的目标。我们的分析认为匿名声誉验证、灵活性和透明度具有更强的持久力，并将可扩展性视为主要障碍——源于高交易成本和吞吐量限制。