Abstract

Distributed Ledger Technologies enable the decentralised delivery of traditional financial services. They also allow the development of disruptive proposals, such as the issuance of stablecoins managed by the governance system of an autonomous decentralised organisation or DAO. One such project, MakerDAO, stands out in the current DeFi landscape. The initiative claims its proposal provides money that facilitates financial inclusion by dispensing with intermediaries through a decentralised infrastructure. However, the claim must be contrasted with the reality of the operation of the stablecoin, the vulnerabilities that can affect the project, and the interaction with the different elements of the legal system.

中文翻译：

---

分析去中心化自治组织 (DAO)：限制和视角

摘要

分布式账本技术实现了传统金融服务的去中心化交付。它们还允许开发颠覆性提案，例如发行由自治去中心化组织或 DAO 的治理系统管理的稳定币。MakerDAO 就是这样一个项目，在当前的 DeFi 格局中脱颖而出。该倡议声称，其提案提供的资金可以通过分散的基础设施消除中介机构，从而促进金融包容性。然而，该主张必须与稳定币的运行现实、可能影响项目的漏洞以及与法律体系不同要素的相互作用进行对比。