Skin in the Game: The Transformational Potential of Decentralized Autonomous Organizations
以去中心化金融为例，运用多中心治理视角，剖析去中心化自治组织（DAO）在管理数字公地中促进集体行动的变革潜力，揭示了其通过持续参与、集体方向和规模化组织三种机制维持集体行动，并在人机协同中实现利益攸关。
Decentralized autonomous organizations (DAOs)—collectively owned human-machine systems deployed on a blockchain that self-govern through smart contracts and the voluntary contributions of autonomous community members—exhibit the potential to facilitate collective action in managing digital commons. Yet the promise of decentralization and collective action is difficult to sustain. To this end, this paper critically examines the transformational potential of DAOs in the case of decentralized finance. Using a polycentric governance lens, we contribute to the literature on technology-enabled forms of organizing with a model explaining the transformational potential of DAOs to facilitate collective action in digital commons. Our study highlights that (1) DAOs are a new form of organizing enabled by blockchain technology in which individuals are free to pursue their objectives within a general system of rules enforced by smart contracts, (2) collective action for managing digital commons can be sustained through a set of three mechanisms—sustained participation, collective direction, and scaled organizing, and (3) DAOs tend to strike a balance between centralized and fully decentralized or community-based governance by implementing a polycentric governance system involving a combination of human and machine agency that creates skin in the game.