2.0 Intro
2.0 简介
I'm sure people would pay good money to not end up on this list after some of last year's “People to Watch” struggled mightily in 2022.
我敢肯定，去年的一些“值得关注的人”在 2022 年挣扎之后，人们会花很多钱不出现在这个名单上。
Last year's number one on the list was “everyone” – as in “We're All Going to Make It.” WAGMI, as we used to cry with glee back at the pico-top of 2021, did not really pan out as hoped.
去年榜单上的第一名是“每个人”——如“我们都将成功”。 WAGMI，正如我们过去在 2021 年的微微顶端时欢呼雀跃一样，并没有真正像希望的那样成功。
And it didn't get much better at #2 (Three Arrows Capital's Su Zhu) or #10 (Terra's Do Kwon), both of whom went bankrupt. Coinbase slid 80% (Emilie Choi), NFTs are down even further (Devin Finzer), and Axie experienced a catastrophic hack and fell 90% (The Jiho).
排名第 2（三箭资本的苏竹）或排名第 10（Terra 的 Do Kwon）的情况也好不到哪里去，他们都破产了。 Coinbase 下跌 80%（Emilie Choi），NFT 跌幅更大（Devin Finzer），Axie 遭遇灾难性黑客攻击，下跌 90%（The Jiho）。
On the other hand, a16z lost a high-profile partner, but Katie Haun did just fine with a fresh fund of her own. Twitter was bought out by Elon Musk, who might just fix it at the expense of other crypto social platforms, though it's unclear whether last year's Twitter peeps to watch are still gainfully employed at Elon Twitter.
另一方面，a16z 失去了一位备受瞩目的合作伙伴，但 Katie Haun 凭借自己的新基金过得很好。 Twitter 被 Elon Musk 收购，他可能只是以牺牲其他加密社交平台为代价来修复它，尽管目前还不清楚去年的 Twitter 窥视是否仍然在 Elon Twitter 上获得报酬。
Watchee beware, and I'm sorry…
当心，并且我很抱歉……
2.1 Changpeng Zhao & Brian Armstrong
2.1 长鹏 赵 & Brian Armstrong
FTX's failure last month was damaging financially, politically, and reputationally. But its failure wasn't a systemic threat to the entire industry.
FTX 上个月的失败在财务、政治和声誉方面都造成了损害。但它的失败并不是对整个行业的系统性威胁。
That designation is shared by only two entities in crypto today: Binance and Coinbase, who are #1 and #2 in global spot trading volumes and crypto assets under custody.
今天，只有两个加密实体共享该名称：Binance 和 Coinbase，它们分别在全球现货交易量和托管加密资产方面排名第一和第二。
In November, Binance accounted for nearly 75% of all global spot volumes. The liquidity engine for the global crypto market operates in a jurisdictionally-fluid gray area of epic proportions. It would be a mischaracterization to call Binance “unregulated,” but the legal and regulatory risks around its operations are hard to handicap. CZ has been subject to personal attacks by the media (who blame him for sparking a “bank run” on FTX), competitors (ill-advised), and other regulators, who would prefer Binance fit more cleanly under their collective thumbs.
11 月，币安占据了近 全球所有现货交易量的 75% .全球加密市场的流动性引擎在一个具有史诗般比例的管辖流动灰色地带运行。将 Binance 称为“不受监管”是一种错误的描述，但围绕其运营的法律和监管风险很难避免。 CZ 一直受到媒体（他们指责他在 FTX 上引发“银行挤兑”）、竞争对手（不明智）和其他监管机构的人身攻击，他们更希望 Binance 在他们的集体拇指下更干净。
Likewise, at the end of Q3, Coinbase counted $101 billion in assets on its platform, comprised of $40 billion in bitcoin (1 % of the total supply), $25 billion in ether (16%), and $30 billion of other non-stablecoin tokens (1 % of the remaining crypto market cap). Coinbase assets include all of the Grayscale Trusts' assets (the largest publicly traded crypto securities). Like CZ, Brian Armstrong has attracted personal scrutiny from the media (who hate him for his “no politics at work” policy), competitors (again, ill-advised), and major U.S. regulators, who don't appreciate when their “sketchy” behavior gets thrown under a public microscope.
同样，在第三季度末，Coinbase 在其平台上统计了1010 亿美元的资产，其中包括 400 亿美元的比特币（占总资产的 1%）总供应量）、250 亿美元的以太币（16%）和 300 亿美元的其他非稳定币代币（占剩余加密市值的 1%）。 Coinbase 资产包括所有 Grayscale[Trusts 资产]（最大的公开交易的加密证券）。和 CZ 一样，Brian Armstrong 也受到了媒体（他们讨厌他的“工作中没有政治”政策）、竞争对手（同样是不明智的）和美国主要监管机构的个人审查，他们不喜欢他们的“粗略”行为被置于公共显微镜下。
Try as we may to convince the masses to embrace personal wallets and decentralized finance and other applications, we will probably always have centralized financial services that offer account-based services for investors and users looking to access crypto without the hassle of shepherding their own private keys.
尽管我们可能会尝试说服大众接受个人钱包和去中心化金融和其他应用程序，但我们可能始终拥有集中式金融服务，为希望访问 Crypto 的投资者和用户提供基于账户的服务，而无需保管自己的私钥.
Binance and Coinbase, and their respective founders, will be integral to any industry rebuild. As their fortunes go, so goes crypto in 2023. (No pressure, fellas.)
Binance 和 Coinbase 及其各自的创始人将成为任何行业重建不可或缺的一部分。作为他们的 2023 年，财富随风而去， Crypto 也随风而去。（伙计们，别有压力。）
2.2 Rep. Patrick McHenry
2.2 众议员帕特里克·麦克亨利
With the Republicans taking the House in the midterm elections, there's a stanche crypto proponent who's readying to helm the House Financial Services committee. North Carolina Rep. Patrick McHenry will have an outsized influence over crypto policy in the coming years regardless of whether the Digital Commodities Consumer Protection Act (“DCCPA”) is passed into law in the next couple of weeks before a new Congress is sworn in (incredibly unlikely).
随着共和党在中期选举中控制众议院，一位坚定的加密支持者准备掌舵众议院金融服务委员会。北卡罗来纳州众议员帕特里克麦克亨利将在未来几年对加密政策产生巨大影响，无论新国会宣誓就职前的几周内数字商品消费者保护法（“DCCPA”）是否以（难以置信）的方式通过成为法律。
Even in a scenario in which DCCPA passes in 2023 without much Republican input, its primary impact will be on sending primary oversight of the major crypto exchanges and trading facilities to the CFTC. But it will still leave significant room for the interpretation of how the underlying regulated crypto assets are defined. What exactly constitutes a “Digital Commodity” vs. a “Digital Security”? McHenry himself has acknowledged that “a missing puzzle piece is the necessary role House Financial Services and Senate Banking Committees must play to provide the much-needed clarity these proposals seek to accomplish,” i.e., defining crypto assets.
即使在 2023 年 DCCPA 在没有太多共和党投入的情况下通过的情况下，其主要影响也将是将主要 Crypto 交易所和交易设施的主要监督权交给 CFTC。但它仍将为解释“受监管的基础加密资产”的定义方式留下很大的空间。究竟什么构成了“数字商品”与“数字证券”？麦克亨利本人承认，“一个缺失的拼图是众议院金融服务委员会和参议院银行委员会必须发挥的必要作用，以提供这些提案寻求的急需的清晰度完成”，即定义加密资产。
McHenry has been an early leader on this front.
麦克亨利是这方面的早期领导者。
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He promoted SEC Commissioner Hester Peirce's “Safe Harbor” proposal for token disclosures and sponsored a bill that would codify its approach to regulation.
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他推动美国证券交易委员会委员 Hester Peirce 关于代币披露的“安全港”提案，以及赞助了一项法案，将其监管方法编纂成法典。
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He co-sponsored a bipartisan “ugly baby” bill that would clearly regulate stablecoins and establish ground rules for their integration into the broader financial system.
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他共同发起了一项两党“丑陋婴儿”法案，该法案将明确规范稳定币并建立它们融入更广泛的金融体系的基本规则。
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He and his close ally on House Financial Services, Rep. Tom Emmer, who is now the House Majority Whip (#3 in House leadership), are likely to provide a check on SEC Chair Gary Gensler and haul him in for questioning over his approach to regulation via enforcement and a cozy relationship with FTX.
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他和他在众议院金融服务部的亲密盟友、现任众议院多数党党鞭（在众议院领导层中排名第三）的众议员汤姆·埃默 (Tom Emmer) 可能会对 SEC 主席加里·金斯勒 (Gary Gensler) 进行检查，并将他拉入竞选质疑他通过执法和与 FTX 的亲密关系进行监管的方法。
If DCCPA does not pass, McHenry's role will likely become even more expansive. The Agriculture Committees (which govern the CFTC and would see a boost in its authority and responsibilities under the DCCPA) will soon be consumed by the once-in-five years renewal of the expansive Farm Bill, and McHenry will likely want a version of the House's comprehensive DCEA Act back on the table.
如果 DCCPA 不通过，麦克亨利的角色可能会变得更加广泛。农业委员会（管理 CFTC 并将看到其在 DCCPA 下的权力和责任得到提升）将很快被五年一次的扩大农业法案的更新所消耗，麦克亨利可能想要一个版本众议院全面的 DCEA 法案重回桌面。
Confused? Go on to Chapter 4. For now, know that McHenry is one of the most important politicians to watch in the new year. We have a lot of informed leaders in the next Congress. That's fortunate as the stakes are very high.
感到困惑？去看第 4 章。现在，麦克亨利是新年最值得关注的政治家之一。在下一届国会中，我们有很多见多识广的领导人。这是幸运的，因为赌注很高。
2.3 Sheila Warren
2.3 希拉·沃伦
One of the reasons for optimism with this new Congress has to do with the fact that their familiarity with crypto has spiked due to the industry's education investments in D.C. Last year, we had the Blockchain Association's Kristin Smith and a16z's Katie Haun in our top 10 list because we knew this was a year when real legislative proposals would pick up steam. Their firms were at the forefront of public policy efforts in D.C. at the end of 2021.
对新国会持乐观态度的原因之一是，由于该行业在 DC 的教育投资，他们对 Crypto 的熟悉程度飙升。去年，我们有区块链协会的 Kristin Smith和 a16z 的 Katie Haun在我们的前 10 名名单中，因为我们知道今年是真正的立法提案将加速发展的一年。到 2021 年底，他们的公司处于哥伦比亚特区公共政策工作的前沿。
Though she remains influential, Katie's departure from a16z to start her own firm, Haun Ventures, split the policy team between two firms. Meanwhile, the Blockchain Association (BA) performed admirably but had to grapple with a larger number of restless members even as several larger firms (Coinbase, Binance.US) defected.
尽管她仍然有影响力，但凯蒂离开 a16z 创办了自己的公司 Haun Ventures，将政策团队分成了两家公司。与此同时，区块链协会 (BA) 的表现令人钦佩，但即使几家较大的公司（Coinbase、Binance.US）倒戈，也不得不应对更多不安分的成员。
Fortunately, a complementary trade organization emerged as another leader in D.C. The Crypto Council for Innovation (CCI), which counts a smaller, but higher maintenance group of member companies (Coinbase, a16z, Paradigm, Fidelity, Block). Sheila Warren, a former World Economic Forum executive, has assembled a killer staff and positioned CCI at the center of the critical DCCPA discussions.
幸运的是，一个互补的贸易组织成为 D.C. The Crypto 创新委员会(CCI) 的另一个领导者，它的规模较小，但更高级别的成员公司维护组（Coinbase、a16z、Paradigm、Fidelity、Block）。 Sheila Warren是世界经济论坛的前任执行官，她组建了一支杀手级员工队伍，并将 CCI 置于关键的 DCCPA 讨论的中心。
BA's Kristin manages a larger and noisier 100+ company membership, but Sheila's group has more firepower. The stakes couldn't be much higher for CCI going into 2023 given the potential rifts that exist between the major exchanges and investors among its member organizations. If CCI can maintain a united front on behalf of its members, and continue to thread the needle to get good crypto legislation passed, it could lead to an industry boom.
BA 的 Kristin 管理着更大、更吵闹的 100 多家公司会员，但 Sheila 的团队拥有更大的火力。鉴于主要交易所与其成员组织中的投资者之间存在潜在分歧，CCI 进入 2023 年的风险不会更高。如果CCI能维持代表其成员的统一战线，并继续为通过良好的 Crypto 立法而努力，这可能会导致行业繁荣。
Tighter regulation is coming. New laws are likely in 2023. And as the US goes, many other countries will follow. The success of CCI (and BA) will influence the next decade of industry development. Now that FTX is out of the picture, I am optimistic about the results.
更严格的监管即将到来。新法律可能会在 2023 年出台。随着美国的发展，许多其他国家也会效仿。 CCI（和 BA）的成功将影响未来十年的行业发展。现在 FTX 已经不在了，我对结果很乐观。
2.4 Citizen Journalists: From Molly White to Autism Capital
2.4 公民记者：从 Molly White 到 Autism Capital
“Web3 is Going Just Great...and is definitely not an enormous grift that's pouring lighter fluid on our already smoldering planet.” So reads researcher Molly White's blog header. “What if all this is about who gets Gisele now that they took out Tom Brady?” So read an early shitpost from the most unlikely authoritative source of information through the FTX bankruptcy, Autism Capital.
“Web3 正在变得非常棒……而且绝对不是在我们已经阴燃的星球上倾倒打火机液体的巨大骗局。” 研究员 Molly White 的 博客标题如此写道。 _“如果所有这一切都是关于谁在淘汰了汤姆布拉迪之后得到了吉赛尔呢？”_因此，通过FTX破产阅读来自最不可能的权威信息来源的早期狗屎帖子，[Autism Capital]。
Molly is an informed and savvy crypto skeptic. Autism Capital was literally a self-proclaimed “simp account” for FTX's founder before pivoting to investigative journalism. Both have outperformed the legacy media by a country mile in reporting on important stories within the crypto sphere this year. And both point to continued outperformance of citizen journalists in an information landscape that's heavy on narrative and light on truth.
Molly 是一位见多识广、精明的 Crypto 怀疑论者。在转向调查性新闻业之前，Autism Capital 实际上是 FTX 创始人自称的“简单账户”。今年，在报道 Crypto 领域的重要事件方面，两家公司的表现都比传统媒体高出一英里。两者都表明，在重叙事轻真相的信息环境中，公民记者的表现持续出色。
Web3 Is Going Just Great tracks the daily dumpster fires that have plagued crypto this year, and there might not be a more savage reality checker on crypto. It's effective because it's simple, highlighting myriad startup failures, hacks, and frauds day to day. It's easy to dismiss “FUD” from industry critics who ignore the benefits and potential of crypto, but the reality is that critics get more oxygen and attention when the markets are down than when things are up. It's not fun to get dragged on the internet, but a discerning entrepreneur might parse feeds like Molly's and create solutions to the most pernicious problems and embarrassing weaknesses in crypto infrastructure. That's been the path to unicorn status for a decade now: solve hard problems.
Web3 Is Going Just Great 跟踪了今年困扰 Crypto 的每日 [垃圾箱火灾]，并且可能没有[更野蛮的现实检查器]关于加密。它之所以有效，是因为它简单明了，突出了每天无数的创业失败、黑客攻击和欺诈行为。忽视加密的好处和潜力的行业评论家很容易对“FUD”置之不理，但现实是，与市场上涨时相比，市场低迷时，批评家们得到的关注和关注更多。在互联网上被拖累并不好玩，但有眼光的企业家可能会解析像 Molly's 这样的提要，并为加密基础设施中最有害的问题和令人尴尬的弱点创建解决方案。十年来，这一直是获得独角兽地位的途径：解决难题。
On the other hand, I did not have Autism Capital on my draft list of people to watch in 2023 (I know that may surprise you). It turns out that consistency, audience, and information flow are a helluva drug, though. Pseudonymous crypto Twitter troll accounts have, at times in the past, gone from breaking big bankruptcy stories to running leading media and data businesses. I'm with Mike Solana: give Autism Capital the Pulitzer. Many of the most meaningful parts of the FTX saga, including CZ's move- ment of funds to dump FTX's FTT token, were broken by Autism Capital and similar accounts. Meanwhile, the legacy media kissed the ass of a benefactor that just happened to defraud millions of his users.
另一方面，我的 2023 年观察名单草稿中没有 Autism Capital（我知道这可能会让您感到惊讶）。事实证明，一致性、受众和信息流是一种极好的药物。在过去，假名加密 Twitter 巨魔账户有时会从打破重大破产故事到经营领先的媒体和数据业务。我和 Mike Solana一起：给 Autism Capital 普利策奖。 FTX 传奇中许多最有意义的部分，包括 CZ 的举动-转储 FTX 的 FTT 代币的资金，被 Autism Capital 和类似账户破解。同时，传统媒体亲了一个恩人的屁股，这个恩人恰好骗取了他的数百万美元用户。
2.5 Anatoly Yakovenko
2.5 阿纳托利 雅科文科
The Merge was a watershed moment for developers and investors in the Ethereum ecosystem. The Ethereum Virtual Machine (EVM) is likely entrenched as a foundational piece of industry infrastructure, the only L1 that seems certain to be a long-term fixture in the industry.
以太坊合并是以太坊生态系统中开发商和投资者的分水岭。以太坊虚拟机 (EVM) 很可能作为行业基础设施的基础部分而根深蒂固，这是唯一一个似乎肯定会成为行业长期固定资产的 L1。
When it comes to blockchain scalability beyond the EVM, you can basically narrow down four complements to Ethereum: EVM-compatible blockchains (including rollups like Arbitrum, Optimism, and zkSync), Cosmos-style “app chains,” Aptos/Sui “Move” chains, and Solana.
当谈到超越 EVM 的区块链可扩展性时，您基本上可以缩小对以太坊的四个补充：EVM 兼容的区块链（包括 Arbitrum、Optimism 和 zkSync 等汇总）、Cosmos 风格的“应用链”、Aptos/Sui“移动”链条和 Solana。
All four groups will be covered in detail later, but the person to watch most closely in the “battle for second” to the EVM, is Anatoly Yakovenko, Solana's co-founder.
稍后将详细介绍所有四个组，但在“争夺战”中最密切关注的人排在 EVM 之后的是 Solana 的联合创始人 Anatoly Yakovenko。
Anatoly's famous quip about the culture at Solana (“we eat glass”) will be useful going into a vicious down-trending market. Solana may yet face more significant headwinds from the unwinding of FTX-Alameda's sizable SOL position. It will have to work harder to retain its momentum with developers. A lot is riding on the Solana phone, too. Solana is making a big bet that a proprietary hardware solution will help siphon off crypto users who wish to break from the Android and iOS devices that hold them hostage and prevent them from accessing crypto services that violate their parent companies' sweeping terms of service.
阿纳托利 (Anatoly) 关于 Solana 文化的著名俏皮话（“我们吃玻璃”）将有助于进入一个恶性下降趋势的市场。 Solana 可能仍面临来自平仓的更大逆风FTX-Alameda 相当大的 SOL 位置。它必须更加努力地工作以保持其在开发人员中的势头。 Solana 手机也有很多功能。 Solana 下了一个大赌注，即专有硬件解决方案将帮助吸引那些希望摆脱绑架他们的 Android 和 iOS 设备的加密用户，并阻止他们访问违反其母公司全面服务条款的加密服务.
I saw firsthand how hard it was to kill Anatoly and his team in the last bear market. In my eyes, that's the leading predictor of long-term success in crypto. As such, I'd expect the Solana core team and ecosystem to persevere once again. But can they ascend to new heights?
我亲眼目睹了在上一次熊市中杀死阿纳托利和他的团队有多么困难。在我看来，这是 Crypto 长期成功的主要预测指标。因此，我希望 Solana 核心团队和生态系统能够再次坚持下去。但他们能否登上新的高度？
2.6 Barry Silbert & The Winklevii
2.6 Barry Silbert 和 The Winklevii
Everything seems to come full circle in crypto. In a throwback to 2013, Digital Currency Group Founder & CEO, Barry Silbert, and Gemini founders, Cameron and Tyler Winklevoss, will be three of the people to watch closest in the new year.
Crypto 中的一切似乎都在原地踏步。回顾 2013 年，Digital Currency Group 创始人兼首席执行官 Barry Silbert和 Gemini 创始人 和Tyler Winklevoss，将是新一年最值得关注的三个人。
Back in 2013, it was all sunshine and rainbows. A mere month after Fred Wilson led Coinbase's Series A, the Winklevii announced their plans to create the first bitcoin ETF. Months later Barry's SecondMarket followed up with the launch of its Bitcoin Investment Trust. (SecondMarket became DCG, the SecondMarket broker-dealer became Genesis Trading, and the parent and sponsor of the Bitcoin Investment Trust became Grayscale Investments in 2015.)
回到 2013 年，到处都是阳光和彩虹。在 Fred Wilson 领导 Coinbase 的 A 轮融资仅仅一个月后，Winklevii 宣布了他们创建第一个比特币 ETF 的计划。几个月后，Barry's Second-Market 推出了其比特币投资信托基金。 （SecondMarket 成为 DCG，SecondMarket 经纪自营商成为 Genesis Trading，比特币投资信托基金的母公司和赞助商在 2015 年成为 Grayscale Investments。）
This year, things are decidedly different. Barry's Genesis Capital reportedly owes $900 million to Gem- ini's Earn customers, and the twins are leading the largest Genesis creditor group that's looking to recoup their funds. A sizable percentage of Genesis Capital's outstanding loans (assets) are with Genesis's parent company DCG, so absent a recapitalization of DCG and/or speedy out-of-court settlement with creditors, these industry OGs may very well become embroiled in enormous, high-stakes litigation. The fate of DCG and Gemini, not to mention ongoing industry contagion, hang in the balance.
今年，情况截然不同。 Barry's Genesis Capital 据报道欠 Gem9 亿美元 ini's Earn customers，这对双胞胎领导着最大的 Genesis 债权人团体，希望收回他们的资金。 Genesis Capital 相当大比例的未偿还贷款（资产）属于 Genesis 的母公司 DCG，因此 没有 DCG 的资本重组和/或由于与债权人的快速庭外和解，这些行业 OG 很可能会卷入规模庞大、利害攸关的诉讼。 DCG 和 Gemini 的命运悬而未决，更不用说持续的行业传染了。
2.7 Stani Kulechov
2.7 斯坦尼 库列乔夫
Stani Kulechev is one of crypto's top innovators, having founded the top crypto lending protocol, Aave, and one of the most promising early decentralized social protocols, Lens.
Stani Kulechev是 Crypto 领域的顶尖创新者之一，他创立了顶级 Crypto 借贷协议 Aave，并且是最有前途的 Crypto 借贷协议之一早期的去中心化社交协议，Lens。
Despite its price decline this year (in line with the broader crypto markets), Aave remains a pioneer and stalwart in DeFi. It is second by market cap (to Uniswap), second in TVL (to MakerDAO), and ubiquitous across EVM-compatible chains.
尽管今年价格下跌（与更广泛的加密市场一致），但 Aave 仍然是 DeFi 的先驱和坚定者。它在市值方面排名第二（相对于 Uniswap），在 TVL 中排名第二（相对于 MakerDAO），并且在 EVM 兼容链中无处不在。
Among other things, Aave pioneered the flash loan, which allows users to borrow large amounts of crypto for specific transactions without providing upfront collateral. These have generally been useful financial primitives for improving efficiencies in DeFi markets, as arbitrage opportunities have been made available to any developer who can afford to pay network gas fees, not just institutional-sized market makers.
除其他外，Aave 首创了闪电贷，允许用户在不提供前期抵押品的情况下为特定交易借入大量 Crypto 。这些通常是提高 DeFi 市场效率的有用金融原语，因为套利机会已经提供给任何有能力支付网络 gas 费用的开发商，而不仅仅是机构规模的做市商。
Aave performed exceptionally well during moments of peak fear in the centralized crypto markets this year. In July, distressed lender Celsius paid down its Aave loans to avoid programmatic liquidation during its bankruptcy preparations. In November, Aave users were able to earn 73% on their Gemini USD deposits amidst the fear surrounding Gemini's delayed Earn withdrawals, a risk-adjusted return that acted as an open prediction market when a centralized service was offline.
在今年中心化 Crypto 市场的恐慌高峰期，Aave 表现异常出色。 7 月，陷入困境的贷方 Celsius 偿还了 Aave 贷款以避免程序化清算在其破产准备期间。 11 月，Aave 用户能够赚取 Gemini 的 73%美元存款 在围绕双子座延迟赚取提款的恐惧中，风险调整后的回报当集中式服务离线时，它充当一个开放的预测市场。
Lens Protocol might be even more exciting. It's one of crypto's first decentralized social graph protocols and has seen strong growth (and hackathon interest) since its launch in May. We'll talk more about them later, but composable social protocols like Lens present a vast array of new high-potential creator benefits, and their intersection with identity and DeFi will be profound.
Lens Protocol 可能更令人兴奋。它是 Crypto 的第一个去中心化社交图谱协议之一，并且看到了强劲的增长（和黑客马拉松兴趣) 自 5 月推出以来。我们稍后会详细讨论它们，但像 Lens 这样的可组合社交协议会带来大量新的高潜力创作者利益，它们与身份和 DeFi 的交集将是深远的。
If I had to bet on a “last man standing” in DeFi, it would be Stani.
如果我必须打赌 DeFi 中的“最后一个人”，那就是 Stani。
(Stani also happens to count one of the top in-house DeFi policy people in Europe or D.C., Rebecca Rettig, on his team. If crypto protocols avoid a regulatory crackdown and are successfully carved out of centralized exchange legislation (as they should be), it will be in no small part thanks to Rebecca and the Aave team she represents.)
（Stani 也恰好将欧洲或华盛顿特区内部 DeFi 政策的顶级人员之一 Rebecca Rettig 算在他的团队中。如果加密协议避免监管打击并成功地从中心化交易立法中剔除（它们应该是)，这在很大程度上要感谢 Rebecca 和她所代表的 Aave 团队。)
2.8 Alexey Pertsev & Tornado Cash Devs
2.8 Alexey Pertsev 和 Tornado Cash 开发者
Tornado Cash, the DeFi mixing service that uses zero-knowledge proofs to help users execute fully private transactions on Ethereum, may have been too successful for its own good. Although it counted just 12,000 unique protocol users, investigators believe it may have been used to help launder over $1 billion worth of crypto, some of which supported hacking groups in rogue states such as North Korea. Indeed, an analysis by Nansen showed that usage of the Tornado Cash contracts spiked this spring following the $600 million hack of Axie Infinity's Ronin bridge. Not great!
Tornado Cash是一种 DeFi 混合服务，它使用零知识证明来帮助用户在以太坊上执行完全私密的交易，但它可能太成功了。虽然它只计算了 12,000 个独特的协议用户，但调查人员认为它可能被用来帮助洗钱价值 10 亿美元的 Crypto ，其中一些支持朝鲜等流氓国家的黑客组织。事实上，Nansen 的一项分析表明 Tornado Cash 合约的使用激增了这一点， spring之后破解了Axie Infinity 6亿美元的 Ronin 桥。不是很好！
But bigger questions surround whether Tornado Cash's usefulness to criminals makes it a de facto accessory for illicit activity or whether the developers that prop up the protocol bear any responsibility for its misuse.
但更大的问题是 Tornado Cash 对犯罪分子的有用性是否使其成为非法活动的事实上的附属品，或者支持该协议的开发人员是否对其滥用承担任何责任。
That brings us to Alexey Pertsev, the Dutch co-founder (and Russian expat) who has been jailed since August and will remain jailed until February without official charges on suspicion of money laundering. It is unclear whether Dutch prosecutors plan to argue that the mere act of writing Tornado Cash code to process private transactions will be punished as an act of money laundering under European law around transaction surveillance, or if private chats that have allegedly been obtained between the Tornado Cash founders demonstrate that there was knowledge or explicit assistance of specific illicit schemes.
这让我们想到了荷兰联合创始人（和俄罗斯侨民）阿列克谢·佩尔采夫 (Alexey Pertsev)，他自 8 月以来一直被判入狱，并且 将在没有正式指控的情况下一直被关押到 2 月涉嫌洗钱。目前尚不清楚荷兰检察官是否计划争辩说，根据有关交易监控的欧洲法律，仅仅编写 Tornado Cash 代码来处理私人交易的行为将作为洗钱行为受到惩罚，或者据称 Tornado 之间的私人聊天是否会受到惩罚现金创始人证明他们知道或明确协助特定的非法计划。
I would usually say this is a tough case to weigh in on without all the relevant facts. I believe software is protected speech, and individuals have the right to transaction privacy, but I also don't want my stolen crypto seamlessly funding North Korean nuclear programs.
我通常会说，如果没有所有相关事实，这是一个很难权衡的案例。我相信软件是受保护的言论，个人有交易隐私权，但我也不希望我偷来的 Crypto 无缝地资助朝鲜核计划。
That said, it's maddening that authorities have failed to outline formal charges, and the impression you are left with is that this detention is designed to deter similar development efforts, not punish specific illegality. The line is blurry, and after the prosecution and plea bargain of Virgil Griffith last year, I am not optimistic this will end well for Alexey in the short term. I hope I am wrong!
尽管如此，令人抓狂的是当局未能提出正式指控，而且给你留下的印象是这次拘留旨在阻止类似的开发努力，而不是惩罚具体的违法行为。界限模糊，在去年对维吉尔·格里菲斯 (Virgil Griffith) 提起诉讼和认罪交易之后，我对阿列克谢在短期内的结局并不乐观。我希望我错了！
2.9 DAO Members
2.9 DAO 成员
One of the best parts of running a company is dealing with all of the legal stuff (said no one ever). Employment contracts, customer terms of service, incorporation filings, taxes, IP registration, and corporate governance negotiations are some of the glorious upshots of starting a company that no one ever tells you about.
经营一家公司最好的部分之一就是处理所有的法律问题（从来没有人说过）。雇佣合同、客户服务条款、公司注册文件、税收、知识产权注册和公司治理谈判是创办一家公司的一些光荣成果，但没人会告诉你。
Sounds exciting?
听起来很令人兴奋？
Well, what if I told you it was possible to take on all of the headache and expense of a startup with none of the upside or limitations of liability? Welcome to DAO governance!
好吧，如果我告诉你有可能承担创业公司的所有麻烦和费用，而没有任何好处或责任限制，你会怎么办？欢迎来到 DAO 治理！
It is admirable that various protocol communities have been experimenting with new models of governance, delegation, and financial management. We certainly support that innovation (at least indirectly) through our Governor platform, and we engage frequently with various DAOs during procurement for various projects under our Protocol Reporting segment. But the waters out there are murky and uncharted. Whenever a DAO gets into murky legal waters, voting members would do well to keep in mind their “joint and several” liability under what are legally considered unincorporated associations.
令人钦佩的是，各种协议社区一直在尝试新的治理、委托和财务管理模式。我们当然通过我们的 Governor 平台支持这种创新（至少是间接的），并且我们经常参与在采购期间与各种 DAO 对于我们协议报告部分下的各种项目。但外面的水域是浑浊的，未知的。每当 DAO 进入模糊的法律水域时，有投票权的成员最好牢记他们在法律上被视为非法人协会下的“连带”责任。
Serving as a DAO delegate or voting with your tokens is often a thankless job. And now some regulatory agencies are starting to test the boundaries of their authorities and are more aggressively targeting DAOs as entities subject to potential enforcement actions or other legal liabilities related to problems within their communities. (See the “Ooki DAO” section later on in this report.) If DAOs are going to have a fighting chance at innovating safely, we'll need better safeguards for their contributors. Quickly. My guess is that will happen most readily at various state levels in 2023, but rules remain ambiguous beyond that for some time.
担任 DAO 代表或使用您的代币投票通常是一项吃力不讨好的工作。现在，一些监管机构开始测试其权限范围，并更加积极地将 DAO 作为实体，使其成为可能面临执法行动或与其社区内问题相关的其他法律责任的实体。 （请参阅本报告后面的“Ooki DAO”部分。）如果 DAO 想要安全地进行创新，我们就需要为其贡献者提供更好的保障。迅速地。我的猜测是，这将在 2023 年最容易在各个州级别发生，但在此之后的一段时间内，规则仍然模棱两可。
2.10 IRS Agent Smith
2.10 IRS 代理 史密斯
Policymakers worldwide are looking at crypto and licking their chops. Never mind this year's market collapse, the boom of 2021 minted millionaires by the thousands, and odds are good that some of the retail day traders and NFT flippers had “difficulty” accurately reporting their tax liabilities. A negative consequence of last year's infamous infrastructure bill was its inclusion of crypto as a “pay-for” – the U.S. government claimed that better tax collections from crypto investors would yield a $28 billion increase in receipts or 5% of the total bill's expenditures.
世界各地的政策制定者都在关注 Crypto 并大展拳脚。别管今年的市场崩盘，2021 年的繁荣造就了数以千计的百万富翁，而且一些零售日间交易员和 NFT 交易员“难以”准确报告其纳税义务的可能性很大。去年臭名昭著的基础设施法案的一个负面后果是将 Crypto 纳入“付费”——美国政府声称，从 Crypto 投资者那里获得更好的税收将使收入增加 280 亿美元，占总支出的 5%。
Now there are 87,000 new IRS agents on the prowl. (Thousands of them are armed.) And under civil asset forfeiture law, which is essentially state-sanctioned theft, it may become easier for authorities to seize crypto assets without any conviction or filing of criminal charges. The IRS Criminal Investigation unit has already seized $3.8 billion in crypto between 2018 and 2021. I'd expect that number to rise considerably.
现在有 87,000 名新的国税局代理人在四处寻找。 （他们中有数千人武装根据民事资产没收法，这本质上是国家批准的盗窃，它可能当局变得更容易扣押加密资产，没有任何定罪或刑事指控。美国国税局刑事调查部门已在 2018 年至 2021 年期间没收了 38 亿美元的 Crypto 。我预计这个数字会大幅上升。
In truth, tax reporting for crypto is pure nightmare fuel. Tracking cost basis accurately is nearly impossible. Accounting for fees, trading slippage, and multiple wallets and exchange accounts is hard enough. Throw in NFTs, hacks, token farms, and more exotica, and the authorities will come for their pound of flesh in some way, shape, or form in the U.S., Europe, and everywhere else that crypto is traded.
事实上， Crypto 的税务报告是纯粹的噩梦燃料。准确跟踪成本基础几乎是不可能的。计算费用、交易滑点以及多个钱包和交易账户已经够难的了。投入 NFT、黑客、代币农场和更多奇异事物，当局将以某种方式、形式或形式在美国、欧洲，以及加密交易的其他任何地方。