Learn more about the plans to launch the EulerDAO and participate in the governance process.
详细了解EulerDAO启动并参与治理过程的计划。

EulerDAO will kick off in three phases for a guarded launch towards full decentralisation of the Euler protocol. Each phase is described below.

EulerDAO 将分三个阶段来安全启动，进而将Euler 协议推向完全去中心化。每个阶段如下所述。

The EulerDAO uses the OpenZeppelin Governor smart contracts (version 4.6.0) for governance (as well as the EUL token contract). It is a governance protocol — similar to the one Compound uses — where delegates vote on active proposals to make changes to the EulerDAO and Euler protocol.

EulerDAO 使用 OpenZeppelin Governor 智能合约（4.6.0 版）进行治理（EUL 代币合约也是）。这是一种治理协议——类似Compound使用的协议——代表们对活动的提案进行投票，从而对 EulerDAO 和 Euler 协议进行更改。

Euler uses the Tally governance dashboard application to manage the governance process. Through Tally, you can set up your wallet to become a delegate, create on-chain proposals, vote on active proposals, discover delegates in the community, and delegate your voting power to a community member.

Euler 使用 Tally 治理仪表盘应用来管理治理过程。通过Tally，您可以设置您的钱包成为代表，创建链上提案，对活跃提案进行投票，或者在社区中发现代表，并将您的投票权委托给社区成员。

第1阶段 (Phase 1)

The first phase of the launch will be such that actions to be performed directly on the Euler protocol smart contracts will be executed by the Euler team on behalf of the community. In this case, all on-chain governance proposals will point to or target a function in a stub smart contract (in place of the Euler protocol smart contracts).

启动的第一阶段将由 Euler 团队代表社区，直接执行在 Euler 协议智能合约上的操作。在这种情况下，所有链上治理提案都将指向或针对樁(又译为“桩”，是指用来替换一部分功能的程序段)智能合约中的功能（代替Euler协议智能合约）。

Should the proposal become successful and executed, the target function will then be executed (via the TimelockController controller smart contract). It will emit the proposal description string and proposal transaction data, which will then be validated by the Euler team and executed against the Exec module via the Euler multisig.

如果提案成功并被执行，目标函数将被执行（通过 TimelockController 控制器智能合约）。它将发出描述提案的字符串和提案交易数据，然后由 Euler 团队验证并通过 Euler 多重签名针对 Exec 模块执行。

Hence, the governorOnly() modifier in the Euler Governance module smart contract will be checking that the caller of its functions is the Euler mulisig and not the TimelockController smart contract.

因此，Euler 治理模块智能合约中的 GovernorOnly() 修改器，将检查其函数的调用者是否为 Euler mulisig(而不应该是 TimelockController 智能合约）。

To create the proposal transaction data, a tool has been implemented which will help the proposer to auto-generate this depending on what actions should be executed. The proposer can select a token from the dropdown token list (this will autopopulate the fields with the current configuration for the token/market on Euler).

为了创建提案交易数据，我们发布了一个 工具，这将帮助提案者根据应执行的操作自动生成此数据。提议者可以从下拉代币列表中选择一个代币（这将使用 Euler 上代币/市场的当前配置，自动填充字段）。

The proposer can then make modifications and generate the proposal transaction hex to be executed via the Euler Exec module (batchDispatch() function) and use this hex data as the input to the target function in the stub smart contract when creating a proposal on Tally.

然后，提议者可以进行修改，并生成通过 Euler Exec 模块（batchDispatch() 函数）执行的提议交易十六进制信息，并于Tally上创建提议时，使用此十六进制数据作为樁智能合约中，目标函数的输入项。

Examples of the kinds of decisions token holders might vote on include proposals to modify:

代币持有者可能投票的决策类型示例，包括可以修改以下内容的提案：

• The tier of an asset
  资产的层级

• Collateral and borrow factors
  抵押和借贷因子

• Price oracle parameters
  价格预言机参数

• Reactive interest rate model parameters
  回应性利率模型参数

• Reserve factors
  储备因素

第2阶段 (Phase 2)

In the second phase, the governor admin for the Euler Governance module will switch from the Euler multisig to the TimelockController smart contract. Hence, the governorOnly() modifier in the Euler Governance module smart contract will be checking that the caller of its functions is the TimelockController smart contract.

在第2阶段，Euler治理模块治理者的管理员将从 Euler 多重签名切，换到 TimelockController 智能合约。因此，Euler治理模块智能合约中的 GovernorOnly() 修改器将检查其函数的调用者是否为 TimelockController 智能合约。

In this case, proposals created via the Tally governance dashboard will need to target the Euler Governance module directly. Successful proposals which receive a higher number of votes in support will then be executed without the control of the Euler team.

在这种情况下，通过 Tally 治理仪表盘创建的提案需要直接针对 Euler 治理模块。获得更高票数支持的成功提案，会在没有Euler团队控制的情况下执行。

During execution, the TimelockController smart contract will call the target function in the Euler Governance module as specified within the on-chain proposal. Proposers will be able to add a batch of actions / functions to be executed within the Euler Governance module into a single on-chain proposal as well.

在执行期间，TimelockController 智能合约将调用链上提案中指定的 Euler 治理模块中的目标功能。提议者也可以把在 Euler 治理模块中执行的批处理操作/功能添加到单个链上提议中。

第3阶段 (Phase 3)

In this phase, the Installer Admin will also be switched to the TimelockController smart contract.

在这个阶段，负责安装的管理员(Installer Admin)也将切换到 TimelockController 智能合约。

Not only giving the community control over the Governance module for asset configuration modifications but also full control over the protocol including the installer module. This module is used to bootstrap install the rest of the modules, and can later on be used to upgrade modules to add new features and/or fix bugs.

这些不仅让社区能为资产配置修改而掌控治理模块，还可以完全控制包括安装模块在内的协议。安装模块用于引导安装其余模块，稍后可用于升级其他模块来添加新功能和/或修复错误。

关于Euler (About Euler)

Euler is a capital-efficient permissionless lending protocol that helps users to earn interest on their crypto assets or hedge against volatile markets without the need for a trusted third-party. Euler features a number of innovations not seen before in DeFi, including permissionless lending markets, reactive interest rates, protected collateral, MEV-resistant liquidations, multi-collateral stability pools, sub-accounts, risk-adjusted loans and much more. For more information, visit euler.finance.

Euler 是一种资本效率高的无许可借贷协议，可帮助用户从其加密资产中赚取利息或对冲波动的市场，而无需受信第三方。 Euler 具有许多在 DeFi 中前所未有的创新，包括无许可的借贷市场、回应性利率、受保护的抵押品、抗 MEV 清算、多抵押品稳定池、子账户、风险调整贷款等等。有关更多信息，请访问 euler.finance。

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