EulerDAO’s decentralised and on-chain governance has been launched, with the community now able to vote on proposals and gauges.

EulerDAO 的去中心化和链上治理已经启动，社区现在可以对提案和规范进行投票。

EulerDAO’s launch signifies a new direction in decentralised financial markets, where community members can democratically vote on market and asset structures to fit their needs. Through a non-custodial experience, users have equal access to permissionless borrowing and lending markets.

EulerDAO 的推出标志着去中心化金融市场的新方向：社区成员可以在市场和资产结构上进行民主投票来满足他们的需求。借由非托管式体验，用户可以平等地进入无许可的借贷市场。

Starting today, community members can claim any available EUL tokens from previous epochs, select a delegate on the delegates page and participate in the future of decentralised finance.

从今天开始，社区成员可以 声索 任何来自之前时代的可用 EUL 代币，在 委托页面并参与去中心化金融的未来。

The development of the Euler Protocol has matured into a rapidly growing DeFi platform that is uniquely positioned as truly decentralised and permissionless. Handing over governance control to the community is not a first, but it is a groundbreaking leap as a risk-conscious protocol where users can list, borrow and lend nearly any asset.

Euler协议已发展为一个快速增长的，以真正去中心化和无许可化为独特定位的DeFi平台。虽然将治理控制权移交给社区并不是历史首次，但Euler作为一种有风险意识的协议，却是一个突破性的飞跃：用户可以公开列出、借入和借出几乎任何资产。

EulerDAO’s community-run governance enables users to vote or delegate their voting power to others in order to unite behind a shared vision of the protocol’s future. Delegates, including those who have self-delegated, can create proposals that shape the functionality of the Euler Protocol. Delegates can propose changes to an asset’s tier, collateral and borrow factors, interest rate model parameters, reserve factors, and much more.

EulerDAO 的社区运行治理，使用户能够投票或将他们的投票权委托 给他人，进而团结一致，支持协议共同的未来愿景。代表，包括那些自我委托的代表，可以创建那些塑造Euler协议功能的提案。代表们可以提议对资产层级、抵押品和借入因子、利率模型参数、准备金因子等进行更改。

The governance process will see users discuss potential changes, initiate proposals, community on-chain voting, and execution if successful, as shown below.

治理流程将看到用户讨论潜在改变，发起提案，社区链上投票，如果成功则执行，如下所示。

More details and guides on the voting process can be found in the Euler documentation. While anyone can become a delegate, delegation is a serious commitment as a volunteer to actively participate in governance, as EulerDAO will aim to fairly and adequately reward delegates for their significant efforts.

更多有关投票过程详细信息和指南，请参阅 Euler 文档。虽然任何人都可以成为代表，但委托/代表是作为志愿者积极参与治理的严肃承诺，因为 EulerDAO 的目标是公平和充分地奖励代表的重大努力。

As part of the phased launch, proposals will be performed directly on the Euler Protocol smart contracts by the Euler team on behalf of the community. Governance proposers can use a tool to ensure the on-chain proposal is properly created.

作为分阶段发布 的一部分，Euler团队将代表社区直接在Euler协议智能合约上执行提案。治理提议者可以使用 工具 来确保正确创建链上提议。

The second phase will see a transition from the multisig to a TimelockController smart contract, while the final third phase will turn the Installer Admin to the TimelockController, thus placing the community in full direct control over governance. The phases are to provide a smooth and more secure transition process.

第二阶段，我们将看到从多重签名到 TimelockController 智能合约的过渡，而最后的第三阶段会把安装程序的管理员转变为 TimelockController，从而使社区完全直接控制治理。这些阶段是为了提供一个平稳和更安全的过渡过程。

EUL分发 (EUL Distribution)

The Euler Protocol distributes EUL tokens to borrowers of certain assets, with the amount of EUL allocated to each market every epoch determined by EUL token holders through the gauges.

Euler 协议将 EUL 代币分配给某些资产的借款人，每个市场分配的 EUL 数量由 EUL 代币持有者通过量表确定。

Soon after Epoch 7 begins, EUL token holders can visit the Gauge page and stake their tokens against a particular market to indicate their preference for that market receiving an EUL distribution in future epochs.

在 Epoch 7（第7纪元） 开始后不久，EUL 代币持有者可以访问 量表 页面并将他们的代币质押在特定市场上，从而表明他们对该市场未来纪元接收 EUL 分配的偏好。

The EUL distribution schedule follows a bell curve model over a four-year period, with a peak around the middle. The schedule for the EUL distribution tries to match increasing protocol user numbers after launch with a concomitant increase in the EUL distribution, which should help to decentralise the supply of the token.

EUL 分发 图表 在四年期间遵循钟形曲线（贝尔曲线）模型，在中间有一个峰值。 EUL 分发时间表试图在启动后增加协议用户数量，同时增加 EUL 分发，这将有助于分散代币的供应。

Users unfamiliar with the platform, delegation, on-chain voting, or anything else related to Euler and the DAO should refer to the various user guides or feel welcome to join the Euler Discord to ask questions and get involved.

不熟悉平台、委托、链上投票或其他任何与 Euler 和 DAO 相关的用户，可以参考各种用户 指南 或欢迎加入 Euler Discord 提出问题并参与其中。

The Euler Protocol has been developing over the past couple years, with the mainnet released earlier this year. Euler has partnered with several top security firms that resulted in audits and a bug bounty.

Euler协议在过去几年中一直在发展，今年早些时候发布了主网。 Euler与几家顶级安全公司合作，进行了审计 和漏洞赏金.

The EulerDAO launch comes at a unique yet volatile time in not only DeFi but also global history. Now anyone using Euler can manage their own risks, assets, and opportunities in a transparent and inclusive environment.

EulerDAO 的发布正值 DeFi 乃至全球历史上一个独特而动荡的时期。现在，任何使用 Euler 的人都可以在透明和包容的环境中管理自己的风险、资产和机会。

Welcome to the EulerDAO, we’re now live.

欢迎来到 EulerDAO，我们已上线。

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。

加入社区 (Join the Community)

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关注我们 Twitter。加入我们的 Discord。在 Telegram 上保持联系(community、announcements)。查看我们的网站。在 LinkedIn 上与我们联系。