发表机构
University of Milano-Bicocca; University of Luxembourg（米兰比可卡大学; 卢森堡大学）
机构由 AI 辅助整理，请以论文原文为准。AI 中文总结
本文系统化DeFi金库架构与策展机制，提出统一模型、三个分类法及生产协议映射，以支持严格分析和更安全的区块链金融应用设计。
AI 中文摘要
去中心化金融（DeFi）金库是基于智能合约的资产管理体系，汇集存款、执行可编程策略，并铸造代币化份额，代表对基础资产和策略表现的索取权。随着金库设计从早期的收益聚合器演变为模块化、主动管理的系统，一个新的控制层——策展（curation）——应运而生，用于选择策略、配置风险参数并协调运营执行，从而引入委托-代理动态和新的故障模式。本文通过以下方式系统化 DeFi 金库架构和策展人中介的控制平面：（i）一个统一系统模型及份额核算、角色和运营依赖的正式定义；（ii）三个互补的分类法，涵盖金库敞口与目标、策展人治理与问责机制，以及策略执行模式及其故障模式。我们进一步将一组具有代表性的生产协议映射到所提出的维度。本文框架旨在支持对基于区块链的金融应用进行严格分析和更安全的设计。
英文摘要
Decentralized finance (DeFi) vaults are smart-contract-based asset management systems that pool deposits, execute programmable strategies, and mint tokenized shares representing claims on underlying assets and strategy performance. As vault designs have evolved from early yield aggregators to modular, actively managed systems, a new control layer, curation, has emerged to select strategies, configure risk parameters, and coordinate operational execution, introducing principal-agent dynamics and new failure modes. This paper systematizes DeFi vault architectures and curator-mediated control planes through (i) a unified system model and formal definitions for share accounting, roles, and operational dependencies, and (ii) three complementary taxonomies covering vault exposures and objectives, curator governance and accountability mechanisms, and strategy execution patterns together with their failure modes. We further map a representative set of production protocols to the proposed dimensions. The frameworks in this work aim to support rigorous analysis and safer design of blockchain-based financial applications.
