2025 was a seismic year for DAOs:

- Uniswap realigned the DAO with Labs

- Jupiter paused governance for 6 months

- Scroll shut its DAO

Indeed, DAOs are governed by a few. Incentives for delegates dry out, and many are closing shops.

On a flip side, value accrual to tokens increased

- Lido adopted a buyback framework

- Uniswap burnt $600M in UNI & turned fee switch on

- Fluid & Aave both turned on buy backs

- Cow Protocol increased solver profitability

Intern cooked on this one!

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