DAOs -> LMAOs:
As an active delegate for a few DAOs, I'm still learning on what works and what doesn't.
Below is an excerpt on DAOs from my blog:
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Decentralization illusions are being shattered for DAOs.
The old thinking was based on the Progressive Decentralization theory popularized by a16z in Jan, 2020.
Protocol first finds PMF → as network effects grow, community gets more power → team ‘exits to the community’ and reaches sufficient decentralization.
How many DAOs excited to the community? Maybe Aave is sufficiently decentralized?
Any other examples?
5 years on, I believe we’re going back towards increased centralization.
Consider Ethereum Foundation itself that is stepping back in more aggressively to scale and guide the L1.
Community alone without strong leadership doesn't work.
DAO model faces other problems:
- Voter apathy
- Growing risks of lobbying (buying votes)
- Execution paralysis
E.g,. Arbitrum and Lido DAOs are moving towards greater centralized control (via more active team involvement or BORGs), but a big shake up happened in Uniswap.
Uniswap Foundation voted on $165M USD liquidity mining rewards to boost Uniswap v4 and Unichain.
Or another theory claims that liquidity thresholds needed to meet Optimism OP grant rewards.
Anyway. DAO delegates are angry.
Why does the Foundation pay for all the $UNI rewards while Uniswap Labs (centralized entity) earns millions in Uniswap front-end fees?
A top 20 delegate stepped down as Uni delegate.
I recommend reading the post in full but his arguments are as follows:
- Governance Theater: Uniswap’s DAO appears open but marginalizes dissent. Proposals follow process (discussion, votes, forums) but feel pre-decided, reducing governance to a "ritual."
- Power Consolidation: The Uniswap Foundation rewards loyalty, silences critics, and prioritizes optics over accountability.
- Decentralization’s Failure: DAOs risk irrelevance if they prioritize branding over substance. Without true accountability, they become "dictatorships with extra steps."
The funny thing is that a16z is the key Uniswap stake(token)holders but Uniswap is far away from reaching progressive decentralization.
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Perhaps it’s not an exaggeration to say that the DAO was a smokescreen; we needed a coherent story to avoid the regulatory scrutiny that centralized crypto companies would face.
So, tokens solely as voting tools aren't worth investing in anymore.
Real revenue sharing and real utility are a must.
No more DAOs. Welcome LMAOs (Lobbied, Mismanaged, Autocratic Oligopolies).
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