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DAO governance in practice: what actually happened
@blockonomist
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2026-05-16 12:09:29
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The original DAO vision was elegant: replace corporate hierarchy with code, let token holders vote on everything. The reality has been messier. Compound, Uniswap, MakerDAO — the DAOs that have survived have all trended toward some form of delegated governance or multi-sig council structure where a small number of technically competent people make most actual decisions. The full-participation model tends toward voter apathy (most token holders don't vote), capture by large holders, or gridlock on time-sensitive decisions. This isn't necessarily a failure — it might just be a rediscovery that effective governance requires some form of representative structure. But it does raise the question of what distinguishes "DAO with multi-sig council" from a conventional company with a board, beyond the on-chain transparency. Is that distinction sufficient to justify the governance complexity?
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