The Hidden Shortcomings of (D)AOs - An Empirical Study of On-Chain Governance
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Author / Producer
Date
2024
Publication Type
Conference Paper
ETH Bibliography
yes
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Abstract
Decentralized autonomous organizations (DAOs) are a recent innovation in organizational structures, which are already widely used in the blockchain ecosystem. We empirically study the on-chain governance systems of 21 DAOs and open source the live dataset. The DAOs we study are of various size and activity, and govern a wide range of protocols and services, such as decentralized exchanges, lending protocols, infrastructure projects and common goods funding. Our analysis unveils a high concentration of voting rights, a significant hidden monetary costs of on-chain governance systems, as well as a remarkably high amount of pointless governance activity.
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Publication status
published
External links
Book title
Financial Cryptography and Data Security. FC 2023 International Workshops. FC 2023
Journal / series
Volume
13953
Pages / Article No.
165 - 185
Publisher
Springer
Event
4th Workshop on Coordination of Decentralized Finance (CoDecFin 2023)
Edition / version
Methods
Software
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Date created
Subject
Blockchain; Decentralized autonomous organization; On-chain governance; Liquid democracy; Measurement study
Organisational unit
03604 - Wattenhofer, Roger / Wattenhofer, Roger