Decentralized Autonomous Organizations (DAOs) Thriving in 2023
Over seven years ago, the first DAO emerged, revolutionizing the digital world. Although it faced a cyberattack and collapse shortly after, the DAO landscape has since transformed dramatically. Today, there are numerous thriving DAOs with 179 treasuries holding over $1 million in assets. These organizations collectively hold $18 billion in liquid and vested assets, with the top five DAO treasuries alone holding $11 billion.
The Top Five DAOs in 2023
DAOs are digital governance models operated by smart contracts on a blockchain. Among the top five DAOs in 2023 are:
Arbitrum DAO
The Arbitrum DAO has the largest treasury among all DAOs. It utilizes a community-driven governance model and is closely tied to the layer two Ethereum scaling network, Arbitrum. The treasury holds diverse assets worth $3.4 billion, including ARB tokens and stablecoins.
Optimism Collective
The Optimism Collective is the second-largest DAO by assets under management (AUM) and is associated with the L2 scaling protocol Optimism. Its treasury holds $3.1 billion in various assets, including its native asset for digital governance, OP.
Mantle
Mantle (formerly Bitdao) ranks as the third-largest DAO with $2 billion in AUM. It administers its treasury through the Mantle network and underwent a governance vote to rebrand from Bitdao to Mantle.
Uniswap DAO
The Uniswap DAO commands a treasury valued at $1.7 billion and is affiliated with the Uniswap decentralized exchange protocol. Its treasury comprises UNI tokens and fiat-pegged tokens.
Gnosis DAO
The Gnosis DAO secures the fifth position with assets worth $813 million. It plays a crucial role in Ethereum ecosystem development and manages assets including GNO, ETH, and stablecoins.
These top five DAOs collectively hold significant assets, but there are also other active DAOs managing assets ranging from $200 million to $800 million. The DAO landscape boasts over 8 million governance token holders and 2.8 million entities actively participating in voting and proposal creation. The current top five DAOs are about 73.33 times larger than the 2016 DAO, showcasing the substantial growth of this sector.
Hot Take: The Rise of Decentralized Autonomous Organizations
Decentralized Autonomous Organizations (DAOs) have come a long way since their initial collapse in 2016. With billions of dollars in assets under management, these digital governance models have become powerful players in the crypto industry. As more individuals and entities participate in DAO governance and decision-making, the influence of these organizations continues to grow. The success of the top five DAOs in 2023 demonstrates the potential for decentralized governance models to shape the future of finance and technology. With their transparent and community-driven approach, DAOs offer a new paradigm for collective decision-making in the digital age.
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