TrendsVC PRO 0079 – DAOs

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TrendsVC PRO 0079 – DAOs

Why It Matters
DAOs make it easier for groups to:

coordinate
withstand powerful enemies (i.e. nation-states)
and permissionlessly rewrite the rules of fictional entities (i.e. corporations)

 Problem
Groups face geographical, political and operational coordination challenges.

 Solution

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DAOs are a way for groups to align interests and organize to reach shared goals.

Players
Protocol DAOs

ENS • Readable Web3 usernames.
Uniswap • Decentralized exchange.
Curve • Stablecoin liquidity pools.
Investment DAOs

Seed Club • Builds and invests in communities.
Her House • Educates and invests in womxn.
Global Coin Research • Community of learners and investors.
Collector DAOs

HerstoryDAO • Incubating stories of marginalized crypto creators.
PleasrDAO • Acquiring culturally significant NFTs.
Whale • Social currency backed by rare NFTs.
Research DAOs

Water & Music • Building a guide to the music business.
ResearchHub • Accelerating the pace of science.
VitaDAO • Researching, financing and commercializing longevity research.
Social DAOs

FWB • Cultural membership powered by Web3 artists, operators and thinkers.
Developer DAO • Accelerating education and impact of Web3 builders.
Meta Gamma Delta • Society supporting women-led projects.
Service DAOs

Raid Guild • Decentralized collective of Web3 product developers.
MetaFactory • Produces “digiphysical” goods that connect worlds.
Media DAOs

Forefront • Content and insights aggregator.
BanklessDAO • Helping the world move towards a future of greater freedom.
NFT DAOs

Nouns DAO • Each noun gives the owner a vote in treasury governance.
Loot Owners • ​​A lore-driven DAO dedicated to world-building around Loot.
17707 • A collectively-owned CLONEX NFT. Opposing Nike’s fractionalization ban.
Who to Follow

Vajresh Balaji • SuperLayer
Patrick Rivera • Mirror
Sneub.eth • Beyond
A Wiseman • Shiny Object Social Club
Cheriehu.eth • Water & Music
Sha.eth • Developer DAO
Spinks.eth • CMX

 Predictions
VC-backed protocols will be followed by DAO-native protocols. Aggregators may capture most of the value. Think Google Flights for DEXes, NFTs and DeFi loans.
Uniswap was followed by SushiSwap. Zapper aggregates.
OpenSea was followed by LooksRare. Genie aggregates.
Compound was followed by Aave. Pickle aggregates.
NFT DAOs will thrive. One NFT, one vote. Instead of one token, one vote. See the Nouns DAO. Economic value of NFTs is uneven. Governance value will be equal.

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Liquid democracies will lead to nuanced policies. Do you support reproductive rights and gun rights? No problem. Delegate your vote to yourself. This is direct democracy. Or delegate to a protocol politician. This is representative democracy. Either can be done outside of N-year term windows. This is a liquidity democracy. See ENS delegates.
Search Fund DAOs will emerge. PartyBid is a tool used to buy specific NFTs as a group. We’re a small step from specifying NFT criteria instead of specific NFTs.
DAOs supporting social causes will become common.
ConstitutionDAO did not win their bid but Abolition in Progress won the Declaration of the Anti-Slavery Convention.
#CryptoCookout came from seeing brown CryptoPunks consistently on the floor.
FreeRossDAO is a SubDAO of PleasrDAO aimed at freeing Ross Ulbricht.

Opportunities
Build tools for DAOs.
PartyBid helps groups buy NFTs
Colony makes it easy to start a DAO
Juicebox helps fund people and projects
Snapshot is a decentralized voting system
Beyond is a collection of tools for Web3 communities
Coordinape helps scale communities and incentivize participation
Offer services to DAOs. Vajresh and Adam help DAOs with mechanism design.
Work for DAOs. See this DAO-specific job board.
Offer educational resources around DAOs.
Rabbithole teaches skills such as token swapping and lending assets
Thirdweb helps you build Web3 projects
BuildSpace offers live sessions
Crowdsource contributions with bounties. See Forefront, Seed Club and Rare Blocks. Layer3 aggregates bounties.

 Risks
Smart Contract Risk • The DAO, BadgerDAO, FWB and others were compromised. How “Lindy” is your DAO? Are your smart contracts battle-tested and/or audited?
Social Engineering • A CityDAO admin was hacked. Then his account was used to trick community members. The hacker snagged 29.67 ETH.

 Key Lessons
Progressive decentralization helps DAOs move fast. They decentralize as systems stabilize.
DAOs and NFTs are primitives. Building blocks. We have yet to see the full potential of trustless coordination (DAOs) or digital scarcity (NFTs).

 Hot Takes
DAOs should focus on digitally-native use cases first. Webvan lost by chasing grocery delivery too early. Instacart came a decade later. Wikipedia, a new form factor, was implemented before we disrupted pre-existing models. Digitally-native DAOs have unsolved problems. Tackle these before taking aim at Uber and Airbnb. ConstitutionDAO would have had to solve custody and security problems if they won the bid. Not to mention the information problem that stood in their way. We’ll get there. But let’s focus on new form factors, like AMMs, instead of trying to replace Uber right now.
Governance token holders will vote to reward themselves over time. See Yearn. They recently revised tokenomics. The proposal passed with 99% approval. Brantly says ENS token holders were airdropped responsibility. Not free money. Time will tell. Like other governance token holders with decision-making power, ENS holders may opt to capture some value. The conversation has started. It takes two-thirds approval and at least 1% of participation to change the ENS DAO Constitution.
Ethereum and Bitcoin are DAOs. The most decentralized, autonomous organizations in the world.

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