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The Cartographer
The Hidden Shortcomings of (D)AOs -- An Empirical Study of On-Chain Governance
February 23, 2023 Β· Declared Dead Β· π FC Workshops
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Authors
Rainer Feichtinger, Robin Fritsch, Yann Vonlanthen, Roger Wattenhofer
arXiv ID
2302.12125
Category
cs.CY: Computers & Society
Cross-listed
cs.CR
Citations
48
Venue
FC Workshops
Last Checked
6 months ago
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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