DAOs = banana stands 🍌

As in "there's always money in the banana stand". A tale about DAOs, their broken and weak governance model, and how they are abused by various entities. Uniswap's DAO was arbitrarily looted of 1M UNI to defend their one vision of DeFi. Half of the UNI were dumped within 10 days: they are idle in the wallet since not even harnessing DeFi for yields! (UIP#05) Aave's DAO is paying Gauntlet ~$8M a year for "risk assessment". Minimal guarantees were provided, and the proposal passed despite a community outcry. (AIP#29) Uniswap's DAO almost got arbitrarily looted again by Flipside, a data analytics provider, of $25M (used to produce an optimistic yield) over two years. A bug in vote-related...View all