During the early years of the cryptocurrency space, decentralized autonomous organizations (DAOs) and smart contracts were discussed in theory. Nowadays many people consider The DAO, launched in 2016 by members of the Slock.it development team, to be the first smart contract-based DAO. In 2022, there’s a lot more DAOs, as statistics show that $10 billion is held by DAO treasuries.
Thousands of DAOs, $10 Billion Held in Treasuries, 1.7 Million Governance Token Holders
Well before the concepts were introduced, smart contracts and decentralized autonomous organizations (DAOs) came to the imagination of a few legendary cryptographers. Following Satoshi Nakamoto’s great invention, blockchain technology coupled with smart contracts opened the doors for decentralized organizations.
In 2016, Ethereum developers and members of the Slock.it team created what many refer to and cite as the first decentralized autonomous organization. After Stephan Tual, Simon Jentzsch, and Christoph Jentzsch announced The DAO, the project managed to raise $150 million from the tokens sold.
However, due to vulnerabilities in its code base, The DAO was hacked and the attacker managed to siphon millions of dollars in ethereum (ETH). “This is an issue that affects the DAO specifically; Ethereum itself is perfectly safe,” Vitalik Buterin said in June 2016. The DAO attack did not stop the creation of DAOs, as a report published in September 2021 by Consensys recorded “978,000 DAO members.”
“Current projects include many that focus solely on token services, governance, treasury management, risk management, growth, community, operations, and development for DAOs,” the Consensys report details.
Academic Paper on DAOs Says Concept ‘May Introduce a New Era in Organizational Economics’
Statistics from the analytical web portal deepdao.io shows there’s $10 billion in value held by the top decentralized autonomous organizations today in terms of treasury holdings. $7.1 billion is liquid and $2.9 billion is currently vested, according to metrics at the time of writing.
Out of the top DAOs…
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