anon
@superanon
RFV raiders have turned out to be the most honest longterm operators. all the main DAOs turned out to either be rentseeking DeFi, or much smaller clubs pooling slush funds for š¤” proposals most is low-effort patronage, with maybe several thousand beneficiaries. 10s-100s of thousands of other -EV wallet balances. at least the DAOs with a hardcoded redemption show a realized outcome when they get raided and dissolved, the rest are in grifter-zombiechain limbo.
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Father Morwen
@alditrus
Genuinely curious, but what do current DAOs do exactly? Been lurking in the space for so long and that question hasn't occurred for me until recently.
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GraspOnCrypto
@grasponcrypto
do you mean theoretically, or in practice? In practice, theyre a faƧade of user voting and decentralized organization while really being a few large holders deciding everything with single digit %s of participants pretending to play
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Father Morwen
@alditrus
I mean like what is their purpose? Companies and institutions offer products and services (fast food, entertainment, spatulas, whatever). To me, DAOs up to this point are just digital casinos, and not even good casinos, with terrible shitty UX. Am I wrong here? I'm sure there are a few DAOs that are the exception to this rule, but there aren't many of them. Most DAOs I know are just solely to make line go up with very vague and confusing value propositions.
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GraspOnCrypto
@grasponcrypto
a few DAOs which are still not decentralized nor autonomous but could become so, and have a product: ENS UNI (soon even more with unichain) PUSH (though this one is stagnating and switching gears - and not yet selling but giving for free) these are just a few with potential, theyre still not "there", but could be soon
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Vedaykin
@vedaykin
I agree mostly. The autonomous part can be ignored, most sane ppl would not give a smart contract signing rights over value. Thus a few rich ppl usually control everything. E.g. MkrDAO is kind of a joke when one entity holds more than 50%. 1) I know a DAO that e.g. tries its comics to be published and then wants to grow its IP -> Mutant Cats DAO. 2) I am part of a small friends DAO that focuses on liquidity mining. DAOs did not really become any reality yet. I think it has potential in a society that becomes more digital every day though.
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Vedaykin
@vedaykin
The āterrible UXā part hurt me personally a bit, though true! LoL
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