DAOs are an underappreciated source of funding for builders. 

DAO treasuries hold more in liquid tokens than the entire amount of VC investments into crypto companies last year.

This is an excerpt of a16z crypto’s State of Crypto. The full report should be read in its entirety for important disclosures and context. None of the above should be taken as investment advice or an advertisement for investment services; see a16z.com/disclosures for further information.

own tokens ideally should be marked down by a big discount if anything