DeFi Governance
DAO Treasury Tracker: On-Chain Capital and Ecosystem Funding 2025
The aggregate treasury holdings of the top 15 DAOs by assets under management exceed $25 billion. But 80–90% of most DAO treasuries sits in the protocol's own governance token — a structural concentration risk that turns every market downturn into a simultaneous governance funding crisis. This tracker analyses the landscape, the risks, and the emerging strategies to resolve them.
ENS DAO: Governing the Internet's Naming Protocol
ENS DAO governs something unique in DeFi: essential internet infrastructure. The Ethereum Name Service maps human-readable .eth names to wallet addresses and on-chain resources — the equivalent of DNS for the decentralised web. Unlike DAOs governing financial protocols, ENS DAO governs naming, identity, and the architecture of how people navigate web3. The stakes of getting its governance right are correspondingly higher.
Uniswap DAO: Governing the World's Largest Decentralised Exchange
Uniswap did not merely build the world's most used decentralised exchange. It built the governance token distribution model that defines DeFi, the AMM architecture that hundreds of protocols copied, and the organisational tripartite structure — Labs, Foundation, DAO — that has become the template for mature DeFi protocol governance. Understanding Uniswap DAO is understanding how DeFi governs itself.