State of the DAOs — June 13th

3 min readJun 13, 2023

The big drop in overall treasury volume by $3.8B sticks out of otherwise stable numbers, indicating that it most likely merely reflects the overall drop in crypto prices over the past week.

DAO News

Following a legal decision by the CFTC that may set a major precedent for crypto, Ookie DAO was forced to shut down any internet presence, with the CFTC’s lawsuit based largely on their belief that the DAO was created specifically to pass the ownership of a non-compliant trading platform to an entity the founders thought would be beyond the reach of legal authorities.

The 1inch DAO community approved $2M for bringing its hardware wallet product to the next stage of development.

Liquid staking protocol, Swell, is trying to incentivize users with a “Voyage airdrop” rewarding users with the SWELL token for various activities.

The community of the decentralized protocol, Stargate, voted on several proposals to rebalance the protocol based on community consensus.

ApeCoin DAO established a Metaverse Working Group to explore metaverse opportunities for the community of owners of several of the most iconic NFT collections. Meanwhile, ApeCoin DAO’s Board member had to publicly defend its salaries that some called “wildly out of touch.”

Rarible’s community approved a rewards program that seeks to help the OG NFT marketplace catch up to OpenSea, Blur, and other challengers.

In another win for DAO delegation, dYdX’s community voted to extend its operational subDAO by another 18 months and with another $6.6M in funding.

DAO Proposals

Just one high-importance proposal this week amid 15 mid- and 52 low-importance ones. Frax, Bancor, and Decentraland communities were especially active.