$CNPY
Cooling DownSnapshot Window: 2026-07-19 00:10 UTC · ← Back to Crypto Overview
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"We kind of asked too much of DAOs" Nick Almond, Head of Governance at Jito Foundation, on why DAO treasuries should stay onchain despite the $ENS saga "If you stick a permissionless pot of money onchain, and some of these have [Spoken audio]: sending the treasury to the governor contract was idealism that created a honeypot with zero accountability. And I wondered what you thought of this notion that DOW should govern protocols, but not money. Yeah, I think there's a bit of both sides on this, which is kind of true. I think if you stick a permissionless pot of money on chain, and some of these have been billions of of dollars in size, it's going to attract people who are who are there to effectively extract the treasury and it is a kind of large honeypot. So yeah, the governor contracts was the fault here. It wasn't a sophisticated enough mechanism to be able to deal. We kind of asked too much of DOWs. So here's like going from we've not really tried DOWs before to putting a billion dollars into these governor contracts, which was meant to govern a DeFi protocol and sort of 2019, was generally a bad idea. I think that's kind of true. However, do you think it's something that we need to like get to properly? I think the on-chain treasury management is what gives accountability to the token holders. So a lot of what DAO's were formed for was kind of in the wake of the ICO boom where people raised loads of money and then just ran off with it. At this point, you would be trusting the foundation not to just everyone retire, right? So once it's off chain or once it's under the scope of control of the foundation, it's a lot of money. It's over $100 million. We now have to trust the ENS. The ENS future is dependent on the foundation, not just retiring, right? You know, so the fact that it's in a treasury means that you know, it's there, you know, it's accessible. We should just get better at being able to broker access to it for through more advanced governance structures.