DAOs and their treasuries gained significant value six months ago, peaking at nearly $40 billion. However, since Mar. 24, 2024, these digital assets have experienced a sharp drop, with $12.6 billion flowing out. A DAO is an organizational model that functions without centralized control, instead using blockchain, smart contracts, and governance tokens to make decisions and run operations.

A DAO treasury is a fund managed by the organization, acting as the financial core that supports its activities, projects, and future goals. As of now, DAOs collectively hold $24.5 billion. Optimism’s DAO leads the pack with $3.8 billion, which includes assets like OP, USDC, USDT, and ETH. Uniswap’s DAO ranks second with a treasury of $2.9 billion.

Top five DAOs in terms of treasury holdings.

Uniswap’s treasury contains UNI, DAI, USDC, OP, and ETH. Coming in third is Mantle, previously known as Bitdao, holding $2.7 billion. Mantle’s treasury is composed of MNT, ETH, APEX, and USDE. Just below Mantle is Arbitrum’s DAO, managing $2.4 billion in assets, including ARB, ETH, and USDT. Finally, Gnosis DAO rounds out the top five with $1.7 billion. Other prominent DAO treasuries in the top ten include ENS DAO, Graph DAO, the Ethereum Foundation, Safedao, and Makerdao, which now operates under the name Sky.

The sharp decline in DAO treasury values over the past six months raises questions about the sustainability of their financial models and the long-term viability of decentralized governance. As these organizations navigate market fluctuations, their ability to adapt and evolve will likely determine their resilience in the fast-evolving digital asset space. Innovation may be the key to reversing these losses.

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