Messari's first quarter report: market attention shifts from NFT to DAO

The research institution Messari reviewed the development of Web3 in the first quarter and pointed out that at the beginning of the first quarter, new protocols in the NFT field were launched one after another, attracting mainstream attention, especially regarding encrypted art and card trading. While this trend persisted through most of the first quarter, more recently, market attention has slowly shifted to decentralized autonomous organizations (DAOs).

While DAOs played a supporting role for much of last year, there has been renewed interest in DAOs in the first quarter of 2021 as crypto protocols amass balance sheets worth tens of millions.

As of the end of the first quarter of 21, the total assets managed by the DAO ecosystem (according to DeepDAO data) was 931 million US dollars, although the encryption protocol that does not operate in the form of a DAO or uses an independent DAO structure is not counted, this scale is also DAO A sign of ecosystem development.

Messari: 3 cloud providers host about 2/3 of the nodes of Ethereum and Solana: On August 18th, the encrypted data analysis platform Messari tweeted: "Cryptocurrency needs to be decentralized. 65% of the nodes on Ethereum Nodes are hosted in data centers, and the 3 major cloud providers account for 69% of them. Of the estimated 95% of Solana nodes hosted in data centers, 72% are hosted on the same cloud provider as Ethereum." , the Messari attached image shows that 3 cloud providers host about 2/3 of the nodes of Ethereum and Solana. [2022/8/18 12:34:06]

Fueled by the bull market, DAO balance sheets have grown significantly over the past quarter, as most DAO projects have doubled their native tokens since the start of the year. Newer DAOs such as NFTX, Stacker Ventures, and API3 dedicate a significant portion of their tokens to their respective DAOs, providing them with sufficient capital for their development.

Chain game Gala Games will suspend South Korean IP access, and will be ordered to rectify by the regulatory agency for failing to carry out classification: On May 18, the chain game platform Gala Games was ordered to rectify by the country’s game platform for providing services in South Korea without classification. The committee called a halt. "We are taking corrective measures because the P2E games "Town Star" and "Spider Tank" provided by Gala Games are classified into ratings when they are operated in Korea, the head of the committee said.

Gala Games stated: According to the rectification measures of the Game Commission, we plan to ban Korean IPs from accessing the Gala Games platform from the 21st. The Gaming Commission's corrective action is not because the two games of Gala Games are P2E games, but because the two games are operated in Korea without rating classification.

Prior to the news in November last year, Gala Games announced that it would deploy 1 billion US dollars for game development in South Korea. (Coindesk) [2022/5/18 3:24:44]

However, poor balance sheet management is prevalent across crypto, with most protocol DAOs having nearly all of their AUM as their native asset, including BarnBridge, Decentraland, pNetwork, Airlab, and Aragon Trust.

James Altucher plans to raise $10 million to form a company called Bitzumi.Inc: Bitcoin "believer", well-known programmer, author and investor James Altucher plans to raise $10 million to form a company called Bitzumi.Inc to fight Coinbase and Bitstamp. The company intends to offer a content-zce product, Bitzumi Publishing, and exchange services. Bitzumi Publishing aims to "rule" search-zce engine traffic for the cryptocurrency industry and drive traffic for Bitzumi Exchange and other products. [2018/1/6]

Adjusting for DAO balance sheets (stablecoins, ETH, BTC only), we see a handful of DAOs diversifying their treasury pools, a healthy sign of sustainable financing. However, most of the DAOs with the highest adjusted balance sheets are investment DAOs - such as Moloch, LAO, and MetaCartel Ventures, which should not be considered sustainable DAOs, as they must invest funds or make grants.

Those protocols that refuse to allocate some stablecoins or more liquid assets (such as Bitcoin and Ethereum) will appear when they encounter events that affect the currency price (such as sharp declines, third-party contract vulnerabilities, or flash loan attacks, etc.). There may be more fluctuations. It would therefore be wise for a DAO to swap some of its native token holdings for stablecoins or reserve assets like bitcoin and ether. Although doing so may cause the price of its currency to drop in the short term, in the long run, this is beneficial to the sustainable development of DAO and its protocol.

The original Moloch DAO aims to create a minimum viable DAO with the design concept of "ruthless minimalism". So far, Moloch DAO has been widely used in investment-style DAOs, including Moloch, The LAO, MetaCartel Ventures, FlamingoDAO, etc.

We cannot bet on the Moloch DAO ecosystem unless you have invested in one of the DAOs - DAOhaus. It was originally conceived as a hackathon project during ETHBerlin 2019, where the team developed a platform to easily create and manage Moloch DAOs, in keeping with Moloch's minimalist ethos.

The DAOhaus platform is managed by the UberHaus DAO, which in turn is controlled by various DAOs within the DAOhuase community. A unique aspect of UberHaus is that there are no individual DAO members, it is a DAO governed by other DAOs, although representatives can be picked from individual DAOs. In order to govern UberHaus, other DAOs need to stake HAUS tokens to join the UberHaus DAO. The HAUS token will also provide priority access to new DAOhaus features, as well as discounts on custom features offered by the platform.

In the future, DAOhaus intends to use HAUS for self-organizing Unions, planning DAO index funds, and funding early-stage DAO communities.

While DAOs have become an important part of the Web3 infrastructure, the de facto organizational structure has yet to be determined. As various DAO protocols such as Aragon, Kleros, DAOhaus, and DAOstack continue to grow, some may carve out niche markets, while others may become the standard for managing multi-billion dollar protocols across DeFi and Web3.

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