Is DAO Governance Broken? How Voter Apathy and Power Struggles Should Be Fixed

Description

Nick Almond and Proph3t on ENS's treasury fight, the BonkDAO heist, and why Proph3t would not touch Venice's VVV token. 🔥 EPISODE LINK 🔥 https://unchainedcrypto.com/podcast/crypto-has-seen-drama-over-ens-bonkdao-and-vvv-what-does-defis-future-look-like ======================================================================== Thank you to our sponsor! 👉 Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). ======================================================================== Nick Johnson, the founder of ENS Labs, used his own tokens to kill a vote renewing ENS DAO's Security Council, potentially clearing the way for a foundation to take over a treasury worth more than $100 million. Nick Almond, head of governance at the Jito Foundation, and Proph3t, cofounder of MetaDAO, join Laura Shin to untangle what that move reveals about who should control a DAO's money, and whether voting was ever the right way to decide it. They trace ENS cofounder Jeff Lau's warning that the treasury became a honeypot with zero accountability, and the collapsing voter turnout that let a 3% token stake decide the DAO's fate. Proph3t makes the case for MetaDAO's decision markets over voting entirely, while Nick argues curated delegates solve the same capture problem without giving up the vote. They also cover the $20 million BonkDAO heist, pulled off with one proposal and seven votes, and the backlash over Dragonfly's investment in Venice's VVV token. Both guests agree DAOs are near a bottom. What comes next depends on whether anyone tries something new. Host: 👉 Laura Shin - Founder, CEO and Host of Unchained - https://x.com/laurashin Guests: 👉 Nick Almond - Head of Governance at the Jito Foundation - https://x.com/DrNickA 👉 Proph3t - Co-founder of MetaDAO - https://x.com/metaproph3t Timestamps: 🏛️ 01:06 Laura frames the DAO reckoning: disbandments, low turnout, and the Venice fight 📉 08:26 How ENS DAO's collapsing voter turnout let a 3% stake decide its fate ⚖️ 12:55 Proph3t on why voting is a cost, and how a 51% attack captures a DAO 🏦 19:11 Nick maps DAOs' next phase: substructures picked for expertise, not popularity 🍯 24:09 Why Jeff Lau called ENS's treasury plan a honeypot with zero accountability 📣 28:50 Cape: Get 33% off six months of privacy first mobile service at https://cape.co/unchained 🏗️ 29:49 Why founders like Nick Johnson get vilified for wanting DAOs to run efficiently 🗳️ 36:35 Why Nick Johnson's silent vote against ENS's Security Council reads as an attack 💰 41:34 How BonkDAO lost $20 million to one proposal backed by just seven votes 🧩 46:22 Why Proph3t would not buy Venice's VVV token despite defending its disclosures 🔮 56:45 Proph3t on MetaDAO's origin story: pro oversight, not pro governance ======================================================================== #bitcoin #ethereum #crypto #cryptocurrencies ======================================================================== Subscribe to our channel! Website → https://unchainedcrypto.com Unchained Daily Newsletter (FREE!)→ https://unchainedcrypto.beehiiv.com/subscribe/ Unchained X → https://x.com/unchained_pod Apple → https://podcasts.apple.com/us/podcast/id1123922160?ls=1 Spotify → https://open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf?si=6SI4qIcRTEO7EhOe0V9n4w RSS Feed → https://feeds.megaphone.fm/LSHML4761942757 Unchained: Your no-hype resource for all things crypto!