Building DAOs | EP. 5 | Types of DAOs | Synthetix, Flamingo DAO, AAVE

DeFi - September 17, 2021

Video Overview

PlannerDAO and LearnDAO (our two DAOs) are different. One caters to professionals i.e. financial advisors. The other caters to learners of crypto and DeFi. But these aren’t the only types of DAOs out there. In fact, there are so many different kinds of DAOs. We discuss the types of DAOs we’ve come across, in this video.

Decentralized organizations became big and then their fame fizzled out in 2016. The first big DAO was MakerDAO, which was hacked back in 2016 for nearly $150 million. This gave the DAO a bad rep. However, since then, we’ve had several different types of DAOs enter the crypto market.

Types of DAOs

The first is Protocol DAOs. These are protocols built by a community of people which put forth rules of governance. However, outsiders can enter, become members, and even put forth proposals. These proposals are then put to an inquiry process and eventually voted on. The cool thing is, the votes are based on tokens held. Further, these tokens have actual real life value. Here, the entire process is public.

Another kind of DAO is Investment DAOs. This works like a community fund. Every member contributes a certain amount of crypto for the DAO’s tokens. These tokens are backed by the respective crypto. Like protocol DAO, these tokens have a voting power attached to it. Lots of different investment themes can be incorporated into this fund like NFTs.

The last kind of DAO we’ve seen is Community DAOs. These start as a group of people getting together to simply chat. There is no goal at the outset. A simple membership token is created with no direct objective. However, as the engagement level within the DAO builds, the value of the token rises as well. 

Lastly, these aren’t the only kind of DAOs. The premise in the DAO world is there is no one kind of DAO. Just like there is no one kind of company. But one thing we can see is a DAO will be the way companies of the future are organized. And we’d love to see more kinds of decentralized organizations in the future.

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