Monday, February 26, 2024

Total Number Of DAOs Increased By 8X Along With Proposal Surge

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The total number of DAOS increased by 8 times along with the vote and proposal increase in the past year but it might not mean that decentralized governance is catching on so let’s find out more today in our latest cryptocurrency news.

The total number of DAOS, or decentralized autonomous organizations has increased by 8 times over the past year. The data compiled by the Snapshot Labs, shared by Electric Capital Engineer Emerge Caliskan, outlined that the DAO number increased by 8.8x from 700 in 2021 to 6000 now. The number of proposals increased by 8.5x and the number of total votes increased by 8.3X in the past year to 3.7 million. Snapshot is a decentralized governance participation portal where the DAO members can propose new initiatives and vote on them with the data being compiled in collaboration with Electric Capital. While the findings look promising, the increase in participation was driven by a handful of the most active DAOS and the new proposals mostly came from 10% of the DAOs while 60% of the DAos had three or fewer proposals since their inception.

The overall growth is an impressive show of confidence in the DAO structure and the rival DAO tracking tool DeepDap showed some different figures and now shows that there are about 4833 DAOS. Caliskan attributed the increase in a new proposal to the popularity and the wide coverage of the constitution DAO and it was an organization set up in November with the intent to buy the original copy of the US constitution. The DAO was outbid at the last moment and proved the power that these organizations have is quite strong.

According to DeepDAo, Decentraland and PancakeSwap are the two top DAOS by proposal count with 3300 and 1200 with only 72 organizations having at least 100 proposals as of the time of writing. Despite the promising numbers in the DAO growth, a draft bill from the US senate could curtail the growth if no other changes are made to it. It calls for all crypto projects to register with the government and the reveal identities of their users and founders.

dao proposals
Most DAO proposals come from just 10% of organizations.

As recently reported, The interest in decentralzied autonomous organizations has seen a huge drop since the rise and fall of ConstituionDAO which raised $45 million in ETH last year and failed to buy the limited edition copy of the US constitution. While DAOS still exists on Ethereum and the network which powers the second biggest crypto while also beginning to spring up on the competing blockchains like Solana.

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