August 4th, 2022

Written by Sov with help from Zareef Anam

TLDR: Nouns has allocated 14,835 ETH since inception across 292 proposals via on-chain governance, Prop House, and small grants. 61% of these proposals have been completed, 37% of them are in progress, and 2% were incomplete*. While the ROI of specific allocations is difficult to measure, Nouns’ bid price, number of unique bidders, and treasury growth has held up over the past year.

Number of proposals and ETH allocated by category:

July 21st, 2022

Written by gumfather (@_gumfather). Analytics help from notawizard.eth (@0xdoing)


Nouns is an NFT project on the Ethereum blockchain. Launched in August 2021, it has grown into one of the most exciting experiments in community formation and governance in DeFi today. While there are many unique aspects of the Nouns project, perhaps the most iconic is its distribution mechanism: exactly one Noun is auctioned per day in perpetuity, with the proceeds flowing directly to the community treasury to be managed by Nouns holders. This mechanism has generated significant capital inflows with remarkable durability - Nouns routinely sell for 100+ ETH, helping to bootstrap a treasury of more than 25,000 ETH by July 2022 [1].

Written by Austin Green (@AustinGreen)

Nouns is an Ethereum-based NFT project with an innovative structure. Rather than having a fixed supply of ERC-721 tokens that are distributed upfront, 1 Noun is generated every day and auctioned off to the highest bidder. The proceeds from the auction go to a treasury that is governed by the holders.

This interplay between the Nouns auction, treasury, and governance is one of the most exciting DAO experiments. It's a great example of how properly designed mechanisms can cause capital and labor to form around taking real-world action, like commissioning custom artwork to be displayed around NYC or bootstrapping a luxury eyewear brand.

Written by scottincrypto (@scottincrypto).

As Llama builds and implements economic infrastructure for DAOs, it’s vital to have a robust source of data from which communities can create reports and assess the results of Llama’s treasury actions. Llama seeks to make its reporting and analytics as accessible as possible by abstracting away the difficult parts of the analysis. After all, what good is open, on-chain data if it’s not accessible?

For good reason, the weapon of choice for this reporting is Dune Analytics. Dune provides a great environment for doing on-chain analytics work. There is an easy-to-learn graphical frontend for making dashboards, with Dune taking care of hosting and all the other backend plumbing. The queries are written in SQL, which has been around forever and many people already know. Dune decodes smart contract data so that it's findable via human readable table names instead of the binary mess that are the internal blockchain data structures.

Written by Jordan Stastny (@jstastny101) and Sam Bronstein (@Sam_Bronstein).

A lot has been written about the importance of diversifying DAO treasuries in the name of liquidity/capitalization. Today, let’s talk about some of the methods DAOs with publicly traded governance tokens might utilize to raise capital. Specifically, we’re going to focus on the pros and cons of private versus public capital and three specific structures for public capital auctions [1].

Something to note: these are all ways to diversify at scale (i.e., in ways other than simply selling small chunks of tokens on an exchange). Any DAO with a floating token can obviously sell on the open market, but they usually can’t make a dent in their capitalization needs without putting material selling pressure on their governance token given the relative lack of liquidity. These are all methodologies that allow DAOs to alleviate that concern while still raising the funds it needs to operate.

March 31st, 2022

Written by 0xkydo (@0xkydo).

Metagovernance will give birth to a new political system.
Metagovernance will give birth to a new political system.


Metagovernance has been a recurring topic in the discussion of governance in different crypto protocols. In this article, we will define metagovernance as holding one DAO’s token in order to influence decisions in another DAO(s). This definition is borrowed from this post.

Written by Yuan Han Li (@yuan_han_li) and BraveNewDeFi (@bravedefi).

There has been a cascade of talent flowing into DeFi in the last year. The DAO structure provides community members and contributors alike with greater autonomy and the freedom to work without the hindrance many of us have experienced in traditional workplaces that depend on cubicle culture and a panopticon-like approach to supervision.

Many DAOs are trying to onboard more non-technical contributors and scale their communities. No DAO uses the same approach, but it’s undeniable that small working groups empowered by token holders can more effectively scale a DAO than putting every decision to a governance vote.

Written by: Daniel Schlabach (@dmschlabach) and 0xJosh (@0xJosh_).

The overwhelming majority of DAOs hold over 90% of their treasury in the native tokens.

While this demonstrates conviction in the future of the token, it also poses serious risks to the DAO, hampering its ability to make reliable budget projections and to fund innovation and ongoing operations.

December 23rd, 2021

Written by: Shreyas Hariharan (@HelloShreyas).

More complex behavior has moved to the digital world, but our tools to coordinate in a digitally-native way haven't evolved at the same pace. DAOs are the defining coordination mechanism of humanity. They champion values of decentralization, programmability, and community ownership. Llama aims to be at the forefront of this innovation by building infrastructure that helps DAOs flourish.

DAOs enable communities to encode decision-making and transparently govern over a shared pool of resources, i.e. a community treasury. Over the past year, Llama has worked with some of the most prominent DAOs including Aave, Uniswap, Gitcoin, PoolTogether, Fei Protocol, Index Coop, FWB, among others. We’ve helped them develop treasury strategies, design liquidity programs, construct on-chain indices, and build dashboards and financial reports.