Decentralized Autonomous Organizations (DAOs) are blockchain-based communities that are designed to bring a new, more open and democratic management structure to businesses and other collaborative projects in web3. While some would contend that Bitcoin was the first DAO, DAOs as we know them today began as smart contracts on the Ethereum blockchain. When an individual acquires the DAO’s governance token, they may gain membership and voting rights, but can also delegate their voting responsibilities to another member. Last year we analyzed the distribution of ten major DAOs’ governance tokens. In the vast majority of cases, DAO members vote on key decisions in processes similar to what we’ve described above.