DAO

A DAO (Decentralised Autonomous Organisation) is a structure whose governance rules are coded into smart contracts on a blockchain, and whose decisions are taken collectively by the holders of governance tokens.

DAOs often manage a shared treasury (in cryptocurrencies), with on-chain votes replacing a traditional board of directors. They are used to steer DeFi protocols (Uniswap, MakerDAO), open-source projects or investment collectives.

Their legal status remains unclear in most jurisdictions, which is one of the main barriers to wider adoption.