A weekly roundup of interesting stuff in the fabulous and mysterious world of DAOs


A weekly roundup of interesting stuff in the fabulous and mysterious world of DAOs
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DAOs or anons on the 💩 list got here by doing something stupid, making the industry look bad, or pronouncing stETH like “meth” instead of “teeth”.
DAOs on the 🌈 list got here by doing something wholesome, making me smile, laugh, or improving the industry in some way.
If you disagree, go write your own list.
Oh Sushi, my dearest Sushi! As the underdog in the “Sushiswap v. Uniswap” DEX Heavyweight Title Match, Sushi has always held a special place in my heart–if only for its pure meme-ability. It racked up a $30 million dollar loss last year due to some classic incentive mismanagement, and then in an attempt to be “more transparent” released its payroll numbers to the public. The only problem is that the payroll numbers are INSANE. The top two salaries are $500k/year (!) and the average is $285k/year. That’s pretty generous compensation for a team that’s hemorrhaging moolah.

This is my favorite story—no, my favorite event—of 2022. It was even better than my birthday. I’m talking of course about the genius who hacked/exploited MangoDAO. Not because they exploited it, but because of what they did next: After stealing $100 million USD worth of the DAOs governance token, the hacker submitted a proposal to the DAO basically saying, “if this proposal passes you won't press charges against me.” The hacker then used all $100 million worth of stolen governance tokens to vote “Yes” on the proposal.
I have never seen this level of wit-fuckery before, and I admire it.
Enjoy your 🌈, bitch.

Remember when everyone started freaking out and saying that the new Sushiswap CEO fingered a horse? This 🌈 goes to SushiDAO not because I stand for or against fingering horses, but because it took the potential bad press opportunity on the chin (unlike the horse) and are the first DAO to ever issue an official statement that their CEO never engaged in bestiality. Somewhere in Crypto Heaven or Hell, John McAfee fishily salutes you!

I want to be clear that this 💩 is not being awarded to Tornado Cash, but to the sanction itself. The sanction and the language around it showed us how little some of those attempting to regulate crypto understand it. The sanction was placed on the smart contract itself, a first, and was accompanied by a tweet from a senator who mistakenly called Tornado a Korean hacker-sponsored entity. The announcement has since been deleted, but anon keeps receipts, so here’s a screenshot.

BlueDAO has seen its fair share of drama this year, but honestly, the only justification I need for putting it on the 💩 list is the fact that its actions led to this headline being published in Forbes:

MolochDAO launched the framework that is used to manage some of the more credible DAOs in the industry, and honestly is one of the only frameworks that actually works. While many DAOs run on “good vibes” Moloch was built to withstand worst case scenarios– meaning it’s one of the only things us crypto people haven’t broken yet. Moloch made the list this year for shipping an update to its codebase, MolochV3.

For those of you who don’t remember, SpiceDAO was a short-lived effort started by some anon on Twitter who sold a CryptoPunk to an NFL player and used his 5 minutes of fame and newfound funding to birth a DAO whose goal was to purchase a copy of the production Bible for Dune. I don't even know what a production bible is and I’m not paid enough to look it up, but Spice is on the list because apparently everyone in the DAO thought it was buying the licensing rights to Dune. Yup, that’s right. I guess it was an obvious mistake to make? The members even thought that they’d be able to make an official fan-owned Dune sequel. They didn’t realize they hadn’t actually bought what they thought they had until mainstream media started to point and laugh at how stupid they were for even thinking that to begin with. There’s more to the story and it’s hilariously terrible, you can check out a thread on it here.

This is so funny to me that it almost made me laugh enough to move it over to the 🌈 list. A Brazilian NFT company that planned to decentralize into a DAO started selling NFTs that represented ownership of parcels of Rainforest land. The only problem was the indigenous tribe still occupying the land. And they have lawyers.

The only Venture Capital firm to make the list, Paradigm gets its 🌈 for speaking out to defend OokiDAO during its case against the CFTC. It’s not often that we can join arms with our TradFi bros and form a unified front, so hats off for putting a target on their own back when they didn’t have to.

Another hacker makes the list this year with a $300k hack of OlympusDAO. After abusing an exploit to pull out the $300k, the hacker offered to give it back. Probably once he realized that if he decided to be a white-hat hacker and report the bug to Olympus, he might be able to claim a part of the $3 million dollar bug bounty Olympus put up for helping improve its codebase. But whatever, he still returned $300k so he gets a damn rainbow.

TweetDAO made the list for being an interesting experiment in social coordination. It sold NFTs that gave their owners the right to tweet once a day from a shared account. I have no idea whether the tweets this DAO created were any good since its Twitter account was suspended by the time I heard about it. But that makes this all the more interesting to me. Maybe they were suspended because buying the NFTs was interpreted as “paying for tweets,” which is against Twitter policy? Did the Tweeters get their money back? I have no clue, and it is for this eternal mystery that I am grateful to TweetDAO since it fully encapsulates the wonder, insanity, chaos, anarchy, confusion and despair that typified our little savannah of the animal kingdom during the past year.

DAOs or anons on the 💩 list got here by doing something stupid, making the industry look bad, or pronouncing stETH like “meth” instead of “teeth”.
DAOs on the 🌈 list got here by doing something wholesome, making me smile, laugh, or improving the industry in some way.
If you disagree, go write your own list.
Oh Sushi, my dearest Sushi! As the underdog in the “Sushiswap v. Uniswap” DEX Heavyweight Title Match, Sushi has always held a special place in my heart–if only for its pure meme-ability. It racked up a $30 million dollar loss last year due to some classic incentive mismanagement, and then in an attempt to be “more transparent” released its payroll numbers to the public. The only problem is that the payroll numbers are INSANE. The top two salaries are $500k/year (!) and the average is $285k/year. That’s pretty generous compensation for a team that’s hemorrhaging moolah.

This is my favorite story—no, my favorite event—of 2022. It was even better than my birthday. I’m talking of course about the genius who hacked/exploited MangoDAO. Not because they exploited it, but because of what they did next: After stealing $100 million USD worth of the DAOs governance token, the hacker submitted a proposal to the DAO basically saying, “if this proposal passes you won't press charges against me.” The hacker then used all $100 million worth of stolen governance tokens to vote “Yes” on the proposal.
I have never seen this level of wit-fuckery before, and I admire it.
Enjoy your 🌈, bitch.

Remember when everyone started freaking out and saying that the new Sushiswap CEO fingered a horse? This 🌈 goes to SushiDAO not because I stand for or against fingering horses, but because it took the potential bad press opportunity on the chin (unlike the horse) and are the first DAO to ever issue an official statement that their CEO never engaged in bestiality. Somewhere in Crypto Heaven or Hell, John McAfee fishily salutes you!

I want to be clear that this 💩 is not being awarded to Tornado Cash, but to the sanction itself. The sanction and the language around it showed us how little some of those attempting to regulate crypto understand it. The sanction was placed on the smart contract itself, a first, and was accompanied by a tweet from a senator who mistakenly called Tornado a Korean hacker-sponsored entity. The announcement has since been deleted, but anon keeps receipts, so here’s a screenshot.

BlueDAO has seen its fair share of drama this year, but honestly, the only justification I need for putting it on the 💩 list is the fact that its actions led to this headline being published in Forbes:

MolochDAO launched the framework that is used to manage some of the more credible DAOs in the industry, and honestly is one of the only frameworks that actually works. While many DAOs run on “good vibes” Moloch was built to withstand worst case scenarios– meaning it’s one of the only things us crypto people haven’t broken yet. Moloch made the list this year for shipping an update to its codebase, MolochV3.

For those of you who don’t remember, SpiceDAO was a short-lived effort started by some anon on Twitter who sold a CryptoPunk to an NFL player and used his 5 minutes of fame and newfound funding to birth a DAO whose goal was to purchase a copy of the production Bible for Dune. I don't even know what a production bible is and I’m not paid enough to look it up, but Spice is on the list because apparently everyone in the DAO thought it was buying the licensing rights to Dune. Yup, that’s right. I guess it was an obvious mistake to make? The members even thought that they’d be able to make an official fan-owned Dune sequel. They didn’t realize they hadn’t actually bought what they thought they had until mainstream media started to point and laugh at how stupid they were for even thinking that to begin with. There’s more to the story and it’s hilariously terrible, you can check out a thread on it here.

This is so funny to me that it almost made me laugh enough to move it over to the 🌈 list. A Brazilian NFT company that planned to decentralize into a DAO started selling NFTs that represented ownership of parcels of Rainforest land. The only problem was the indigenous tribe still occupying the land. And they have lawyers.

The only Venture Capital firm to make the list, Paradigm gets its 🌈 for speaking out to defend OokiDAO during its case against the CFTC. It’s not often that we can join arms with our TradFi bros and form a unified front, so hats off for putting a target on their own back when they didn’t have to.

Another hacker makes the list this year with a $300k hack of OlympusDAO. After abusing an exploit to pull out the $300k, the hacker offered to give it back. Probably once he realized that if he decided to be a white-hat hacker and report the bug to Olympus, he might be able to claim a part of the $3 million dollar bug bounty Olympus put up for helping improve its codebase. But whatever, he still returned $300k so he gets a damn rainbow.

TweetDAO made the list for being an interesting experiment in social coordination. It sold NFTs that gave their owners the right to tweet once a day from a shared account. I have no idea whether the tweets this DAO created were any good since its Twitter account was suspended by the time I heard about it. But that makes this all the more interesting to me. Maybe they were suspended because buying the NFTs was interpreted as “paying for tweets,” which is against Twitter policy? Did the Tweeters get their money back? I have no clue, and it is for this eternal mystery that I am grateful to TweetDAO since it fully encapsulates the wonder, insanity, chaos, anarchy, confusion and despair that typified our little savannah of the animal kingdom during the past year.

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