Values play a critical role in shaping the vision and identity of an organisation. They serve as behavioural guidance, conveying the principles and beliefs that provide a cohesive vision and help to define the organisation to contributors, stakeholders, and customers. They embody the collective culture and beliefs, resolving conflict and steering the execution process along with the overall strategy. Values are even more crucial for decentralised organisations, as they provide a common founda...

Values play a critical role in shaping the vision and identity of an organisation. They serve as behavioural guidance, conveying the principles and beliefs that provide a cohesive vision and help to define the organisation to contributors, stakeholders, and customers. They embody the collective culture and beliefs, resolving conflict and steering the execution process along with the overall strategy. Values are even more crucial for decentralised organisations, as they provide a common founda...

An analysis of a non-custodial and trust-minimised way to delegate treasury actions.The DAO Governance ConundrumDAOs are a crypto primitive. They represent a new organisational construct rooted in the digital age that advocates for permissionless and transparent governance through immutable smart contracts. Its decentralised ownership promotes cooperation through intricate incentive schemes governed by capital ownership. However immensely useful to prevent the arbitrary decision-making of hie...

An analysis of a non-custodial and trust-minimised way to delegate treasury actions.The DAO Governance ConundrumDAOs are a crypto primitive. They represent a new organisational construct rooted in the digital age that advocates for permissionless and transparent governance through immutable smart contracts. Its decentralised ownership promotes cooperation through intricate incentive schemes governed by capital ownership. However immensely useful to prevent the arbitrary decision-making of hie...

We think that the global economic system will eventually be run on top of DeFi. In order for this trustless ecosystem to thrive, it’s imperative that governance models around DeFi protocols follow their own ethos of transparency. We think they should be akin to coordination mechanisms for basic infrastructure provision: they should be credible-fair and censorship resistant, so traits like predictability, robustness, and neutrality should be valued above efficiency. We think DeFi should be run...

We think that the global economic system will eventually be run on top of DeFi. In order for this trustless ecosystem to thrive, it’s imperative that governance models around DeFi protocols follow their own ethos of transparency. We think they should be akin to coordination mechanisms for basic infrastructure provision: they should be credible-fair and censorship resistant, so traits like predictability, robustness, and neutrality should be valued above efficiency. We think DeFi should be run...

The cost of trustIn any economic environment, one considers the risk that others might unfairly exploit informational asymmetries to their advantage. There is thus the need to invest resources to assess their trustworthiness. We can think of Finance as the complex of institutions, standards, and technologies needed to minimise the transactional cost between parties who do not fully trust each other. The level of trust defines expenses and resource allocations. Financial intermediaries act as ...

The cost of trustIn any economic environment, one considers the risk that others might unfairly exploit informational asymmetries to their advantage. There is thus the need to invest resources to assess their trustworthiness. We can think of Finance as the complex of institutions, standards, and technologies needed to minimise the transactional cost between parties who do not fully trust each other. The level of trust defines expenses and resource allocations. Financial intermediaries act as ...