In 2016, The DAO launched. For many who were in the space back then, The DAO marked a cataclysmic shift for the future of (eventually all forms of) capital allocation and formation. A single pool of capital to rule them all. An intelligent engine, to fund innovation, from now until oblivion. But this vision never came to be. Far from it, it fizzled away before it began. Since then, capital formation has continued to be one of the most successful use cases of blockchain. Despite all the fraud,...