Most protocol DAOs currently only hold their native protocol token on their balance sheets. Given the volatile nature of cryptocurrencies, this could mean that DAOs are forced to sell their native tokens during extended bear markets (and therefore at inopportune prices) to finance ongoing operations. Consequently, DAOs should first ensure that they... See more

Token distribution mechanisms have adopted a lot of the structures from within the traditional financial world — including vesting schedules and vesting cliffs — which have resulted in some unintended consequences like adverse price action as tokens vest; and the inability of holders with large economic interests in a protocol to exercise governanc... See more

Protocol’s tokenStablecoins (DAI, USDC, etc.), a portion of which earn yield. Stablecoin allocation depends on the liquidity needs and treasury budget.Blue chip crypto assets (BTC, ETH)DeFi index (DPI)Early-stage token investments and M&A that improve the protocol's competitive positioning. The discussion between Keep and NuCyphur is an example... See more