
L1 & L2 Token Value Capture - DBA



We hope you see the connection to native tokens in DAO treasuries: these are the crypto-equivalent of authorized but unissued shares. They are not assets of the protocol but merely report how many tokens the DAO could “legally” issue and sell to the market.
Hasu • A New Mental Model for Defi Treasuries
However, almost all of this supposed treasury value comes from the projects’ native tokens such as UNI, COMP, and LDO, as the following charts show: