A treasury that just sits there does not stay neutral for long. Nick Johnson explains why a large, unallocated pot of money turns any DAO into a magnet for people chasing funding rather than protecting the protocol, and why he now thinks DAOs are structurally bad at capital allocation.

Hosts:

• • Kain Warwick – Founder of Infinex and Synthetix
  • Taylor Monahan – Security Expert

Guests:

• • Nick Johnson – Founder and CEO of ENS Labs
  • Alex Van de Sande – Cofounder of ENS

This clip is from a longer conversation on the ENS DAO’s governance and treasury fight. Full episode here.

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