How to rugpull a DAO 2023 edition

If it’s expensive then Why do people keep creating more DAOs on Ethereum?

Ethereum clearly dominates as the blockchain of choice for DAOs.

Considering the current landscape, except for projects that raised millions of Dollars just to maintain a collective decision making environment; Many teams just scaled so fast they collapsed in a blink when facing any funding bottleneck, especially with teams based on such a costly ecosystem like ETH.

Instead of building a lean - effective core DRI unit, DAO’s operational team keeps adding more PiCs just to onboard, manage and maintain contributors. Incentivizing newbies and giving them proportionate power could be even trickier.

The expense would eventually raise the burn rate and force the DAO owner to quit, or, essentially, “rugpull”.

https://preview.redd.it/gb6zrsa2f6ya1.png?375&format=png&auto=webp&s=9c2ba61f3c5fb6e6f51810d2a41281ca9334a6a6

From my own perspective, DAO is innovative due to its programmable, decentralized and responsive nature. Managing a DAO should be more automated to ensure transparency and sustainability.

If you ever see a DAO proposal and then spend hours wandering between the forum, snapshot space and chat of a DAO and still fail to grasp the key data to make a decision. Or if you ever run a DAO and get burned out by the amount of work instead of focusing on creating new engagements. These should not be done manually:

• DAO Workflow (multi-linked proposal) can be created in under 5 minutes. From then you can duplicate it for any other DAOs/campaigns.
• Any users can vote using their own wallet, no switching needed.
• Link the outcome of a decision/vote with web2 apps or web3 smart contracts to execute the decision.

Long shameless shill but everyone, I’m Jean from SyncVote, an app that automates processes for DAO/Communities. Here to seek feedback on our newly launched Dapp.

I invite you to experience our Beta Test at: https://syncvote.com/. Thanks for your time. You deserve the best bagels in the world. ???? ✨