Data Snack: DAOs are gaining traction with consumers as well as regulators
- The number of DAOs has increased by 8.8 times, reaching 6000.
- A leaked draft of an upcoming bill shows that regulators may soon call for founders and users of all DAOs to disclose their identity to the government.
Recent data shared by Snapshot Labs’ Electric Capital Engineer Emre Caliskan shows that DAOs have increased in number by 8.8 times to 6000. The number of proposals and votes has seen a similar jump, with an increase of 8.5x in proposals and 8.3x in votes.
Source: Electric Capital
Although these findings point to a rising interest in DAO models, most of the increased activity was experienced by a small number of already popular DAOs. Most new proposals came from 10% of DAOs, while 60% of DAOs have had only 3 proposals since their foundation.
A recently leaked draft of an upcoming bill shows that regulators will soon be looking closely at all crypto platforms and protocols to safeguard users. This oversight may cut back on some of the freedom DeFi and DAOs have been enjoying so far and ask them to register with the government, as well as disclose the identity of their founders and users.
Meanwhile, Tron DAO, which is responsible for managing the algorithmic stablecoin USDD, bought $50 million worth of Bitcoin to “safeguard the overall blockchain industry and crypto market”. This move comes after stablecoin Terra’s fall from grace, prompting Tron to increase the capital backing for USDD to prevent a similar crash. The company will start publishing real-time data from June 5 on Tron DAO Reserve.