A lot of different sectors in the crypto world have been affected by the long winter, but decentralized autonomous organizations (DAOs) have proven to be on the rise. In essence, DAO is a digital governance model, coordinated by smart coins, whose decisions are recorded on the blockchain. With 179 DAO platforms overseeing over $1 million in assets, here is an overview of the top 5 DAO calculations through 2023.

On April 15, 2022, the DAO ecosystem was valued at $10.8 billion. As of today, the total fair value of the DAO has increased significantly to $18 billion. This evolution continues in 2022 as the top ranking DAOs have different components. Uniswap and Bitdao, which has since changed its name to Mantle, take the top spot. However, there has been a change in momentum, with three other contenders in the top 5 list – Uxd Protocol, Mango DAO and Lido DAO – having their positions reduced.

Decision of the DAO

Arbitrum DAO, with the largest treasury among DAOs, leverages a community-based governance model powered by the Arbitrum (ARB) token. This DAO is tightly connected to the Ethereum Layer-2 (L2) scaling network, Arbitrum. In addition to the admin, Arbitrum DAO also operates a comprehensive banking and security coin system to enhance operational efficiency. Currently, its treasury holds a variety of assets worth $3.4 billion, including ARB and various stablecoins.

Optimism Collective

While most DAOs primarily hold native tokens, a significant number have diversified into stablecoin crypto assets. The DAO's second largest asset under management (AUM) is tied to the L2 Optimism protocol extension. Optimism Collective's treasury holds $3.1 billion in various assets, including OP, the DAO's native asset for digital governance. Optimism's DAO governance configuration is uniquely shared between two entities: Citizens' House and Token House.

Mantle

Arbitrum and Optimism optimize their respective networks for their budget operations, however Mantle (formerly Bitdao), ranked as the third largest DAO, manages $2 billion in AUM through the Mantle network. Mantle first launched in August 2021 and underwent a transition from Bitdao to Mantle, following a governance vote on May 19, 2023.

Uniswap DAO

Fourth in 2023 is the Uniswap DAO, which holds a treasury currently valued at $1.7 billion. Linked to the Uniswap decentralized exchange (DEX) protocol, the Uniswap DAO manages a treasury that includes its native token UNI, along with various fiat-pegged tokens. Governance in this organization is done through the UNI token, which delegates to the DAO to make decisions and make edits to the Uniswap DEX.

Gnosis DAO

Securing the position of fifth largest DAO in 2023 is Gnosis DAO. This organization specializes in building infrastructure to permanently build the Ethereum ecosystem, which plays the role of the game then tries to develop products such as Gnosis Safe, Cow Protocol and Zodiac, which serves as the standard and tools to create decentralized applications (dApps) on Gnosis. In its treasury, Gnosis DAO manages $813 million worth of assets in AUM, including GNO, ETH, and various stablecoins.

In addition, the Top 5 DAOs are ranked by treasury size, the next 5 DAOs in the Top 10 DAOs manage assets from 200 million USD to 800 million USD. The DAO landscape is quite active today, with over 8 million governance token holders and 2.8 million entities actively participating in voting and creating proposals. In a striking comparison, the current five rows of DAOs have a total value of about 73.33 times greater than the 2016 DAO, which was valued at $150 million.

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