So, most of these "DAOs" aren't actually decentralied. You <i>can</i> build these things so they are decentralized in nature--where random users can vote on even something as critical as what code is running at any given moment--but there are inherent limitations then to what can actually be done by the organization. If you even just think through "who owns our (centralized) domain name?" the DAO often rapidly decloaks and you see a handful of people are running the show and have merely promised to do what everyone asked them to... and like, that's exactly what a normal centralized corporation is with shareholders, which we have chosen as a society (for better or worse) to classify as a security.<p><a href="https://docs.sushi.com/docs/Governance/Current%20Governance%20Model" rel="nofollow">https://docs.sushi.com/docs/Governance/Current%20Governance%...</a><p>> Any use of the devfund wallet requires that the Multisig sign it, which they will only do if it is clearly by the will of the community and has had a passing vote by quorum. There must be at least 4 out of 7 signatures for a transaction to be approved.<p>> The Multisig members are trusted members of the DeFi & Ethereum ecosystem: @Mable_Jiang, @0xSami_, @nickjrishwain, @0xChop, 0xMaki, @tomlombardi, @DeFi_Ted<p>> Any changes that are within the purview of the core team, such as rebalancing and administration of farming pools and use of the growth fund, must pass the Operations Multisig with at least 3 signatures.<p>> The Ops Multisig members are: @MatthewLilley, @0xJiro, @LufyCZ, @sarangprikh22, @chillichelli, @OlaStenberg__<p>> Our goal is to establish a DAO with working, trustless governance. This is not an easy task by any measure, and is not something that will be rushed. All are welcome to discuss how the future DAO should work, as well as how the current governance model works, by participating on our forums and in the #governance channel of our Discord server.<p>This is, thereby, <i>not</i> decentralized and autonomous. This is a system where a small handful of people are sitting on a giant pile of cash--one which, AFAIK, is being funded by fees charged on the operating platform--that they promise they are managing on behalf of and at the direction of people who have received what amounts to a share in their organization as part of what is almost certainly an unregistered security offering. That they promise to use direct shareholder voting for as many decisions as possible and have an extremely liquid market for their shares doesn't change this analysis.<p>Which, to be clear, is entirely different from the situation with, say, Tornado Cash, or any other decentralized system. I'm seeing a number of people here saying "how would they even shut it down?! it's decentralized!"... but, no: the thing this DAO is isn't merely some decentralized contracts. (Hell: I haven't looked yet, but it wouldn't surprise me one iota if there were an obvious kill-switch in even the supposedly-decentralized part of the system that can be tickled by that Operations Multisig.)