Unchained Uneasy Money: Why Tokenholders Have No Rights & Why Every DAO ‘Has Failed’ - Ep. 984
Dec 19, 2025
Guy Young, CEO of Ethena Labs, joins hosts Kain Warwick, Luca Netz, and Taylor Monahan for a riveting discussion on token rights and DAO dynamics. They dive into the murky waters of what token holders can actually expect and examine the structural flaws in DAO models. The conversation highlights recent controversies like Circle's acquisition of the Axelar team, questioning accountability and rights for token holders. Young proposes that centralized exchanges might play a key role in enforcing these rights, challenging existing models to improve market integrity.
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Episode notes
Token Ownership ≠ Real Rights
- Token ownership often does not equal legal or economic rights in practice.
- Aave's Labs vs DAO split shows tokens can leave holders without clear claims.
Foundations Were Built To Avoid Liability
- DAO and foundation structures were often designed to avoid liability, not to create clear accountability.
- That avoidance creates operational ambiguity and persistent governance problems.
Define Token Rights Early
- Define token rights and revenue allocation explicitly from day one.
- Establish clear accountability paths so failures are actionable and not ambiguous.