2025 was a seismic year for DAOs: - Uniswap realigned the DAO with Labs - Jupiter paused governance for 6 months - Scroll shut its DAO Indeed, DAOs are governed by a few. Incentives for delegates dry out, and many are closing shops. On a flip side, value accrual to tokens increased - Lido adopted a buyback framework - Uniswap burnt $600M in UNI & turned fee switch on - Fluid & Aave both turned on buy backs - Cow Protocol increased solver profitability Intern cooked on this one!(Ignas | DeFi)