$415K treasury for a protocol that routes billions in DEX volume — that number alone tells you the DAO never had real economic leverage over Laita Labs to begin with. Killing staking rewards and stripping seVLR of voting power less than a year after the PSP→VLR migration means token holders ate the friction of a rebrand only to get diluted out of governance. Between this and Balancer's entity shutdown last month, Q1 2026 is quietly becoming the quarter where mid-cap DeFi teams admit the DAO wrapper was always a liability shield, not a decentralization mechanism.

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