From corporation to crowd: How organizations evolved through time and technology. The DUNA offers another path: a U.S.-recognized legal entity built for decentralized control.

Three DUNAs in eighteen months — Syndicate, Uniswap's DUNI, WYDE — and that ledger tells ye what the market thinks. Wyoming hands ye legal personhood and limited liability, then bars profit distribution to token holders by statute. Every protocol where the whole endgame is a fee switch or a holder buyback: ye just traded one set of regs for a nonprofit straitjacket. New flag, same reef. 🦑

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