# DAO Research Trends: Reflections and Learnings from the First European DAO Workshop (DAWO)
## 1 Introduction  
Decentralized Autonomous Organizations (DAOs) have emerged as a novel form of organizational structure, but their definition remains fluid in the literature. Initial attempts to define DAOs, such as [PERSON]'s [1] description of a DAO \"as an entity that lives on the internet and exists autonomously, but also relies heavily on individuals to take on certain tasks that the autonomous entity cannot do itself\", emphasize their autonomous operation on the internet, supplemented by human intervention for tasks beyond automation. Early research into DAOs has explored their potential as alternative governance institutions, distinct from markets, hierarchies, and relational contracts, as framed by [PERSON]'s [2] new institutional economics. [PERSON] et al. [3] (p. 654) characterize DAOs as \"self-governing organizations with the coordination properties of a market, the governance properties of a commons, and the constitutional, legal, and monetary properties of a nation-state\". Scholars, such as [PERSON] and [PERSON] [4] and [PERSON] et al. [5], emphasize how blockchain technology can reduce transaction costs, including those relatedto searching, networking, monitoring, verification, and enforcement. Additionally, studies by [PERSON] et al. [6] and [PERSON] et al. [7] underscore the governance capabilities of DAOs in coordinating decentralized communities, offering an efficient alternative to traditional organizational structures. Over time, scholars like [PERSON] and [PERSON] [8] and [PERSON] and [PERSON] [9] further refined the concept, emphasizing DAOs' reliance on blockchain-based, self-executing rules, decentralized governance, and open communities. More recent interpretations, such as those from the World Economic Forum [10] and the Ethereum community [11], underscore the transparency, community-oriented governance, and the role of smart contracts in ensuring that decisions and operations are visible and collectively controlled. Overall, DAOs are recognized for their transformative organizational models, harnessing decentralized decision-making and governance tokens to manage organizational functions [12]. By eliminating centralized control and enabling collective decision-making, DAOs offer a more democratic, transparent, and efficient alternative to traditional hierarchical structures [13]. Uniswap exemplifies this decentralized governance in practice, overseeing a decentralized exchange protocol (DEX) through a token-based governance model. Anonymous UNI token holders propose and vote on protocol changes, with decisions executed via smart contracts to ensure transparency and automation. While Uniswap has no formal legal entity, the UniSwap Foundation supports governance initiatives. Uniswap's economic model relies on liquidity provider fees, a community treasury, and potential protocol fee allocations. Despite its decentralized structure, challenges, such as token concentration, voter apathy, and regulatory uncertainty, remain key considerations for its governance model. Further examples illustrate the diversity of DAO applications. Sky (formerly MakerDAO) governs the USDS (formerly DAI) stablecoin, allowing members to use its SKY governance tokens to ensure its efficiency, transparency and stability. MolochDAO is an example of a mission-driven DAO, pooling members' contributions to fund blockchain infrastructure as a digital public good. Hopr further demonstrates how DAOs can govern digital infrastructure, as its token holders collectively manage the HOPR protocol, a privacy-focused communication network, and vote on its development and maintenance. By focusing on NFTs, Flamingo DAO aims to explore emerging investment opportunities for ownable, blockchain-based assets that include digital art, collectibles, and in-game assets. Bridging the digital and physical worlds, Cabin goes a step further, using blockchain-based governance to manage real estate, such as land and homes, while facilitating real-life gatherings to strengthen local communities.