# kaal:claim:3949098-026

**Claim.** Misjudging the public commitment portion of a firm underwriting engagement would neutralize the liquidity the DAOIC previously gained through reputation staking.

**Type.** failure  **Support.** argued

**Holds when.**

- firm commitment underwriting engagements

**Source quote.**

> Getting the public commitment part on a firm underwriting engagement wrong would neutralize the prior gained liquidity from RNFT staking.

**From.** Wulf A. Kaal, *Reputation as Capital – How DAOs Upgrade Finance* (2021), II. Basic Concept, 4. Decentralized Underwriting, page 15

**Cite as.** Wulf A. Kaal, Reputation as Capital – How DAOs Upgrade Finance (2021). SSRN: https://ssrn.com/abstract=3949098

**Verify.** sha256 of source PDF `04297905564a6092b2db7640561f58fd374d3114c79527357bad09d11b909819` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202021%20-%20Reputation%20as%20Capital%20%E2%80%93%20How%20DAOs%20Upgrade%20Finance.pdf

**Failure mode.** Liquidity Gain Neutralization  (family: liquidity-and-market-structure-failure)

**Topics.** defi, risk-and-incentives, reputation

**Keywords.** liquidity, firm-commitment-underwriting, incentives, reputation-as-capital

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.