# kaal:claim:5254152-003

**Claim.** Fungible governance tokens deliver liquidity and transparency in DAO voting rights, but because they are tradable they simultaneously create exposure to vote buying and manipulation.

**Type.** failure  **Support.** asserted

**Holds when.**

- DAOs whose voting rights are represented by tradable fungible tokens

**Source quote.**

> These tokens represent voting rights and can be traded, providing liquidity and transparency but also risking vote buying and manipulation.

**From.** Wulf A. Kaal, *DAO Market Meta Analysis 2024* (2024), Fungible Governance Tokens, page 5

**Cite as.** Wulf A. Kaal, DAO Market Meta Analysis 2024 (2024). SSRN: https://ssrn.com/abstract=5254152

**Verify.** sha256 of source PDF `bb2052d809a4615f0f3e2526ba6416293c40d00260149ba4fe6f38addf052796` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202024%20-%20DAO%20Market%20Meta%20Analysis%202024.pdf

**Failure mode.** vote buying through tradable governance tokens  (family: token-transferability-defect)

**Topics.** governance-design, tokenomics, dao

**Keywords.** governance-tokens, vote-buying, dao-governance, manipulation

**Related claims.**

- extends: https://wulfkaal.github.io/claims/4529715-020
- extends: https://wulfkaal.github.io/claims/4015908-024

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