The DAO form is established but not yet an institution: total assets under DAO governance have crossed the hundred-billion-dollar threshold, yet the institutional architecture the form requires remains incomplete.
Source quote, verbatim
The form is no longer an experiment. It is also not yet an institution. That is the gap this Article documents.
From
Wulf A. Kaal, The Institutional Deficit in Decentralized Autonomous Organizations - An Empirical Analysis (2026), I. Introduction, p. 4 https://ssrn.com/abstract=6819121 · source PDF
Cite as
Wulf A. Kaal, The Institutional Deficit in Decentralized Autonomous Organizations - An Empirical Analysis (2026). SSRN: https://ssrn.com/abstract=6819121
Holds when
forty operational DAOs across eight industry segments, evaluated 2025-2026
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