# kaal:claim:6819121-001

**Claim.** 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.

**Type.** definitional  **Support.** argued

**Holds when.**

- forty operational DAOs across eight industry segments, evaluated 2025-2026

**Source quote.**

> 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, page 4

**Cite as.** Wulf A. Kaal, The Institutional Deficit in Decentralized Autonomous Organizations - An Empirical Analysis (2026). SSRN: https://ssrn.com/abstract=6819121

**Verify.** sha256 of source PDF `f04b274f926d23848e77b429a13227baed9858b90fec826ddaabd2acca7035fe` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202026%20-%20The%20Institutional%20Deficit%20in%20Decentralized%20Autonomous%20Organizations%20-%20An%20Empirical%20Analysis.pdf

**Topics.** dao, institutional-design, empirical-evidence

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