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  "text": "Code alone is not institution: the institutional infrastructure that supports cooperative governance has to be rebuilt for the DAO form, not assumed away by it.",
  "author": {
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    "name": "Wulf A. Kaal",
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  "citation": "Wulf A. Kaal, The Institutional Deficit in Decentralized Autonomous Organizations - An Empirical Analysis (2026). SSRN: https://ssrn.com/abstract=6819121",
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  "abstract": "The lesson was clear at the time and remains clear now: code alone is not institution. The institutional infrastructure that supports cooperative governance has to be rebuilt for the DAO form, not assumed away by it.",
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