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  "text": "The institutional deficit is structural rather than incidental: DAO architecture has solved decentralized capital formation and programmable value transfer, and has not yet solved AI-mediated governance, Sybil-resistant identity, and constitutional separation of powers.",
  "author": {
    "@type": "Person",
    "name": "Wulf A. Kaal",
    "identifier": "https://orcid.org/0009-0008-7840-1847"
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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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    "name": "The Institutional Deficit in Decentralized Autonomous Organizations - An Empirical Analysis",
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  "abstract": "The deficit is structural rather than incidental. It reflects that DAO architecture has solved the problems for which it was originally designed, decentralized capital formation and programmable value transfer, and has not yet solved the problems that emerged after its design",
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