PaperImperium

Every year I try to do better than the year before (best way to work through tricky problems or read a 100+ reply governance thread is in motion - people pace for a reason).
I think I’m maybe overdoing it this year so far, though.

On December 29th, an S-4 amendment for the Ethena DAT was filed. It’s a bit of a depressing read, since it serves as a reminder that this thing will de-SPAC with unrealized losses on all of its ENA (much of which vests over several years), despite being given 30% discount at the time of the token purchase agreements.
The DAT also has not yet secured approval for listing on Nasdaq or another national securities exchange. This is a condition for closing to occur unless waived.
The CEO of the SPAC is expected to continue as either CEO or CFO of the new DAT. He was previously the CFO at Celsius 20

On December 29th, an S-4 amendment for the Ethena DAT was filed. It’s a bit of a depressing read, since it serves as a reminder that this thing will de-SPAC with unrealized losses on all of its ENA (much of which vests over several years), despite being given 30% discount at the time of the token purchase agreements.
The DAT also has not yet secured approval for listing on Nasdaq or another national securities exchange. This is a condition for closing to occur unless waived.
The CEO of the SPAC is expected to continue as either CEO or CFO of the new DAT. He was previously the CFO at Celsius 20

I think the Aave dust up exposed it as a DAO dominated by its founder. But it’s still a DAO, with debate and multiple power centers.
Contrast with Sky moving >$60m out of the treasury into a pair of entities in August, neither of which answers to tokenholders. Was crickets.
There is a material difference in governance risk from the two power dynamics.
Aave has a king, but still relies on a decentralized network of local power brokers to operate Aave. Kind of like a feudal king, who is constrained by social contract and idiosyncratic conditions.
Sky, however, has successfully centralized into