2026-01-12 20:23:44

Imagine an extreme scenario: a leading publicly traded company announces that it not only bets on BTC but also buys up 10% of the total LISTA tokens. The reason is straightforward—"optimistic about the decentralized lending track on BNB Chain." The token price soars, and the entire community erupts in excitement. But then comes the twist: this company begins using its 10% voting power to veto all proposals related to "increasing ecosystem expenditure."

This is the **silent invasion of DAO by capitalism**. The core logic of a publicly traded company is only one—maximize shareholder interests, with the stock price as the sole KPI. And DAO? It needs ecosystem vitality, community consensus, and long-term health. Their goals are fundamentally misaligned.

What will happen next? The company might vote to completely cut off liquidity mining incentives (because that means inflation pressure), and use all treasury income to buy back and burn tokens. From a token price perspective, this is definitely good news in the short term—prices will spike, retail investors will celebrate.

But system dynamics tell us a different story. Without incentives, liquidity providers will gradually withdraw, and TVL will decline steadily. The protocol will slowly turn into a "zombie dividend machine"—still alive, but lacking vitality. Governance logic shifts from "what the community thinks" to "what Wall Street’s financial reports say." Retail investors realize they profit from price increases, but at the same time, they lose all voice over the protocol’s future.

LISTA is no longer a decentralized protocol but a "branch office on-chain" under a publicly traded company.

This actually exposes the real dilemma of DAOs: either die from governance chaos or survive through acquisition by capital—yet that kind of "survival" is a complete betrayal of the original decentralized ethos.

BTC-3,73%

LISTA-7,96%

BNB-3,8%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

18 Likes

Reward
18
6
Repost
Share

Comment

0/400

Ser_Liquidated

· 01-15 13:10

When the price of the coin rises, retail investors are happy; no one cares whether the TVL crashes later. A typical short-term celebration followed by a long-term trap. This is why I keep saying that the governance power of DAO will ultimately be hijacked by capital, and there's no way to stop it. It's just a matter of time, just watch. Honestly, instead of waiting to be cut, it's better to get out early. Retail governance is a joke; the rich dad will always be the dad. It's very realistic, but the community simply won't listen, as long as they can make money. When liquidity mining is cut, you'll see who truly cares about the protocol. Get ready to watch the show. We've seen this script too many times, and the ending is always the same. Capitalism will never be defeated, and Web3 can't escape it either. I'm really tired of watching this script a second time; it's just too boring. No matter how eloquently it's said, it can't change the fact that money talks; everything else is just empty talk.

View OriginalReply0

SignatureAnxiety

· 01-13 22:53

How long can the happiness of a skyrocketing coin price last... Once Wall Street takes over, what’s left for the community? --- Basically, this is boiling a frog in warm water—short-term profit, long-term being harvested. --- DAO died in the honey trap of capital; it’s really quite ironic. --- Without liquidity mining, the ecosystem is gone; buyback dividends are just a way to fleece retail investors in the end. --- I just want to ask, in this situation, is it still called decentralization... LOL. --- The moment capital enters, the DAO is already finished; it’s just dancing after death. --- Short-term surge, long-term zombie—this is the curse of DAO governance. --- 10% voting rights can change the entire ecosystem’s direction, which already indicates a problem. --- The crypto world is always a routine, just a different disguise. --- Rather than being harmonized by capital, it’s better not to do any governance from the start.

View OriginalReply0

GasFeeAssassin

· 01-12 20:53

Sigh, I knew it would turn out like this, capital is always capital. The moment the price of earning coins rises, decentralization is already dead. Short-term frenzy, long-term being harvested like chives—when will this cycle end? Wall Street running a DAO is more ironic than anything else. The day TVL declines will be the real turning point.

View OriginalReply0

MEVHunterWang

· 01-12 20:53

When the coin price rises and retail investors profit, the voice is gone, and this trading isn't worth it. --- Once Wall Street introduces DAOs, it's over. Is lying flat for dividends still a DAO? --- Basically, capital votes with money. What do we use to vote? --- After cutting liquidity mining, who still wants to be an LP? It will truly become a dead pool then. --- Short-term surge, long-term death. This pattern is still being repeated. --- DAO essentially has never resisted big capital; it will be eaten up sooner or later. --- The problem isn't LISTA; it's that we simply can't prevent this from happening. --- The zombie dividend machine is hilarious. The coin has vitality, but the protocol is gone. --- True decentralization has long been corrupted by capitalism. We're all fooling ourselves.

View OriginalReply0

OvertimeSquid

· 01-12 20:41

Isn't this just boiling a frog in warm water? The short-term coin price is good, but the ecosystem is completely ruined. Suddenly cutting off incentives, retail investors think they've made a profit, but in reality, they're just trapped. Capital doesn't care whether the DAO lives or dies; it just wants to squeeze out the last drop of value.

View OriginalReply0

HorizonHunter

· 01-12 20:29

This is the reality: profit and ideals have never been unified. --- Short-term token price surges make everyone happy, but they regret it only when the ecosystem dies. By then, the voice has long been lost. --- Basically, capital uses money to buy orders; retail investors profit from price differences. Don't think there's any DAO spirit involved. --- I just want to know why there's no cap on voting rights? This is all a governance design flaw. --- Haha, in the end, it becomes "I hold tokens but can't vote," which is quite ironic. --- Instead of preventing capital, it's better to admit early that DAO is just a fundraising tool. Don't deceive yourself. --- Liquidity mining gets cut? Then no one will participate in ecosystem development, and it’s game over. --- This has actually happened in other projects before. Why are you only starting to worry now that it’s on LISTA? --- When the coin rises, retail investors celebrate; when the ecosystem dies, retail investors pay the price. An eternal cycle.

View OriginalReply0