A DAO, or decentralized autonomous organization, is a group that coordinates through smart contracts and token votes instead of a traditional company structure. Many DeFi protocols are governed by DAOs.
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Members holding governance tokens propose and vote on changes, such as fee levels, treasury spending or upgrades. Approved proposals can execute automatically on chain.
Turnout is often low, and a few large holders can dominate votes. Legal status is unclear in many countries, and attackers have used borrowed tokens to pass malicious proposals.
Usually anyone who holds the governance token can vote, though some DAOs gate membership.
An early Ethereum fund hacked in 2016, which led to the split between Ethereum and Ethereum Classic.