Valueless DAO tokens won't convince buyers anymore. Just-for-voting DAO token meta shifted to tokens with value accrual for projects with PMF. Since 2020, projects gave tokens away to subsidize growth by attracting users, TVL, and sold the vision of everyone becoming an 'owner' of a project via token ownership. We needed the DAO story to convince 1) regulators in a restrictive legal environment and 2) degens who would become part of the 'community.' It's not to say that the DAO vision has died. It's not. Aave, Velodrome, Lido, Arbitrum... are pushing for a decentralized governance but DAOs are plagued by: 1) apathy 2) lobbying 3) execution paralysis etc. a16z sold the progressive decentralization story with founders 'exiting to the community.' Interestingly, as a DAO delegate, I notice a shift to more centrally controlled DAOs via BORGs, or professional delegates who participate in multiple DAOs. From one DAO to another, I see same delegate names :) So, while the DAO model needs a revolution, the meta is shifting to 'fundamentals' - projects that offer buy-backs or other value accrual to token holders. Holders are tired of subsidizing protocol growth but now is the time to give back. $UNI isn't listening and holders are angry: delegates are leaving and $UNI is still being used to subsidize Unichain and Uniswap v4 growth. All while Uniswap Labs generate millions from front-end fees. No surprise that $UNI is underperforming $AAVE (I compare as they are two OG DeFi tokens). I believe the value lies in: 1) identifying when tokens shift from subsidizing growth to rewarding holders 2) seeking teams valuing token holders. Team that link token price growth together with success metrics like TVL and fees. Many ignore their token price altogether 3) exploring optimal value accrual methods: staking, buybacks, veToken, or other novel approaches? With so many tokens in the market, the DAO story isn't convincing anymore. Team needs to proof they really care about their token holders. Talking about your token wasn't sexy a few years ago. Now, it's a must. Notice $AAVE buy backs, or $ETHFI, $KAITO, $SKY / $MKR, $JUP, $HYPE ....