The number of tokens listed on CoinMarketCap has now exceeded 20,000 on the heels of a banner year for capital formation in crypto, which saw over $33B of venture dollars flow into the ecosystem - much of which indexed toward companies or projects that plan to launch a token.

DAOs are simultaneously brilliantly simple and immensely complex, a contrast that is especially evident as I write this on the day of Ethereum’s London hard fork. Behind this incompatibility lies endless opportunities for building, failure, iteration, and exploration. Here I hope to provide a brief summary of the current state of DAOs and make a few observations about these opportunities.