Victoria d’Este
Printed: November 21, 2025 at 2:39 pm Up to date: November 21, 2025 at 2:40 pm
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November 21, 2025 at 2:39 pm
In Transient
Anthony Leutenegger, CEO of Aragon, shares how DAOs are maturing in 2025 and evolving towards extra resilient, clear, and scalable governance programs.
Few leaders have seen the event of DAOs from as many angles as Anthony Leutenegger, from early experimentation to steering one of many ecosystem’s most influential governance initiatives. On this interview, the Aragon CEO displays on how decentralized governance is maturing in 2025, why the subsequent wave of DAOs will look nothing like their predecessors, and what it actually takes to construct resilient, clear decision-making programs at scale.
Anthony, may you share your journey into Web3?
I’ve been working at Aragon for 4 and a half years. I joined crypto as a result of I discovered this nice venture that was a subsidiary of Aragon known as Vocdoni, and so they have been constructing a blockchain-based voting protocol. Its purpose was ultimately to have nation-states operating incorruptible elections.
I assumed, what an unbelievable and ideal use case for blockchain know-how. We’re in a world and trade the place there’s a whole lot of hypothesis and cash flowing round, and people are official use instances, however with the ability to have incorruptible elections may resolve a plethora of world issues.
That’s why I utilized for a job at Vocdoni. I finally moved into the Aragon venture, which owned Vocdoni on the time and targeted extra on governance, capital distribution, and token economics at a a lot larger stage than simply voting. I later took over the corporate, and now issues are going nice.
May you give us an outline of Aragon’s present mission and the way it has developed over the previous couple of years?
Yeah, our present mission has undoubtedly developed over the previous couple of years. It was about permitting organizations to experiment with governance on the velocity of software program. The purpose was that you possibly can have selections executed with out trusted intermediaries. It’s the identical as making a cost on a blockchain; you take away the middleman. With blockchain know-how, we will take away intermediaries from executing an motion. Within the conventional world, folks vote or take part, however actions normally require others to execute them.
Now, selections, whether or not it’s shifting funds, upgrading code, or granting entry, might be made by a bigger group of individuals with out anybody within the center. It turns into very censorship-resistant. It’s the primary time in historical past we will do that as a result of we abide by the code as regulation.
That was Aragon’s previous mission, and we nonetheless work closely in governance. We nonetheless enable organizations to construct their access-control mechanisms for the way they govern their code base. For instance, when Lido needs to improve its code, they do it on Aragon’s good contracts. We safe their code base. If Katana needs to maneuver cash on the brand new Polygon venture, that’s the identical factor.
Now we’ve expanded into tokenomics. We help initiatives in constructing their very own governance programs, tokenomic programs, and progress flywheels. Our mission is far broader as we speak.
In your view, what are the important thing differentiators of Aragon’s governance framework in comparison with different DAO tooling or platforms?
Yeah, we undoubtedly have the most recent modular mannequin. We separate the vault and core permissions from the governance methodologies, and anybody can set up these methodologies or plugins to realize what they need. For instance, if you would like a governance sort that isn’t token-based voting, you’ll be able to set up the multisig plugin or the digital identification plugin.
You may even set up a number of plugins on the identical time, permitting completely different teams, possibly a multisig and token holders, to control collectively. It’s extremely customizable, upgradable, and all the time includes tokenomics. Tokens drive virtually every part in our trade, so with the Aragon stack, you’ll be able to create lockers, stakers, and mechanisms for locking, staking, and capital distribution. It’s modular, customizable, and future-proof.
What’s the strategic significance of modular governance contracts, for instance, plugins for scaling organizations over time?
Yeah, it’s tremendous vital. Main initiatives wish to regulate governance and capital flows extra simply, however many can’t do it safely as a result of they’re caught with previous, heavy, library-based contracts. Making issues modular permits simpler changes. Upgrading turns into so simple as uninstalling and putting in a brand new plugin, which is only a small a part of the code base.
You may improve from multisig to token-holder voting as you decentralize over time. You may add staking mechanisms for token holders to manage capital flows. It makes governance safer, extra customizable, and extra future-proof. It’s unquestionably a greater system.
What are a very powerful coverage or regulatory developments you see that can have an effect on on-chain organizations within the subsequent 12 to 24 months?
Yeah, that’s an awesome query. What we’re seeing, particularly from the USA and from what companies like a16z are discussing, is that on-chain possession or on-chain management will develop into a very powerful parameter defining decentralization. It gained’t essentially appear to be the previous DAO mannequin the place everybody votes on every part.
It can deal with a smaller floor space of management, however that management should be decentralized, which means token holders should even have management with out an middleman basis or multisig. Or the system will should be immutable, the place no particular person or group can change the code for private profit.
So decentralization can be outlined by management and possession. I believe we’ll see much less generalized governance and extra deal with governing particular issues that should be decentralized, protocol upgrades, payment switches that distribute worth to token holders, and related elements.
How do you put together for adapting to those regulatory adjustments?
Fortunately, we’ve been getting ready for years. Three years in the past, we already noticed this downside and began shifting towards addressing it. On our present stack, you’ll be able to management your protocol in a extremely decentralized approach with out having to vote on every part. Totally different folks can management various things, and initiatives can outline how entry management is structured.
On prime of that, we create automated and programmatic capital-distribution flows. Tasks that wish to accrue worth to their token can achieve this in a programmatic, automated approach that isn’t centrally managed, making it extra prone to meet future regulatory expectations, one thing our rivals can not do.
What are the principle dangers you foresee for organizations adopting on-chain governance, and the way does Aragon search to mitigate them?
I believe the technological facet is usually solved. We’ve created a really protected atmosphere for organizations, and we’ve secured 45 billion {dollars} in belongings since 2017–18. For me, the larger danger is what’s being managed and by whom.
Proper now, many initiatives counting on token holders for safety face an issue: safety degrades over time if the token has no worth. If a token secures a protocol however the venture isn’t producing income, there’s no incentive to carry it. Folks promote, decentralization decreases, and the system breaks down.
We want tokens to carry worth and safe one thing significant. When that occurs, the system naturally turns into safer.
For a company contemplating launching a DAO by way of the Aragon app, what key strategic governance selections should be made upfront?
They should perceive who will management what. In addition they want to know the worth of the token that controls protocol parameters, which is crucial. Different issues embrace whether or not they need a VE mannequin, a locker mannequin, for token holders to lock or stake, or whether or not they need an ERC20 vote-standard token. These are nuanced selections, and they need to attain out to us earlier than launching.
However most significantly, they have to perceive the place their product is heading, how will probably be managed, and why folks will take part in making certain it stays decentralized.
May you share any success tales or case research the place Aragon’s governance structure considerably improved organizational outcomes?
Yeah, for certain. Let’s take a look at Curve. Many initiatives are actually adopting the VE gauge mechanism, which is turning into standard once more. The primary model of ve & gauges was inbuilt Aragon in 2020 by Curve. VE stands for vote escrow, which means a token holder locks tokens for a interval and beneficial properties particular voting energy primarily based on parameters set by the venture.
The thought is that as a result of they’re locked into the system, they need the token to be price extra when it unlocks. They’re usually given energy over distributing capital, liquidity, or different vital sources. They vote within the long-term curiosity of the protocol. The extra they take part, the extra rewards they obtain.
This creates a progress flywheel, incentives to carry, take part, and make good selections. Tasks with respectable product-market match utilizing ve & gauges, Curve, Aerodrome, Katana, and others, have seen optimistic outcomes, together with the next share of tokens locked and elevated valuation.
How do you view the way forward for governance requirements, finest practices, auditability, and transparency for on-chain organizations?
I don’t assume we’re at a technological level the place we should always outline strict requirements but. It’s nonetheless too early. We want extra natural adoption and extra tooling earlier than issues ossify into requirements.
Nevertheless, governance requirements can be formed by regulation, significantly round how capital and incentives might be distributed. Tasks finally wish to generate income and enhance token worth, so that they’ll be taught and adapt as clearer laws emerge. As adoption grows and extra use instances seem, we’ll have the ability to outline higher finest practices.
We already see early examples. Lido is a profitable DAO working in a strategic approach. The ve & gauge mechanism works effectively for DEXs like Curve. And DUNA is rising for initiatives like Uniswap, with decentralized governance over particular parameters.
We’re beginning to see the primary hints of requirements and finest practices.
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About The Creator
Victoria is a author on quite a lot of know-how matters together with Web3.0, AI and cryptocurrencies. Her in depth expertise permits her to jot down insightful articles for the broader viewers.
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Victoria d’Este
Victoria is a author on quite a lot of know-how matters together with Web3.0, AI and cryptocurrencies. Her in depth expertise permits her to jot down insightful articles for the broader viewers.
