Uploaded July 2026 | Updated September 2026, 3 weeks ago
A treasury that just sits there does not stay neutral for long. Nick Johnson explains why a large, unallocated pot of money turns any DAO into a magnet for people chasing funding rather than protecting the protocol, and why he now thinks DAOs are structurally bad at capital allocation.
Hosts:
⭐️ Kain Warwick - Host of Uneasy Money and Founder of Infinex and Synthetix - https://x.com/kaiynne
⭐️ Taylor Monahan - Co-host of Uneasy Money and Security Expert - https://x.com/tayvano_
Guests:
⭐️ Nick Johnson - Founder and CEO of ENS Labs - https://x.com/nicksdjohnson
⭐️ Alex Van de Sande - Cofounder of ENS - https://x.com/avsa
This clip is from a longer conversation on the ENS DAO's governance and treasury fight. Full episode here: youtu.be/aHIRDRRhMjU
We go live every Wednesday - subscribe to catch it live.
Sponsor:
⭐️ Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED).
Chapters:
🗳️ 00:00 Nick on why delegation keeps declining as his own token share shrinks
🍯 00:24 Nick on why the ENS treasury became a honeypot
🤔 01:24 Kain admits he never expected DAOs to become capital allocation fights
🏛️ 02:25 Nick explains the two problems ENS's DAO was actually built to solve
📋 04:22 Nick on why DAOs are worse than foundations at allocating funds
💸 07:36 Alex argues that token voting tends to fund duplicate projects that mostly die
🔗 08:38 Taylor and Nick revisit the NameChain regret
🏢 11:19 Kain on why public infrastructure like ENS can't just be a company
_______________________________________________________
#bitcoin #ethereum #crypto #cryptocurrencies
_______________________________________________________
Subscribe to our channel!
Website → unchainedcrypto.com
Unchained Daily Newsletter (FREE!)→ unchainedcrypto.beehiiv.com/subscribe
Unchained X → https://x.com/unchained_pod
Apple → podcasts.apple.com/us/podcast/id1123922160?ls=1
Spotify → open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf?si=6SI4qIcRTEO7EhOe0V9n4w
RSS Feed → https://feeds.megaphone.fm/LSHML4761942757
Unchained: Your no-hype resource for all things crypto!
A treasury that just sits there does not stay neutral for long. Nick Johnson explains why a large, unallocated pot of money turns any DAO into a magnet for people chasing funding rather than protecting the protocol, and why he now thinks DAOs are structurally bad at capital allocation.
Hosts:
⭐️ Kain Warwick - Host of Uneasy Money and Founder of Infinex and Synthetix - https://x.com/kaiynne
⭐️ Taylor Monahan - Co-host of Uneasy Money and Security Expert - https://x.com/tayvano_
Guests:
⭐️ Nick Johnson - Founder and CEO of ENS Labs - https://x.com/nicksdjohnson
⭐️ Alex Van de Sande - Cofounder of ENS - https://x.com/avsa
This clip is from a longer conversation on the ENS DAO's governance and treasury fight. Full episode here: youtu.be/aHIRDRRhMjU
We go live every Wednesday - subscribe to catch it live.
Sponsor:
⭐️ Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED).
Chapters:
🗳️ 00:00 Nick on why delegation keeps declining as his own token share shrinks
🍯 00:24 Nick on why the ENS treasury became a honeypot
🤔 01:24 Kain admits he never expected DAOs to become capital allocation fights
🏛️ 02:25 Nick explains the two problems ENS's DAO was actually built to solve
📋 04:22 Nick on why DAOs are worse than foundations at allocating funds
💸 07:36 Alex argues that token voting tends to fund duplicate projects that mostly die
🔗 08:38 Taylor and Nick revisit the NameChain regret
🏢 11:19 Kain on why public infrastructure like ENS can't just be a company
_______________________________________________________
#bitcoin #ethereum #crypto #cryptocurrencies
_______________________________________________________
Subscribe to our channel!
Website → unchainedcrypto.com
Unchained Daily Newsletter (FREE!)→ unchainedcrypto.beehiiv.com/subscribe
Unchained X → https://x.com/unchained_pod
Apple → podcasts.apple.com/us/podcast/id1123922160?ls=1
Spotify → open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf?si=6SI4qIcRTEO7EhOe0V9n4w
RSS Feed → https://feeds.megaphone.fm/LSHML4761942757
Unchained: Your no-hype resource for all things crypto!
