Governance and value alignment are becoming central themes in DeFi’s next phase.
Former Marc Zeller recently shared insights on the evolving relationship between private companies and DAOs, using Aave as a key example. He pointed out that tension emerges when private entities handle product development and control branding or user-facing platforms, while DAOs are left to shoulder operational responsibility and long-term risk management.
Zeller highlighted that much of Aave’s founding and strategic talent now operates independently within the DAO environment. This decentralization of expertise, he argued, is not a weakness but a strength—allowing Aave to remain resilient across market cycles, manage protocol risk effectively, and continue expanding its market presence.
He also pushed back against the narrative that service providers are draining value from DAOs. Instead, Zeller emphasized that these contributors are largely aligned with token holder interests, and that the cost of maintaining professional-grade execution within the Aave DAO is modest relative to the value preserved and generated.
The broader warning was clear: if value steadily migrates from DAOs to private companies, ecosystems risk losing the very talent and incentives that make decentralized protocols competitive in the first place.
