Decentralizing Governance: Digital Commons and DAOs
Priorities Extracted from This Source
#1
Fair and inclusive governance in DAOs
#2
Adaptive and modular governance architecture
#3
Regenerative coordination and regenerative finance
#4
Participatory capital mobilization and real-time capital flows
#5
Human-centered governance over purely code-centric systems
#6
Trust-based safeguards and relational governance
#7
Context-specific governance for emerging markets and low-infrastructure environments
#8
Reducing plutocratic, token-weighted, and exclusionary participation models
#9
Balancing automation with human judgment
#10
Organizational evolution from DAO to DHO to DAO 3.0
#11
Inclusive and accessible participation
#12
Sense-making and deliberation before formal decision-making
#13
Layered, nested, and membranic governance structures
#14
Modular and customizable governance design
#15
Real-time capital flow with transparency and traceability
#16
Human-centered regenerative governance
#17
Accountability, legitimacy, and distributed stewardship
#18
Adaptability to local contexts and low-bandwidth environments
#19
Interoperability and cross-DAO coordination
#20
Mitigation of governance fatigue, plutocracy, and technocratic exclusion
#21
Legal accountability and off-chain/on-chain alignment
#22
Avoiding blockchain colonialism and reinforcing equity
#23
open collaboration
#24
governance innovation
#25
research transparency and conflict-of-interest disclosure
#26
responsible use of generative AI in scholarly publishing
#27
study of decentralized governance and DAOs
Document Content
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TYPEOriginalResearch
PUBLISHED05September2025
DOI10.3389/fbloc.2025.1630402
Governance for regenerative
coordination: the evolution from
OPENACCESS
EDITEDBY DAO to DAO 3.0
GuangshengYu,
CommonwealthScientificandIndustrial
ResearchOrganisation(CSIRO),Australia
Kate Bennett*
REVIEWEDBY
GianluigiViscusi,
LinköpingUniversity,Sweden InstituteforSustainableFutures,UniversityofTechnologySydney,Sydney,NSW,Australia
ClaudioSchifanella,
UniversityofTurin,Italy
MayssamDaaboul,
AmericanUniversityofScienceand
Introduction: Decentralized Autonomous Organizations (DAOs), digital
Technology,Lebanon
organizations governed by code and community, offer new paradigms for
*CORRESPONDENCE
KateBennett, collective governance; yet many early examples have reproduced the power
kate.bennett@student.uts.edu.au asymmetries, exclusionary participation models, and inefficiencies found in
RECEIVED17May2025 traditional systems. This study examines how DAO governance can evolve to
ACCEPTED08August2025 support fair, inclusive, and regenerative capital flows across distributed
PUBLISHED05September2025
ecosystems, particularly in contexts where traditional coordination
CITATION infrastructure islimited.
BennettK(2025)Governanceforregenerative
Methods:AqualitativecasestudywasconductedonHypha,anorganisationthat
coordination:theevolutionfromDAOto
DAO3.0. evolvedfromaclassicDAOtoaDecentralizedHumanOrganization(DHO)and
Front.Blockchain8:1630402. subsequently to an Adaptable Organization, or DAO 3.0. Data was collected
doi:10.3389/fbloc.2025.1630402
through semi-structured interviews and document analysis, then interpreted
COPYRIGHT using a People–Process–Technology framework to identify governance
©2025Bennett.Thisisanopen-accessarticle
design principles. This was supported by a comparative taxonomy mapping
distributedunderthetermsoftheCreative
CommonsAttributionLicense(CCBY).Theuse, theevolution fromDAO 1.0 to DAO 3.0.
distributionorreproductioninotherforumsis Results: Findings show a progression from early token-weighted DAO 1.0
permitted,providedtheoriginalauthor(s)and models, through protocol-optimized DAO 2.0 structures, to DAO 3.0’s
thecopyrightowner(s)arecreditedandthatthe
originalpublicationinthisjournaliscited,in modular, relational, and context-adaptive designs. Hypha’s governance
accordancewithacceptedacademicpractice. innovations include multi-layer modular voting, “leadership without control”
Nouse,distributionorreproductionis protocols, real-time capital flow mechanisms, and trust-based safeguards that
permittedwhichdoesnotcomplywiththese
terms. addressfairnessfailures,enhanceadaptability,andenablegovernancetorespond
dynamically tohuman complexity and local contexts.
Discussion: The Hypha case study positions DAO 3.0 as a prototype for
regenerative coordination infrastructure where governance operates as a
living system, balancing technological automation with human-centered
design. This research expands DAO governance theory by clarifying
conceptual boundaries, integrating recent literature, and providing practical
guidance for policymakers, developers, and capital providers seeking to design
equitable, regenerativegovernance and coordinationsystems.
KEYWORDS
DAOgovernance,DAO3.0,regenerativefinance,decentralizedcoordinationsystems,
participatory governance, modular governance architecture, Web3,
developmentfinance
1 Introduction
Decentralized Autonomous Organizations (DAOs) have emerged as a radical
reimagining of organizational structure, promising to replace centralized control with
transparent,token-basedcoordinationanddistributeddecision-making.ThelaunchofThe
DAOonEthereumin2016markedthefirstlarge-scaleimplementationofthisconcept:an
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ambitiousexperimentthatbothcoinedthetermandcatalyzedthe automation with human and ecological flourishing, maximizing
broader DAO movement. Despite its early pitfalls and the hard regenerative potential by designing for modularity, relational
lessonsitleftinitswake(Jentzsch,2016),theprojectignitedawave trust,and systems thinking inspiredby thelogic oflifeitself.
ofinnovationindecentralizedgovernanceinfrastructure.Yetasthe Hypha’s contributors are globally distributed, and earlier
ecosystemhasexpanded,manyprojectshavestruggledtodeliveron iterations of the technology have been applied in various
their democratic ideals. Rather than achieving broad-based community-led, impact-focused initiatives. However, the
participation, most DAOs have replicated familiar patterns of platform’s development remains primarily grounded in the
exclusion: technocratic interfaces, plutocratic voting mechanisms, team’s own organizational experience, serving as a live test-bed
and rigid governance protocols that often concentrate rather than for regenerative governance in practice. Drawing on qualitative
distribute power. interviews with Hypha core contributors, this paper explores how
These limitations are particularly acute in global development its governance system evolved in response to practical,
contexts, especially in low-income and emerging markets, where philosophical, and technical constraints, and what this evolution
financial exclusion, institutional distrust, and infrastructure gaps revealsaboutthefutureofdecentralizedcoordination.Theanalysis
already challenge traditional models. Poorly designed DAOs risk appliesaregenerativetheoreticallenswithempiricaldataanalyzed
reinforcing digital colonialism rather than enabling inclusive basedonthePeople–Process–Technology(PPT)framework:awell-
governance (Birhane, 2020; Hassan and De Filippi, 2021). At the establishedapproachforstructuringorganizationalchangeanalysis
same time, as the field of regenerative finance – that is, finance that distinguishes between human factors, institutional processes,
groundedinlivingsystemsprinciplesanddesignedtosupportthe and enablingtechnologies. (Leavitt,1965;Barkiet al.,2008).
evolutionary health of people and planet (Bennett 2025a, Bennett In doing so, the paper contributes both conceptually and
2025b; Fullerton 2015, Fullerton 2017; Mang and Haggard, practically to the fields of DAO governance, regenerative finance,
2016) – continues to evolve, new questions are emerging around and development strategy. It reframes DAO governance as a
how decentralized systems, when thoughtfully designed, might dynamic, relational process: one that must move beyond
support more participatory, place-based approaches to tokenomics and automation-centric design to embrace human
coordination, particularly in under-resourced environments. complexity, contextual adaptability, and the interdependence of
ThisstudyismotivatedbytheneedtounderstandhowDAOs capital, governance, and community. It positions Hypha’s DAO
canovercomewell-documentedgovernancechallengesandsupport 3.0 model as an early prototype for regenerative coordination
participatory, regenerative development, particularly in resource- infrastructure, offering insight not only to blockchain developers
constrainedenvironments.Hypha(https://hypha.earth)–thefocus andDAOtheorists,butalsotopolicymakers,capitalproviders,and
caseforthisstudy–isadecentralizedcoordinationandgovernance local actors seeking todesign more justand inclusivesystems.
platformdesignedtoenablepurpose-drivencommunitiestomanage
sharedresources,mobilizecapital,andcoordinatecollectiveaction.
2 Background and conceptual framing
WhilemanyDAOplatforms(e.g.,Aragon,Colony,DAOstack)are
experimentingwithgovernanceinnovations,Hyphawasselectedfor
this case study due to its explicit design for regenerative Governance,broadly,referstotheframeworksandmechanisms
coordination and the author’s direct access to, and experience through which collective decision-making and resource allocation
with, its core team and their multi-year governance evolution. arecoordinatedwithinorganizations(Puranametal.,2014).With
Unlike other platforms, Hypha is intentionally built around the rise of blockchain technology, new models of decentralized
regenerative principles, providing unique relevance to the governance have emerged that reimagine authority, control, and
research aims. trust(FebreroandPereira,2022;Lumineauetal.,2021).Blockchain-
This study addresses two key research questions: Firstly, how basedplatformsprovideprogrammable,transparentinfrastructures
can DAO governance structures evolve to support adaptive, for collaborative organization, but also introduce new boundary
inclusive, and context-specific coordination? Secondly, how might conditions and design trade-offs (Pereira et al., 2019). DAOs
thesestructuresenableparticipatorycapitalmobilizationinsupport represent the most fully realized expression of this paradigm,
ofregenerative development, especially in emergingmarkets? enacting organizational forms governed by both code and
In Hypha’s case, the first observed shift away from standard community, but their real-world impact depends on overcoming
DAOstructureswasintheirtransitiontoa“DecentralisedHuman well-known governancechallenges.
Organisation”(DHO)model,acknowledgingthattrulyregenerative TheliteratureonDAOsisexpandingrapidly,reflectingafieldin
practice requires human experience–sensemaking, participation, fluxasbothtechnicalarchitecturesandgovernancelogicsevolve.To
and development–to be placed at the heart of the DAO. Building date, most research has focused on technical platform features
on this, Hypha transitioned to an Adaptable Organization (AO) (Baninemeh et al., 2023), protocol design, or early taxonomies of
model recognising that living systems, including human DAOformsandoperations(BonnetandTeuteberg,2024;Qinetal.,
organizations, are by nature responsive, adaptive, and flexible. 2023;Valienteetal.,2022).Thesestudieshaveadvancedthestateof
Governance structures must therefore accommodate phases of knowledge by mapping the technical, social, and architectural
centralization and decentralization, collaboration and autonomy, dimensions of DAOs and providing decision frameworks for
automation and human judgment, meeting organizations where platform selection and deployment. However, a common
theyareandsupportingvitalityateverystageofdevelopment.Inthis limitation is their tendency to treat DAO governance as static,
paper, that final AO stage is situated conceptually as DAO 3.0: a primarily technological, or abstracted from the lived realities of
third-generation governance architecture that balances technical participantsandcommunities(Tanetal.,2023).Fewstudiesaddress
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how DAOs actually evolve in practice–that is, how governance ontheirabilitytoadapttothelivedrealitiesandrelationaldynamics
structures adapt over time in response to human, social, and oftheirparticipants,asarguedbyChafferetal.(2024)inthecontext
ecological complexity, or how coordination can be of human-agent coevolution. This seems to be at odds with the
operationalized beyondtechnicalcode. persistentfocusofDAOliteratureontechnicalandstaticaspectsof
Despite rapid technical progress, most DAO research and DAOgovernance.Recentsurveys(BonnetandTeuteberg,2024;Qin
practice to date remains heavily focused on protocol design, et al., 2023; Tan et al., 2023; Valiente et al., 2022) and platform
voting mechanisms, and economic incentives, with relatively studies(Baninemehetal.,2023)havemappedDAOarchitectures,
limited attention paid to the lived, human experience of selection criteria, and key technical-social dilemmas. Yet, they
organizational participation, adaptive governance, and the social overwhelmingly analyze DAOs as static systems, with little
complexitythat emergesat scale (Tan etal., 2023). attention to how governance structures adapt over time to
This paper addresses this gap by foregrounding the human, social, and ecological complexity. Usability, onboarding,
organizational, relational, and adaptive aspects of DAO evolution, meaningfulparticipation,andtheinterplayoftechnicalandsocial
with particular focus on human-centered and regenerative dynamics remain persistent problems, as human-computer
coordination in real-world contexts. The following subsections interaction (HCI) and organizational science approaches are
first review the trajectory of DAO governance and its limitations, rarely applied rigorouslyto DAO systems(Tan etal., 2023).
thenpresentHyphaasapracticalcasestudyoflivedgovernanceand
technology evolution, before contextually grounding this enquiry
intoDAO governance forregenerative coordination. 2.2 Reframing DAO governance: toward
adaptable organizations
2.1 From DAO ideals to governance realities Hypha’s journey provides a unique practice-based lens for
exploring these adaptive challenges. Initially structured as a
DAOs are widely touted for their potential to democratize classic DAO, Hypha’s early iterations struggled with the same
governance and automate coordination, promising to replace limitations as the broader Web3 ecosystem: friction in decision-
centralized intermediaries with code-based rules and community making, unclear roles, and token-centric rigidity. In response,
consensus.Inpractice,however,mostDAOsremaindominatedby Hypha’s team undertook a multi-year governance redesign,
token-weightedvoting,rigidstructures,andinterfacesthatexclude shifting from code-centricity to human systems, relational
thosewithlimiteddigitalliteracyorcapital.Definitionalambiguity coherence, and ecosystemic coordination.
persists(HassanandDeFilippi,2021)includingwhetherautonomy This led initially to the development of the Decentralized
impliestheabsenceofhumanagency,orwhethergovernancemust Human Organization (DHO) – a model that foregrounds sense-
alsobedecentralizedbeyondinfrastructurealone.AsRikkenetal. making, community care, and inner development as core
(2019) point out, governance in DAOs remains highly entangled governance principles. Unlike DAO 2.0 models that focus
with both application and infrastructure layers, particularly in primarily on technical upgrades, the DHO approach embeds
permissionless environments, challenging assumptions about relational and developmental practices directly into governance
separable, “pure” decentralization. As Borgogno and Martino architecture. As a transitional step, it bridged automation with
(2024) argue, early DAO implementations often replicated firm- adaptive, ecosystemic logic, culminating in Hypha’s current
likehierarchiesandunresolvedpowerasymmetriesundertheguise governance: DAO 3.0 – an adaptable organization with modular,
ofdecentralization,challengingtheassumptionthatsmartcontracts composablelayers,nesteddecision-making,real-timecapitalflows,
alonecanguarantee democratic participation or accountability. andtrustscaffoldingforbothinstitutionsandcoalitions.Contextual
These limitations are especially problematic when DAO adaptability in Hypha is operationalized through its membranic
infrastructure is deployed in development contexts. In many low- governance spaces1, role-based participation, customizable voting
incomeandemergingmarkets,governanceandfinancechallenges logic, and sense-making scaffolds, enabling different subgroups to
are deeply intertwined with systemic inequities in digital access, select, adapt, and iterate governance processes to local needs and
financialinclusion,andinstitutionaltrust.DAOs,ifpoorlydesigned, evolvingcontexts.
risk becoming a new form of digital colonialism, embedding Hypha’sDAO3.0modelthusrespondsnotjustbyreengineering
technocratic decision-making into systems that already protocols,butbycenteringtrust,contextualadaptation,andthereal-
marginalize those at the edge. As Gloerich and others have world coordination of people and systems. Drawing on systems
argued, blockchain systems can reproduce the same extractive,
universalizing logic that has historically underpinned colonial
and capitalist expansion, drawing on the constructs of data
colonialism and digital frontierism (Couldry and Mejias, 2023; 1 Membranic governance spaces refer to semi-permeable, nested
Gloerich, 2023; Thatcher, O’Sullivan and Mahmoudi, 2016). organizational units (akin to biological membranes) that both protect
Conversely, with thoughtful design, DAOs could evolve to serve local context and identity and enable selective flows of information,
asadaptivegovernanceframeworks:toolsforenablinglocalagency, resources, and participation across the DAO. This is distinct from the
transparentvalueflows,andregenerativecollaborationattheedges “node” concept used in much of the DAO literature (e.g., Qin et al.,
ofthefinancial system. 2023),asmembranicspacesemphasizetheimportanceofboundaries,
While the technological possibilities are vast, the potential for adaptability, and context-sensitive collaboration at multiple layers of
DAOstoreinforceorsubvertexistinginequitiesdependscritically governance.
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thinking, regenerative development, and living systems design, Indoingso,thepapercontributestotwoparallelacademicand
Hypha’s architecture treats governance as an emergent property, applied debates: how DAO governance structures can evolve to
one that must dynamically evolve as context shifts. In this way, supportadaptive,inclusive,andcontext-specificcoordination;and
Hypha moves from “governing the machine” to “cultivating the how these structures might enable more participatory capital
organism” (Hutchins 2019), operationalizing a governance logic mobilization in support of regenerative development, particularly
grounded inlivingsystems, notjustcode. in emergingmarkets.
This approach contrasts sharply with most DAO research, Hypha’sexperiencedoesnotofferaperfectmodel,butrathera
which (even when attentive to modularity and stakeholder living system in motion: an evolving experiment illuminating the
diversity) rarely engages the full complexity of human, ecological, design tensions and practical constraints involved in building
and systemic evolution. Human-centered, adaptive governance governance systems truly capable of supporting people and
structures, such as those pioneered by the DHO and DAO planet in thelongterm.
3.0 models, remain rare but increasingly necessary (Tan et al.,
2023). As conceptual work in human-agent collaboration
3 Methodology
(Chaffer and Goldston, 2024) and living systems design (Laloux,
2014;nRhythm,2025)makesclear,effectivedecentralizedsystems
mustadaptcontinuously,notonlyatthetechnical,butalsoatthe This paper adopts a qualitative case study methodology to
social, ethical, andorganizational level. explore how decentralized governance systems can evolve to
support fair, inclusive, and regenerative capital flows. Hypha was
selected as a critical case due to the transparently documented
2.3 Grounding the enquiry: governance for nature of its governance evolution, traceable through publicly
regenerative coordination and capital flows accessible coordination tools, including archived discussions on
Discord, comprehensive meeting recordings, and on-chain
Tanetal.(2023)arguethatthenextfrontierinDAOresearch proposal and voting records that log every formal decision made
lies in bringing organizational science, ethnography, and systems within the organization. These open records document Hypha’s
thinkingintothedesignandevaluationofDAOs.Theyemphasize progression through three distinct stages of DAO governance
that DAOs should be seen as evolving, complex adaptive systems architecture: an initial DAO model, the transition to a
whoselegitimacy,resilience,andregenerativepotentialdependnot Decentralized Human Organization (DHO), and the
only on code, but on emergent social structures, communication implementation of a DAO 3.0 framework via the launch of
norms, and the continuous interplay of people, process, and Hypha V3. This case offers a unique opportunity to examine
technology. governance innovation across technical, human, and
Hence the focus of this research on DAO governance for philosophical dimensions, grounded in lived practice and real-
regenerative coordination: a mode of organizing and governing timeexperimentation.
collective action that places living systems–human, ecological, To structure the analysis, this study employs the
and social–at the centre of design and decision-making. Distinct People–Process–Technology (PPT) framework: a
from automation-centric models, regenerative coordination multidimensional analytic lens first introduced by Harold Leavitt
prioritizes conscious participation, sensemaking, and the (1965) and widely adopted in digital transformation and
development of human actors, recognizing that adaptive and organizational change scholarship (Chang and Chen, 2025;
equitable outcomes arise from the ongoing interaction of people, Lockett, 2023; Soja and Soja, 2017; Taher, 2023). PPT captures
technology,andcontext.Thepurposeofcoordinationisnotmerely thedynamicinterplaybetweenhumanfactors,processinnovation,
theefficientexecutionofpre-programmedrules,butthecontinuous and technological infrastructure, and is a well-established
emergence of value, agency, and resilience within and across framework for digital transformation across diverse
communities and ecosystems. fields—including manufacturing, education, healthcare, and
ThisframingdrawsontheworkofFullerton(2015),Mangand tourism (Mugdh and Pilla, 2012; Sunmola et al., 2021; Taher,
Haggard,2016,andorganizationaltheoristssuchasLaloux(2014), 2023; Wu et al., 2024). It is also frequently used to structure
whoarguethatlivingsystemsthrivewhenorganizationalformsare organizational readiness, innovation, and change management
designedtonurturethepotentialofbothindividualsandthewider (Wu etal., 2024;Lockett, 2023).
system. In the context of DAOs, regenerative coordination thus While PPT is widely recognized in digital transformation
entails governance architectures that honour human sovereignty, research, most studies apply it to traditional or IT-centric
embed purpose at every level, and ensure that those affected by contexts, with few addressing the dynamic, adaptive interactions
decisions retain meaningful agency withinthe process. among people, process, and technology in decentralized digital
The analysis that follows examines Hypha’s evolution from ecosystems or regenerative finance. This study extends prior PPT
DAO to DHO to DAO 3.0 – alongside its latest V3 DAO applicationsbyoperationalizingtheframeworkwithinthecontextof
technology-to investigate how adaptive governance structures can DAOgovernanceandregenerativeorganizationaldesign.Indoing
supportfair,inclusive,andregenerativeflowsofcapital,particularly so,itprovides anempiricalfoundation foranalyzing howhuman,
in contexts where institutional infrastructure is weak, financial processual, and technological factors co-evolve in the design and
ecosystems are fragmented, and real-world impact is often evolution of decentralized governance, addressing a noted gap in
under-resourced. both DAOand PPT literatures.
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Inthiscase,thePPTframeworkisusedtoexplorehowhuman notseektogeneralizeacrossDAOecosystemsbutinsteadoffersa
readiness (people), institutional logic and coordination (process), depth-orientedanalysis ofoneplatform’sgovernancearchitecture.
and infrastructure design (technology) converge within Hypha’s Its purpose is to surface the design tensions, cultural shifts, and
evolvinggovernancesystem.Thisapproachalignswiththebroader technical adaptations involved in prototyping regenerative
methodological design of the author’s doctoral research, which coordination infrastructure, and to inform broader conversations
draws on Participatory Action Design Research (PADR) aboutthe futureofdecentralized governance.
principles to examine the co-development and deployment of
regenerative finance infrastructure in collaboration with both
4 Findings
local and globalactors.
Primarydatawascollectedthroughsemi-structuredinterviews
withthreecorecontributorstothedesign,deployment,andongoing ThefindingsarestructuredusingaPeople–Process–Technology
evolutionofHypha’splatform.Participantswereselectedfortheir framework,enablingalayeredanalysisofhowHypha’sgovernance
sustained, hands-on involvement across governance design, model has evolved across human behaviour, operational
technical architecture, tokenomics, and organizational mechanisms, and technological design in response to challenges
development. In keeping with Hypha’s highly collaborative, commonly observed in DAO ecosystems. Drawing on primary
multi-hatted team model, each interviewee contributed insights interviews with three core contributors–triangulated with
across multiple domains, reflecting both specialized expertise and whitepapers, platform documentation, and deployment notes–this
the integrated, participatory approach that characterized the sectionexploreshowthesethreedimensionsintersecttoproducea
V3 development process. While the small sample reflects the governance system designed to support regenerative capital flows,
bounded and deeply collaborative nature of the core development fairness, and adaptability in distributed ecosystems.
team,itenabledanin-depthexplorationoftheplatform’sinternal
evolutionanddecision-making.Interviewsfocusedonparticipants’
reflections on earlier DAO iterations, the transition to DHO and 4.1 People: consciousness, inclusion, and
DAO 3.0 models, and their assessment of Hypha’s approach to co-creation
inclusion, fairness, and systemicadaptability.
Atthetimeofdatacollection,HyphaV3hadnotyetlaunched This section examines the human dimension of governance:
publicly;therefore,theresearchcentersontheperspectivesofthose focusing on the cultural readiness, inner development, and social
activelyinvolvedintheplatform’sinternaldesignandtesting.These inclusion required for decentralized systems to function
participantswereuniquelypositionedtoreflectonthemotivations, regeneratively. It explores how Hypha’s governance architecture
constraints,andphilosophicalevolutioninformingV3.Asthegoal scaffolds participant growth, supports diverse engagement styles,
was not to achieve saturation across a population but to trace the and fostersashift fromtransactional torelational participation.
governance evolution of a single platform, the study prioritizes Hyphacontributorsemphasizedthattoolingaloneisinsufficient
depth over breadth. Future research could expand this inquiry to deliver fair or inclusive outcomes. What’s required first is a
through user-focused interviews post-deployment. culturalandcognitiveshiftfromtransactional,hierarchicalthinking
Interview transcripts were analyzed using a combination of toward relational, co-creative, and regenerative modes of
inductive thematic analysis and pattern coding, aligned to the engagement. As one contributor explained: “You need to change
PPT framework. A preliminary round of open coding in NVivo yourselffirst.Ifyouexpectthetechtomakethesystemregenerative
generated43uniquecodes.Thesewerethenreviewedforthematic withoutthat innershift, it’snot goingto work.”
coherence and grouped into three primary clusters aligned to the Thisshift isparticularly pronouncedacross generational lines,
PPT model. An additional parent code–Contextual Barriers–was where younger participants are often more naturally attuned to
addedtocaptureenvironmentalandinfrastructuralconditionsthat, decentralized systems, while older users may carry embedded
whileexternaltoHypha’sgovernancedesign,significantlyinfluence assumptions that need unlearning. The governance infrastructure
itsviabilityandreal-worldimpact.Codingmemosweremaintained thus plays a pedagogical role, supporting evolving levels of
tosupportanalyticreflexivityandmitigateresearcherbias.Subcodes contributor readiness.
weredevelopedinductivelythroughrecurringparticipantlanguage To reduce burnout and confusion, Hypha V3 introduced
and reflect themes such as relational trust, dissent scaffolding, modular governance “spaces” that let participants contribute in
modular interoperability, and infrastructure constraints. A full ways aligned with their level of expertise, commitment, and
codingstructure is provided inSupplementary Appendix A. interest. Rather than forcing everyone into the same decision-
Secondary data sources included Hypha’s whitepapers, making structure, these spaces enable tiered participation with
tokenomics documentation, platform demos, and ecosystem clear roles and soft boundaries. One participant noted: “It’s about
communication materials, which were triangulated with the puttingpeopleintherightcirclesotheycancommitintherightway.
interview findings. The analysis was further contextualized with The idea of a core team is not about exclusivity—it’s about
referencetoDAOgovernanceliterature,regenerativedesigntheory, stewardship.”
and decentralized finance scholarship. In Hypha V3, a “governance space” is a modular, semi-
This approach aligns with established principles for rigorous autonomous unit–functioning like a subDAO or working
casestudyresearchininformationsystemsandsoftwareengineering group–with its own membership, decision logic, and treasury.
(Runesonetal.,2012),emphasizingcontextualdepth,transparency Spaces can be created for specific projects, teams, or initiatives,
indatacollection,andanalyticaltriangulation.Thiscasestudydoes allowingparticipantstotailorgovernanceprotocolstotheirunique
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context.Forexample,aprojectteamcanformanewspace,onboard simplicity: “We chose to rewrite the whole thing rather than keep
relevantmembers,setcustomvotingthresholds,managelocalfunds, piling complexity. Our goal became to achieve complexity through
and enter into agreements with other spaces or the parent DAO. simplicity.”
Thisnestedstructure,referredtoas“membranic”becauseitoperates Thisshiftculminatedinafractaltechnicalarchitecture,inwhich
likesemi-permeableboundariesinbiologicalsystems.Enablesboth every governance space has three core elements: membership,
independent action and interconnected collaboration. agreements, and treasury. This standardized yet flexible schema
This structural shift allowed Hypha to replace the “hyper- allows for rapid setup, intuitive use, and interoperability across
involved or disengaged” dynamic of earlier versions with a model nested or standalone DAOs. Importantly, Hypha concealed the
thatinvites participation without demanding uniformity. technical complexity of blockchain systems, making
Web3 invisible to the end-user: “We’ve put blockchain where it
belongs—in the background. No one needs to know it’s there. They
4.2 Process: governance as emergent, justlog in withtheiremail and startcontributing.”
layered, and adaptive The platform also supports real-time, cross-currency capital
flows, automated fund deployment through proposals, and space-
This section analyzes the operational logic of Hypha’s to-space agreements. These features make it possible to mobilize
governance system: how decisions are proposed, shaped, and capital into hyperlocal contexts–i.e., the smallest, community-
enacted. It highlights the shift from flat, uniform structures to specific scale–without friction, while ensuring traceability and
layered, membranic architectures that prioritize sense-making, transparency in how funds and impact circulate. Mobile
support alignment over consensus, and allow governance to accessibility and chatbot-style modular interfaces are part of the
adapt organicallyacross contexts. roadmap,althoughtheMVPversionfocusedfirstonawebinterface
At the process level, Hypha’s governance evolution reflects a for speed and completeness. Nonetheless, the architecture was
move away from static DAO templates toward emergent, layered, intentionally designed for future adaptation in low-bandwidth or
and dialogic decision-making. Key among these was the last-mile environments, a critical condition for equitable
institutionalization of sense-making—the space for dialogue and participation in development contexts.
deliberation before formal decision-making.“Posting a proposal
without having done the sense-making beforehand? Ninety percent
of thetime, itfails.” 4.4 Comparative framing: addressing
This learning drove the integration of a dedicated discussion common DAO governance challenges
feature,designedtosupportstructuredco-creationandincorporate
diverse viewpoints before proposals advance. Unlike consensus or TocontextualizethedesignevolutionofHyphawithinbroader
majority voting, this approach enables alignment even without DAOgovernancechallenges,Table1comparescommonlimitations
agreement:“I may not agree, but I understand and support inDAOtoolingwithcorrespondingdesignresponsesintheHypha
the direction.” ecosystem. This comparative framing underscores how Hypha’s
Hypha also embraced a fractal and membranic architecture, governance architecture both responds to and reimagines core
allowing decision-making processes to emerge organically across challenges found in early DAO tooling. It also lays the
nested layers, whether global, local, or thematic. This layered foundation for broader reflection on what these innovations
coordination framework replaced the one-size-fits-all approach of imply for the future of DAO governance, which is the focus of
earlyDAOs,whereallmemberswereexpectedtoengageequallyin thefollowing discussion.
alldecisions, oftenresulting inchaos orstagnation.
Choice emerged as a consistent design principle in Hypha’s
processlayer.Userscanselecttheirowngovernanceconfigurations, 5 Discussion: reimagining governance
customizeentry/exitrules,anddefinedecision-makingthresholds. for regenerative coordination
Asonecontributorputit:“Theguidingprinciplewasnottotellpeople
what they cannot do—it was to give them the freedom to do what The findings presented in the previous section illustrate that
works intheir context.” Hypha’s governance architecture represents more than just a
technical evolution–it reflects a deeper reorientation of what
decentralized governance can be. In contrast to many DAOs that
4.3 Technology: modularity, accessibility, replicate financialized or technocratic governance structures,
and real-time capital flow Hypha’s trajectory signals a transition toward regenerative
governance: a model that centres human consciousness, relational
This section explores the infrastructure layer underpinning trust,and system adaptability ascore design principles.
Hypha’s governance system. It traces the redesign of Hypha’s ThispositionsHyphawithinadistinctcategoryofwhatmightbe
technical architecture to enable modularity, seamless onboarding, termed DAO 3.0: a new generation of decentralized governance
andreal-timecapitalflows,whileabstractingawaythecomplexityof systems that respond to the limitations of early DAO tooling by
Web3 to ensure accessibility across diverse user groups and embracing complexity, diversity, and evolution. Where DAO
environments. 1.0 emphasized hard-coded rules and token-weighted decisions,
The technological layer of Hypha’s governance system was and DAO 2.0 focused on protocol optimization and security,
redesigned from the ground up around a principle of elegant DAO 3.0 reflects a philosophical and technical shift toward
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TABLE1HowHyphaaddressestypicalDAOlimitations.
Governance challenge* Hypharesponse
Participation Token-basedplutocracy ⁃Role-basedgovernance:decouplesvotingpowerfromcapitalownership
Technocraticexclusion ⁃Multi-votingplugins:enablesdiversevotingmethodstailoredtocommunitycontext
⁃Web2-styleonboarding:simplifiesuserinterfaces,reducingtechnicalbarrierstoentry
⁃Wallet-freeparticipation:allowsengagementwithoutrequiringcryptoexpertise
Coordination Governancefatigue/lowturnout ⁃Sense-makingmechanisms:structuredspacesfordialogueandalignmentbeforeformalvoting
⁃Layeredgovernance:distributesdecision-makingresponsibilitiestopreventfatigue
⁃Culturalceremonies:fosterscollectivepurpose,enhancingsustainedengagement
Adaptability Rigidorone-sizegovernancelogic ⁃Modulartemplates:enablescustomizablegovernanceprotocolstomeetspecificorganizationalneeds
⁃Composablegovernancespaces:supportsflexibleandadaptivedecision-makingatmultiplescales
Applicability Lackofreal-worldapplicability ⁃Field-testedusecases:implementedacrossdiversereal-worldcontextsincludingenergy,climate,and
economicregenerationinitiatives
⁃Communityvalidation:activelyshapedbypracticalinputanditerativefeedbackfromactualusers
Accountability Top-downtokencontrol ⁃Leadershipwithoutcontrolprinciple:shiftsemphasisfromcentralizedtoken-holdingtodistributed
agencyandcollectivestewardship
⁃Safetyrails:embeddedprotocolsensureaccountabilityandmitigatepowerconcentrationrisks
Legitimacy Opaqueprocesses/misalignmentbetweenauthority ⁃Role-basedagencystructures:clarifywhoholdsresponsibility,reducingambiguityindecisionrights
andtrust ⁃Visibletrustmetricsandreputationallayers:reinforcealignmentbetweenauthorityandsocialcapital
⁃Deliberativeprocessscaffolding:ensureslegitimacyisbuiltthroughinclusion,notjustexecution(e.g.,
proposalsonlypassaftersense-makinganddissentwindows)
Security Vulnerabilitiesingovernance-layerintegrity ⁃Embeddedtrustscaffolding:real-timesense-makinganddissentmechanismsreducethelikelihoodof
hostileorunfitproposalspassingwithoutscrutiny
⁃Nestedgovernancelayers:limitstheblastradiusofbaddecisionsbydistributingauthorityandisolating
riskwithinspecificsubspaces
⁃Human-in-the-looparchitecture:reintroducesjudgmentandcontextualawareness,mitigatingrisks
fromcode-onlyexecution
*GovernancechallengesinthistablearesynthesizedfromcommonthemesinDAO,literature(see(BorgognoandMartino,2024;Buterin,2021;deFilippi,2019;DuPontand
Campbell-Verduyn,2017;Han,Lee&Li,2025;HassanandDeFilippi,2021;Rikken,Janssen&Kwee,2019)andgroupedintosevenhigher-ordercategories:participation,coordination,
adaptability,applicability,accountability,legitimacy,andsecurity.AcompletemappingoftheDAO,governancechallengessynthesizedfromtheliterature,alongwiththeirsourcereferences,is
providedinSupplementaryAppendixTableB1.
governanceasalivingsystem:emergent,contextual,andco-evolving governanceistheneedtomovefromstaticcodetowardadaptive,
with thecommunities it serves. relationship-driven models thatsupport learning and resilience.
These research findings contribute to ongoing academic and Bycontrast,Hyphatreatsgovernancenotasafixedstructurebut
practitioner debates in three interrelated ways, which are outlined asalivingprocess,onethatevolveswiththeneeds,capacities,and
below. While this paper does not engage in a formal theoretical contextsofitsparticipants.Thismirrorscallsinrecentliteraturefor
exposition of the terms “ecosystem” or “infrastructure,” both “complex adaptive” and “living systems” DAOs (Qin et al., 2023;
concepts feature prominently in the empirical findings and Tan et al., 2023) and is a view aligned with regenerative systems
warrant clarification. Here, “ecosystem” refers to the relational theory, which sees governance as an emergent property of
and organizational networks in which Hypha operates, including relationship, not simply a function of structure or code
community contributors, technology users, partner organizations, (Fullerton, 2015;Mangand Haggard, 2016).
and aligned impact initiatives. “Infrastructure” refers to the Inthismodel,sense-makingprecedessense-doing.Deliberation
integrated technological and governance tools that enable anddissentarenotinefficienciestobeminimized,butcriticalstages
coordinationandvalueexchangewithinandacrossthosenetworks. of collective alignment. “I may not agree, but I understand and
support the direction”was a phrase used by multiple contributors,
capturing a form of coherence that transcends consensus.
5.1 Governance as a living system: from Importantly, this does not suggest unanimity or harmony, but
control to conscious coordination rather functional alignment: the capacity to move forward while
holding difference.
MuchoftheDAOliteraturecritiquesthetendencytowardhard- The evolution of Hypha’sgovernance architecture reflects this
coded, inflexible governance systems that assume participants are philosophy.Featuressuchasdiscussionstages,optionalscaffoldsfor
rationalactorsoperatinginstaticenvironments(Baninemehetal., dissent, and layered participation enable the system to breathe,
2023;deFilippi,2019;Qinetal.,2023;Tanetal.,2023;Valienteetal., adapting not only to new users and contexts but also to evolving
2022).Forexample,Baninemehetal.(2023)andQinetal.(2023) internalvaluesandcapacities.Theemphasisonnested,membranic
highlightthatearlyDAOs(1.0)reliedondeterministic,rule-bound spaces allows subgroups to move at their own pace while staying
logic and token-weighted voting, leading to brittle structures with alignedtothebroaderwhole,akeyfeatureofresilient,regenerative
little capacity for context or dissent. While Tan et al. (2023) and systemsandanevolutionbeyondthelimitationsmappedinrecent
Valiente et al. (2022) emphasize that acentral challenge for DAO platform reviews.
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FIGURE1
EvolutionofDAOgovernancemodels:Fromcode-basedcoordinationtoregenerativedesign.ComparativeevolutionofDAO,governancemodels;
DAO,3.0buildsonprioriterationsbyintegratingsocial,technical,andphilosophicalshiftstowardrelational,adaptive,andregenerativegovernance
systems.(SeeSupplementaryAppendixBforaliteraturesynthesisunderpinningthisDAO,governanceevolutionframework).
5.2 Tools that teach: infrastructure as a accessible and meaningful to a diverse range of contributors.”
pedagogical medium Valiente et al. (2022) and Qin et al. (2023) similarly note the
importance of moving beyond technical onboarding to
Where traditional platforms assume users will adapt to the scaffolded, context-sensitive engagement, but highlight that most
system, Hypha assumes the system must teach users how to current architectures remain “automation-first.”
participate meaningfully, a direction anticipated but rarely Hypha’s approach mirrors the concept of tools as teachers,
realized in the DAO 2.0 platforms (Aragon, DAOStack) drawing on regenerative design principles where form and
discussed by Baninemeh et al. (2023) and critiqued by Tan function co-evolve. By making participation easier to navigate
etal.(2023). and more accessible (e.g., login with email, clear invitations to
Hypha’sinterfacesanddesignflowsareintentionallystructured contribute at varying levels), the platform reduces friction while
tohelpparticipants“learndecentralizationbydoing.”Thisincludes preserving the complexity needed for meaningful coordination.
intuitive onboarding, modular templates for governance and This “infrastructure as pedagogy” reflects a broader shift toward
budgeting, and clear affordances for role-based participation. The living,developmentalgovernancesystems(ChafferandGoldston,
design logic reflects a recognition that governance is a 2024; Tan et al., 2023), and supports the co-evolution of user
developmental journey, and that infrastructure should scaffold capabilityandsystemadaptability(Qinetal.,2023).Ratherthan
capability-building rather than assume it. This is aligned with the abstracting governance into arcane rituals or burying it in
recentcallbyTanetal.(2023)forgreaterusabilityandparticipatory technocratic assumptions, Hypha renders it visible, learnable,
learninginthespace:“DAOscontinuetostrugglewithonboarding, and adaptable, providing an interface not just to a platform, but
inclusive participation, and decision-making processes that are to a culture.
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5.3 Beyond function: DAO 3.0 as ecosystem design, adaptive logic, and relational coordination into the
infrastructure governance stack.
Figure1contraststhesethreegenerationsofDAOarchitecture
The multi-layered, modular design of Hypha V3 enables across five key governance dimensions: participation, tooling,
governance to flex across scales, supporting both nested DAOs decision logic, inclusion bias, and governance role. The
and cross-DAO value exchange, capabilities now being theorized framework is derived from a synthesis of DAO governance
ascrucialforecosystemicfinance–wherecommunities,projects,and literature and extended through field-based insights from the
capital providers co-create governance structures that reflect their Hypha case. While simplified for conceptual clarity, the
shared purpose and operational needs–and adaptive, coalition- distinctions reflect widely documented patterns across DAO
based governance (Qin et al., 2023; Valiente et al., 2022; ecosystems. For a literature-informed breakdown and full citation
Baninemeh etal., 2023). of sources supporting these distinctions, see Supplementary
Baninemeh et al. (2023) identify the emergence of “nested Appendix Table B2 inAppendix B.
DAOs, customizable decision logic, and interoperability” as ThiscomparisonhighlightshowDAO3.0reframesgovernance
defining features of the most advanced platforms. Qin et al. as a dynamic, living system capable of supporting regenerative
(2023)further suggestthatDAOs areevolving towardsystems capital flows across complex ecosystems. The DAO 3.0 models,
that “serve specific organizations with multiple goals and as described here, integrate modular infrastructure, participatory
complex functions, with robots and digital humans assisting scaffolds, and real-time capital flows to support governance as an
humans”,avision realizedin Hypha’s modular, context-aware adaptive, relationalsystem ratherthan astaticprotocol.
design. Valiente et al. (2022) propose ontology-based
frameworks to enable interoperability, cross-organizational
governance, and knowledge formalization–needs directly 7 Limitations
addressed in Hypha’s membranic governance architecture
and modular APIs. Thisstudyislimitedinseveralimportantrespects.First,whileit
Hypha’s support for real-time, cross-currency transactions, provides in-depth insights into the design, philosophy, and
combined with reputation-based mutual credit and customizable architecture of Hypha’s DAO 3.0 model, it does so prior to the
votinglogic,showsthatgovernanceandcapitalinfrastructurecanbe platform’s full public release. As a result, the findings reflect
integrated,offeringafoundationforcoalition-basedfinancingand primarily the intentions and reasoning of system designers rather
regenerativeeconomicdesign.Thisrespondsdirectlytocritiquesof thandirectuserexperiencesoradoptionoutcomes.Futureresearch
DAO governance as form without function (Tan et al., 2023) and will be needed to assess how Hypha’s governance innovations
offersanappliedmodelforcoordinatingfundingandgovernancein perform in practice across diverse ecosystems and
regenerative development (Fullerton, 2015; Mang and Haggard, stakeholder groups.
2016). As Tan et al. (2023) conclude, the next frontier for DAOs Second, the study focuses on a single case, which naturally
is the realization of human-centric, adaptive, ecosystemic limits generalizability. While Hypha’s evolution offers a
governance, and this is exactly what Hypha’s V3 architecture compelling prototype for regenerative governance, it is
seeks to achieve. grounded in a specific community, context, and development
These findings both confirmand extendthe taxonomy and trajectory.Nonetheless,theinsightspresentedherecontributeto
futuredirectionsoutlinedinrecentDAOgovernanceliterature broader conversations in DAO governance theory, regenerative
(Baninemehetal.,2023;Qinetal.,2023;Valienteetal.,2022). finance, and decentralized coordination, and may serve as a
Together, these insights suggest that DAO governance must foundation for comparative or longitudinal analyses across
evolve not just in structure, but in paradigm: toward a living, diverse DAO ecosystems.
adaptive, and relational form of coordination that reflects Third, while Hypha’s governance infrastructure is already
the complexity of the ecosystems it aims to serve. The alignedwithmanyoftheprinciplesnecessaryfordeploymentin
following section introduces a conceptual framework for this low-income and emerging market contexts–such as wallet-free
evolution,positioningDAO3.0asadistinctgovernancemodel participation, role-based voting, and real-time capital flow–its
emerging from, and moving beyond, the limitations of its full accessibility in these environments will depend on ongoing
predecessors. interface development. At the time of writing, the platform
operates primarily through a web-based interface, which may
pose usability barriers in mobile-first, low-bandwidth settings.
6 DAO governance evolution: from
However,theHyphateamhassignalledaroadmaptowardmore
code to coordination
inclusive access models, including mobile-responsive design,
chatbot interfaces, and embedded governance modules that
DAOgovernancehasundergoneamarkedtransformationsince reduce cognitive and technical load. These developments will
its origins in 2016. While early implementations (DAO 1.0) be critical for unlocking the platform’s full potential in under-
emphasized automation, code-based execution, and token voting, resourced environments. Future research should explore how
second-generation models (DAO 2.0) introduced modularity, off- these interface adaptations impact participation, trust, and
chain coordination mechanisms, and optimization through coalition-building in real-world development finance contexts.
stakeholder tooling. DAO 3.0 models–including Hypha’s Withoutcarefuldesignandcontextualgrounding,evenadvanced
V3 – extend this trajectory by embedding human-centered DAOmodelsriskreinscribingwhatGloerich(2023)describesas
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“blockchain colonialism”: a system where datafication and Whilethepresentstudyisboundedbyitspre-launchfocusona
tokenization overwrite cultural, ecological, and relational single platform, it lays a foundation for future research. The next
complexity with tradable abstractions. phase will examine user engagement, participation, and impact as
Andlastly,althoughDAO3.0modelsaddressmanyinternal Hypha V3 is deployed in real-world settings, including an
governance limitations, issues around legal status and liability ecosystemic finance pilot for regenerative development. As the
remain unresolved. The absence of formal legal personhood technology evolves, there will also be opportunities to evaluate
continues to create uncertainty around member liability, how interface innovation shapes participation and trust,
contractual enforceability, and external legitimacy (Borgogno especially in low-income or under-resourced contexts. Hypha’s
and Martino, 2024). However, the emergence of DAO- rich archive of governance records presents unique opportunities
recognized legal entities in jurisdictions such as the Marshall for researchers to further investigate the lived dynamics of
Islands, Wyoming, and Liechtenstein reflects a growing decentralized coordination, sensemaking, and power-sharing.
willingness to provide legal scaffolding for decentralized Beyond the Hypha-specific use case, further research should
coordination. Concurrently, DAO 3.0 architecture (such as criticallyexaminehowpower,inclusion,andethicalrisks–including
Hypha’s V3) is increasingly designed to operate as a digital digital colonialism and governance capture–play out in post-
twin of off-chain legal entities, enabling real-world deployment contexts and diverse communities, ensuring that
accountability while preserving the flexibility and inclusivity of DAO systems serve to redress rather than reinforce historical
on-chain governance. inequities.
Insum,thispaper contributestoanemergingmovementthat
seeks to evolve decentralized governance from code to
8 Conclusion
consciousness, from rigid structure to relational stewardship, and
from extraction to regeneration. The evolution mapped here
ThisstudysetouttoexaminehowDAOgovernancesystemscan demonstrates that DAOs, when intentionally designed and
evolve to support fair, inclusive, and regenerative coordination, continually reimagined, have the potential to become
particularly in contexts where traditional infrastructure is limited. infrastructures for more just, adaptive, and regenerative
ThroughaqualitativecasestudyofHyphaanditsprogressionfrom collaboration, serving both people and planet in a rapidly
DAOtoDHOtoDAO3.0,thisresearchhassurfacedcriticaldesign changing world.
shifts that challenge prevailing Web3 governance paradigms and
offer new possibilities for adaptive, trust-based, and context-
Data availability statement
responsive organizational models.
Theoretically, this work advances DAO scholarship by
articulating and empirically grounding a new taxonomy of Theoriginalcontributionspresentedinthestudyareincludedin
governance evolution. The DAO 3.0 model expressed in this thearticle/SupplementaryMaterial,furtherinquiriescanbedirected
study moves decisively beyond automation-first, token-voting to thecorresponding author.
paradigmstoenvisiongovernanceasaliving,relationalsystem.It
demonstrates how participatory scaffolding, nested modularity,
Ethics statement
and conscious sensemaking can be operationalized to support
adaptiveandregenerativecoordination.Indoingso,theresearch
extends the scope of DAO theory from structural and technical ThestudiesinvolvinghumanswereapprovedbyUniversityof
questionstoincludecultural,ethical,andecologicaldimensions, Technology Sydney Human Research Ethics Committee (HREC),
addressing recent calls for more human-centered, purpose- approval number ETH24-9253. The studies were conducted in
driven, and contextually adaptive forms of decentralized accordance with the local legislation and institutional
governance. requirements. The participants provided their written informed
Practically, the findings provide actionable insights for consentto participate inthis study.
designers, platform developers, policymakers, and practitioners
across the Web3 and development finance landscapes. The
integration of real-time capital flows, flexible governance layers, Author contributions
and embedded trust mechanisms in Hypha’s architecture
demonstrates how DAOs can move from static protocols to KB: Writing –review and editing, Writing –original draft.
dynamic systems capable of supporting ecosystemic finance and
coalition-based development. Thispointsto tangiblepathwaysfor
Funding
building more inclusive, resilient, and impactful digital
organizations.
Importantly, this research also highlights the critical role of Theauthor(s)declarethatfinancialsupportwasreceivedforthe
culture, consciousness, and care in the evolution of decentralized research and/or publication of this article. This research was
systems.AsHypha’scaseshows,thefutureofDAOgovernancelies conducted as part of the author’s doctoral studies, which are
notjustinnewtools,butinashiftofmindset:fromcodeasstructure supported by the Australian Government through a Research
to stewardship as practice, and from coordination as control to Training Program (RTP) Scholarship and a Top-Up Scholarship
regeneration asethos. fromtheDigital FinanceCooperative Research Centre (DFCRC).
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Bennett 10.3389/fbloc.2025.1630402
Acknowledgments
suggestions, and synthesis of existing ideas. All intellectual
content, analysis, and original contributions are the work of the
Theauthorwishestothanktheinterviewparticipants—Ronnie author.Thefinalmanuscriptwasreviewedandapprovedsolelyby
Potel, Alex Prate, and Arsenije Savic—for their generous theauthor.
contributions of time, insight, and lived experience in shaping Anyalternativetext(alttext)providedalongsidefiguresinthis
thisresearch.AppreciationisalsoextendedtothebroaderHypha articlehasbeengeneratedbyFrontierswiththesupportofartificial
ecosystemforitsongoingcommitmenttoopencollaborationand intelligence and reasonable efforts have been made to ensure
governance innovation. accuracy, including review by the authors wherever possible. If
you identify anyissues, please contact us.
Conflict of interest
Publisher’s note
Theauthordeclaresnocommercialorfinancialrelationships
that could be construed as a potential conflict of interest. The
Allclaimsexpressedinthisarticlearesolelythoseoftheauthors
author previously collaborated with Hypha as an Impact
and do not necessarily represent those of their affiliated
Ecosystem Builder over two years ago and is currently
organizations, or those of the publisher, the editors and the
engaged in a separate ecosystemic finance pilot with the
reviewers. Any product that may be evaluated in this article, or
organisation as part of doctoral research. These relationships
claimthatmaybemadebyitsmanufacturer,isnotguaranteedor
did not influence the design, analysis, or reporting of this
endorsed bythe publisher.
case study.
Generative AI statement Supplementary material
The author(s) declare that Generative AI was used in the TheSupplementaryMaterialforthisarticlecanbefoundonline
creation of this manuscript. The author used ChatGPT by at: https://www.frontiersin.org/articles/10.3389/fbloc.2025.1630402/
OpenAI to assist with language refinement, structural full#supplementary-material
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