DAOs aren't things... they are flows.

If anything, the success of DAOs has served to exacerbate the tendency towards entity thinking, due to the fact that many DAOs have treasuries that are out of all proportion with the current value that exists in their networks. This distortion makes it almost impossible for a DAO’s treasury (as a centralised asset) not to have an outsized gravitati... See more

We constantly talk about the network as being the important thing, but we can’t help backsliding into focusing on the DAO as an entity and, as a result, ever more time, energy, cost and risk gets tied up in governing the entity.

It’s also true that thinking about DAOs as complex networks is probably what we all think we are doing already. But entity thinking is deeply ingrained and subtle and will keep exerting its gravity on what we are designing and building.