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A Decentralised Autonomous Organization is governed by a governance token. So democratically, everybody who owns the token could vote on proposals and submit proposals too for the whole DAO.

Uniswap didn't always had it's UNI token, how did it work before that?

Also, can a DAO really be a DAO without a governance token?

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Before Uniswap had DAO, it was controlled by the team that built the software. Uniswap existed but the DAO did not exist. Later, the ownership is moved to the DAO, so that the DAO can set the control parameters for Uniswap smart contract.

I am not sure if the control change has actually happened yet and all the keys are still controlled by the dev team.

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  • And in theory is it possible for a DAO to exist without a governance token? some other method maybe? Mar 10 at 11:34
  • You need to define who has the power. You can do raise your hands voting, but you still need to have some sort of cap table who owns the thing. So no. Mar 11 at 9:31

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