# Crypto Has Seen Drama Over ENS, BonkDAO and VVV. What Does DeFi's Future Look Like?

Page: https://stenobird.com/podcast/unchained-5662698/crypto-has-seen-drama-over-ens-bonkdao-and-vvv-what-does-defi-s-future-look-like
Text version: https://stenobird.com/podcast/unchained-5662698/crypto-has-seen-drama-over-ens-bonkdao-and-vvv-what-does-defi-s-future-look-like.md
Podcast: [Unchained](https://stenobird.com/podcast/unchained-5662698)
Published: 2026-07-15T16:20:00+00:00
Episode link: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML5202176689.mp3
Audio file: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML5202176689.mp3
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JSON: https://stenobird.com/v1/public/podcasts/unchained-5662698/episodes/crypto-has-seen-drama-over-ens-bonkdao-and-vvv-what-does-defi-s-future-look-like
Duration seconds: 3892

## Resource

Nick Almond and Proph3t on ENS's treasury fight, the BonkDAO heist, and why Proph3t would not touch Venice's VVV token. ======================================================== Thank you to our 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). ======================================================== Nick Johnson, the founder of ENS Labs, used his own tokens to kill a vote renewing ENS DAO's Security Council, potentially clearing the way for a foundation to take over a treasury worth more than $100 million. Nick Almond, head of governance at the Jito Foundation, and Proph3t, cofounder of MetaDAO, join Laura Shin to untangle what that move reveals about who should control a DAO's money, and whether voting was ever the right way to decide it. They trace ENS cofounder Jeff Lau's warning that the treasury became a honeypot with zero accountability, and the collapsing voter turnout that let a 3% token stake decide the DAO's fate. Proph3t makes the case for MetaDAO's decision markets over voting entirely, while Nick argues curated delegates solve the same capture problem without giving up the vote. They also cover the $20 million BonkDAO heist, pulled off with one proposal and seven votes, and the backlash over Dragonfly's investment in Venice's VVV token. Both guests agree DAOs are near a bottom. What comes next depends on whether anyone tries something new. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠…

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## Transcript

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