The concept of limited liability, introduced in the mid-19th century, transformed investing by protecting investors from personal debt related to company failures. This shift allowed for large-scale capital raises without the fear of financial ruin for investors. By the turn of the century, it revolutionized business governance, enabling shareholders to exercise binding authority over company management. Fast forward to 2024, Wyoming introduced the Decentralized Unincorporated Nonprofit Association (DUNA), granting a legal framework for decentralized autonomous organizations (DAOs) while maintaining community governance. Unlike traditional corporations, DUNAs allow participants to engage legally, enter contracts, and make decisions that are enforceable off-chain. The Uniswap Foundation’s proposal to adopt a DUNA structure aims to preserve its decentralized governance while interacting with off-chain legal realities. This model emphasizes community values over profit maximization, possibly leading to new types of business frameworks that prioritize decentralization and equitable governance.

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