Inside Aragon’s Bold Bet on the Future of Decentralized Power

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Victoria d’Este

Printed: November 21, 2025 at 2:39 pm Up to date: November 21, 2025 at 2:40 pm

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November 21, 2025 at 2:39 pm

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Few leaders have seen the event of DAOs from as many angles as Anthony Leutenegger, from early experimentation to steering one of many ecosystem’s most influential governance tasks. On this interview, the Aragon CEO displays on how decentralized governance is maturing in 2025, why the following wave of DAOs will look nothing like their predecessors, and what it actually takes to construct resilient, clear decision-making techniques at scale.

Anthony, may you share your journey into Web3?

I’ve been working at Aragon for 4 and a half years. I joined crypto as a result of I discovered this nice undertaking that was a subsidiary of Aragon referred to as Vocdoni, and so they have been constructing a blockchain-based voting protocol. Its aim was finally to have nation-states working incorruptible elections. 

I assumed, what an unbelievable and ideal use case for blockchain expertise. We’re in a world and business the place there’s a whole lot of hypothesis and cash flowing round, and people are professional use circumstances, however with the ability to have incorruptible elections may resolve a plethora of world issues.

That’s why I utilized for a job at Vocdoni. I finally moved into the Aragon undertaking, which owned Vocdoni on the time and targeted extra on governance, capital distribution, and token economics at a a lot larger degree than simply voting. I later took over the corporate, and now issues are going nice.

May you give us an outline of Aragon’s present mission and the way it has developed over the previous couple of years?

Yeah, our present mission has undoubtedly developed over the previous few years. It was about permitting organizations to experiment with governance on the velocity of software program. The purpose was that you might have choices executed with out trusted intermediaries. It’s the identical as making a fee on a blockchain; you take away the middleman. With blockchain expertise, we will take away intermediaries from executing an motion. Within the conventional world, individuals vote or take part, however actions often require others to execute them.

Now, choices, whether or not it’s transferring funds, upgrading code, or granting entry, will be made by a bigger group of individuals with out anybody within the center. It turns into very censorship-resistant. It’s the primary time in historical past we will do that as a result of we abide by the code as legislation.

That was Aragon’s outdated mission, and we nonetheless work closely in governance. We nonetheless enable organizations to construct their access-control mechanisms for a way they govern their code base. For instance, when Lido needs to improve its code, they do it on Aragon’s good contracts. We safe their code base. If Katana needs to maneuver cash on the brand new Polygon undertaking, that’s the identical factor.

Now we’ve expanded into tokenomics. We assist tasks in constructing their very own governance techniques, tokenomic techniques, and development flywheels. Our mission is far broader as we speak.

In your view, what are the important thing differentiators of Aragon’s governance framework in comparison with different DAO tooling or platforms?

Yeah, we undoubtedly have the latest modular mannequin. We separate the vault and core permissions from the governance methodologies, and anybody can set up these methodologies or plugins to realize what they need. For instance, if you need a governance sort that isn’t token-based voting, you may set up the multisig plugin or the digital identification plugin.

You possibly can even set up a number of plugins on the identical time, permitting completely different teams, perhaps a multisig and token holders, to control collectively. It’s extremely customizable, upgradable, and all the time entails tokenomics. Tokens drive nearly all the pieces in our business, so with the Aragon stack, you may create lockers, stakers, and mechanisms for locking, staking, and capital distribution. It’s modular, customizable, and future-proof.

What’s the strategic significance of modular governance contracts, for instance, plugins for scaling organizations over time?

Yeah, it’s tremendous vital. Main tasks need to modify governance and capital flows extra simply, however many can’t do it safely as a result of they’re caught with outdated, heavy, library-based contracts. Making issues modular permits simpler changes. Upgrading turns into so simple as uninstalling and putting in a brand new plugin, which is only a small a part of the code base.

You possibly can improve from multisig to token-holder voting as you decentralize over time. You possibly can add staking mechanisms for token holders to manage capital flows. It makes governance safer, extra customizable, and extra future-proof. It’s unquestionably a greater system.

What are an important coverage or regulatory traits you see that may have an effect on on-chain organizations within the subsequent 12 to 24 months?

Yeah, that’s a fantastic query. What we’re seeing, particularly from america and from what corporations like a16z are discussing, is that on-chain possession or on-chain management will grow to be an important parameter defining decentralization. It gained’t essentially seem like the outdated DAO mannequin the place everybody votes on all the pieces. 

It’s going to give attention to a smaller floor space of management, however that management should be decentralized, that means token holders should even have management with out an middleman basis or multisig. Or the system will must be immutable, the place no particular person or group can change the code for private profit.

So decentralization will probably be outlined by management and possession. I feel we’ll see much less generalized governance and extra give attention to governing particular issues that should be decentralized, protocol upgrades, payment switches that distribute worth to token holders, and comparable elements.

How do you put together for adapting to those regulatory modifications?

Fortunately, we’ve been making ready for years. Three years in the past, we already noticed this drawback and began transferring towards addressing it. On our present stack, you may management your protocol in a extremely decentralized manner with out having to vote on all the pieces. Totally different individuals can management various things, and tasks can outline how entry management is structured.

On prime of that, we create automated and programmatic capital-distribution flows. Tasks that need to accrue worth to their token can accomplish that in a programmatic, automated manner that isn’t centrally managed, making it extra more likely to meet future regulatory expectations, one thing our rivals can’t do.

What are the primary dangers you foresee for organizations adopting on-chain governance, and the way does Aragon search to mitigate them?

I feel the technological facet is generally solved. We’ve created a really secure setting for organizations, and we’ve secured 45 billion {dollars} in belongings since 2017–18. For me, the larger threat is what’s being managed and by whom.

Proper now, many tasks counting on token holders for safety face an issue: safety degrades over time if the token has no worth. If a token secures a protocol however the undertaking isn’t producing income, there’s no incentive to carry it. Folks promote, decentralization decreases, and the system breaks down.

We want tokens to carry worth and safe one thing significant. When that occurs, the system naturally turns into safer.

For a company contemplating launching a DAO via the Aragon app, what key strategic governance choices should be made upfront?

They should perceive who will management what. Additionally they want to know the worth of the token that controls protocol parameters, which is important. Different concerns embody whether or not they need a VE mannequin, a locker mannequin, for token holders to lock or stake, or whether or not they need an ERC20 vote-standard token. These are nuanced choices, and they need to attain out to us earlier than launching.

However most significantly, they need to perceive the place their product is heading, how it is going to be managed, and why individuals will take part in guaranteeing it stays decentralized.

May you share any success tales or case research the place Aragon’s governance structure considerably improved organizational outcomes?

Yeah, for certain. Let’s have a look at Curve. Many tasks are actually adopting the VE gauge mechanism, which is turning into standard once more. The primary model of ve & gauges was inbuilt Aragon in 2020 by Curve. VE stands for vote escrow, that means a token holder locks tokens for a interval and beneficial properties particular voting energy primarily based on parameters set by the undertaking.

The concept is that as a result of they’re locked into the system, they need the token to be value extra when it unlocks. They’re usually given energy over distributing capital, liquidity, or different vital sources. They vote within the long-term curiosity of the protocol. The extra they take part, the extra rewards they obtain.

This creates a development flywheel, incentives to carry, take part, and make good choices. Tasks with respectable product-market match utilizing ve & gauges, Curve, Aerodrome, Katana, and others, have seen optimistic outcomes, together with the next share of tokens locked and elevated valuation.

How do you view the way forward for governance requirements, greatest practices, auditability, and transparency for on-chain organizations?

I don’t suppose we’re at a technological level the place we should always outline strict requirements but. It’s nonetheless too early. We want extra natural adoption and extra tooling earlier than issues ossify into requirements.

Nevertheless, governance requirements will probably be formed by regulation, notably round how capital and incentives will be distributed. Tasks in the end need to generate income and improve token worth, so that they’ll be taught and adapt as clearer laws emerge. As adoption grows and extra use circumstances seem, we’ll be capable to outline higher greatest practices.

We already see early examples. Lido is a profitable DAO working in a strategic manner. The ve & gauge mechanism works effectively for DEXs like Curve. And DUNA is rising for tasks like Uniswap, with decentralized governance over particular parameters.

We’re beginning to see the primary hints of requirements and greatest practices.

About The Creator

Victoria is a author on quite a lot of expertise matters together with Web3.0, AI and cryptocurrencies. Her in depth expertise permits her to jot down insightful articles for the broader viewers.

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Victoria d’Este