Ethereum-Native Treasuries Tipped To Rival Wall Street, But Face Major Risks: Bernstein
A new report by Bernstein analysts identifies Ethereum (CRYPTO: ETH)-native treasury companies—protocols that help DAOs manage, deploy, and grow onchain capital—as one of the most promising and underexplored areas in DeFi.
The report argues that these firms could eventually rival traditional asset managers and financial operating systems in both value and influence.
But the opportunity comes with serious caveats.
While these treasury platforms such as Karpatkey, Llama, and Avantgarde offer more transparency and real-time capital execution than their TradFi counterparts, Bernstein notes they are vulnerable to centralization risks, particularly in governance token distribution and control.
Many treasury DAOs are controlled by a handful of delegates or core contributors, raising concerns …
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