Is Ethereum really the best blockchain to form a DAO?
The crypto community and industry have chosen Ethereum as the chain of choice for most blockchain-based decentralized applications, but other chains may be better suited to handle the workload for decentralized autonomous organizations (DAOs).
Technical advantages and cheaper transactions have yet to become a major pull factor from Ethereum Virtual Machine (EVM) chains. EVM compatibility enables a network to use Ethereum’s security features.
Ethereum (ETH) and its compatible chains have a clear advantage in the number of DAOs compared to any other. They house more than 4,200 DAOs and protocols requiring governance participants according to data from blockchain voting platform Snapshot.
Comparatively, the Solana (SOL) ecosystem has only 140, Cardano has 10 DAOs according to ecosystem tracker Cardano Cube, and Polkadot (DOT) Substrate says it has just eight. This is not to discount the fact that among the top 10 DAOs by the number of decisions made over the past seven days, DAO tracker DeepDAO shows that three are based on Solana.
Ethereum’s leg up over the rest may be due to simple, yet practical reasons, according to DAO tracker DeepDAO CEO Eyal Eithcowich in emailed responses to Cointelegraph. He attributes Ethereum’s dominance to the fact that it is “the chain where the DAO movement started.”
On the other hand, he pointed to high gas fees as a shortcoming of Ethereum. He added that Solana allows DAOs to make fast and cheap transactions, “But, again, the supporting features and tools in the ecosystem are less robust.”
Additionally, Solana has become vulnerable to infrequent network outages.
The co-founder of the nonfungible token (NFT) game on the EOSIO-based WAX network Alien Worlds, Saro McKenna, told Cointelegraph last
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