DeFi’s top DAOs have huge treasuries – Yet they’re blind to THESE…

Sky spends $238 million annually, but the growth impact is unclear.
Uniswap’s volume has stalled since 2021, despite massive spending.

While DAOs like Sky and Aave [AAVE] are burning through hundreds of millions annually, Uniswap [UNI] has seen its trading volume stagnate since 2021.

The contrast is striking: even as DAO budgets surge and spending ramps up across the board, growth remains elusive for some of the space’s biggest names.

Looks like capital alone won’t cut it if you’re not building where the demand is.

Sky leads the pack with a staggering $238.3 million in annual expenses, even excluding token incentives – more than triple Aave’s $63.6 million budget.

But what Aave lacks in size, it arguably makes up in structure: over half of its budget goes toward tangible growth efforts—risk frameworks, technical upgrades, and marketing.

According to its TokenLogic dashboard, growth alone accounts for nearly $38 million annually.

Source: X

Are these DAOs spending to scale, or simply burning runway?

The Uniswap paradox

Uniswap may have defined the early DeFi era, but its trading volume has barely budged over the past four years, according to Token Terminal data.

Despite its dominance in name recognition, the protocol’s growth has stalled; a contrast to the innovation happening on newer, faster chains.

Source: X

The efficiency test

Is Sky’s $238 million annual spend – roughly $20 million a month – translating into defensible TVL, active users, or long-term protocol dominance?

Aave, while far leaner, still allocates tens of millions to marketing, security, and operations despite already securing $40 billion in deposits. The bulk of its budget is aimed at growth, but the ROI remains unclear.

It’s no longer about spending to grow, but spending to prove ROI. Efficiency, not treasury size, is perhaps emerging as the defining metric of sustainable DAO success.

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