Here’s a simple framework for conceptualizing DeFi: map the current financial system and evaluate the extent to which decentralized alternatives can:
1. Effectively disaggregate key financial services,
2. Compose with each other, and
3. Be used to address real-world issues
There’s no clear reason why DAOs can’t be separate legal entities, similar to corporations.
Could also be characterized as a limited liability partnership.
Regardless, it’s only a matter of time.