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Decentralized Autonomous Organizations (DAOs) have emerged as a novel way tocoordinate a group of (pseudonymous) entities towards a shared vision (e.g.,promoting sustainability), utilizing self-executing smart contracts onblockchains to support decentralized governance and decision-making. In just afew years, over 4,000 DAOs have been launched in various domains, such asinvestment, education, health, and research. Despite such rapid growth anddiversity, it is unclear how these DAOs actually work in practice and to whatextent they are effective in achieving their goals. Given this, we aim tounpack how (well) DAOs work in practice. We conducted an in-depth analysis of adiverse set of 10 DAOs of various categories and smart contracts, leveragingon-chain (e.g., voting results) and off-chain data (e.g., communitydiscussions) as well as our interviews with DAO organizers/members.Specifically, we defined metrics to characterize key aspects of DAOs, such asthe degrees of decentralization and autonomy. We observed CompoundDAO,AssangeDAO, Bankless, and Krausehouse having poor decentralization in voting,while decentralization has improved over time for one-person-one-vote DAOs(e.g., Proof of Humanity). Moreover, the degree of autonomy varies among DAOs,with some (e.g., Compound and Krausehouse) relying more on third parties thanothers. Lastly, we offer a set of design implications for future DAO systemsbased on our findings.

Unpacking How Decentralized Autonomous Organizations (DAOs) Work in Practice