Curve Finance Founder Warns of 'Governance Apathy' in Decentralized Autonomous Organizations

Curve Finance founder Dr. Michael Egorov believes that decentralized autonomous organizations (DAOs) that reach every decision without friction may be displaying a warning sign rather than a strength.

Egorov pointed to two recent governance episodes as examples of this phenomenon. In the first case, a proposal to grant Swiss Stake AG approximately $6.3 million faced substantial pushback from Curve's DAO members in 2024. The controversy prompted a revision, and when the resubmitted proposal went to a vote in December 2025, it drew over 80% member turnout.

This level of participation stands in contrast to broader industry patterns, where voter turnout across most DAOs rarely exceeds 15%. Egorov attributed this phenomenon to Curve's token holder structure, which requires locking tokens for extended periods to encourage longer-term governance engagement.

The second example Egorov cited was a dispute that emerged in December 2025 between Aave Labs and the Aave DAO over fees generated through an integration with DeFi exchange aggregator CoW Swap. Members challenged the arrangement, sparking a broader debate about which entity holds rightful control over intellectual property on the platform.