PUBLISHED: Fri, Dec 5, 2025, 5:13 PM UTC | UPDATED: Fri, Dec 5, 2025, 6:55 PM UTC
5 mins read
■
Only 4 DUNAs exist or are proposed after 18 months: DUNI (Uniswap), Syndicate Network, WYDE/$EAT, and Compound Foundation (proposed)
■
DUNI marks the largest DeFi protocol ($4B+ TVL) to adopt DUNA, allocating $16.5M in UNI for legal reserves and tax settlements
■
Syndicate Network Collective became the first operating DUNA in August 2024, endorsed by U.S. Senator Cynthia Lummis
■
WYDE launches December 10, 2025 as the first impact-focused DUNA, directing 25% of trading fees to hunger relief nonprofits
■
Cowrie, co-founded by DUNA statute drafter David Kerr, charges $75K to help projects navigate formation and compliance
Wyoming's Decentralized Unincorporated Nonprofit Association (DUNA) framework became law in July 2024. In the 18 months since, only a handful of organizations have adopted this groundbreaking legal structure. That scarcity makes the early adopters worth watching closely.
DUNAs give decentralized autonomous organizations legal recognition, liability protection, and the ability to contract with the real world. They solve problems that have plagued DAOs since their inception: personal liability for members, inability to sign contracts, and tax uncertainty.
This list covers every active DUNA and notable proposed DUNA as of December 2025. We also highlight Cowrie, the Wyoming-based firm helping projects navigate DUNA formation.
1. DUNI (Uniswap Governance) – The Largest DeFi Protocol to Adopt DUNA
Quick Stats:
Status: Adopted (September 2025)
Protocol TVL: $4+ billion
Token: UNI
Network: Ethereum
Administrator: Cowrie
What It Is
DUNI is the Wyoming-registered DUNA for Uniswap Governance. Uniswap is the largest decentralized exchange by trading volume, processing billions in daily transactions. The Uniswap Foundation proposed DUNI in August 2025, and the community voted to adopt it in September 2025.
Why It Made the List
DUNI represents the biggest test of the DUNA framework to date. When the dominant DeFi protocol adopts a legal structure, the entire industry pays attention.
For years, Uniswap governance operated without a legal wrapper. Token holders voted on proposals, but the DAO couldn't sign contracts, hire employees, or protect participants from personal liability. DUNI changes that.
According to the Uniswap Foundation's governance proposal, DUNI enables the DAO to "enter into contracts, retain service providers, and fulfill regulatory and tax responsibilities" without compromising decentralization. The structure also clears the path for activating Uniswap's long-discussed protocol fee mechanism, which could direct a portion of trading fees to the DAO treasury.
Enables protocol fee activation with legal clarity
Limited liability protection for all governance participants
Sets precedent for other DeFi protocols
Risks/Considerations
Novel legal structure with no court precedents yet
$16.5 million in UNI allocated for legal reserves and historical tax settlements
Complexity of synchronizing onchain and offchain governance
Who Should Watch It?
DeFi builders, DAO governance participants, and institutional investors monitoring compliance infrastructure. DUNI's success or failure will shape how other major protocols approach legal structuring.
2. Syndicate Network Collective – The First Operating DUNA
Quick Stats:
Status: Operating (since August 2024)
Focus: Creator communities and tokenized organizations
The Syndicate Network Collective launched in August 2024 as one of the first DUNAs to go live. Syndicate is a platform that helps creators and organizations launch tokenized communities. Their DUNA operates entirely within the United States with no offshore entity dependencies.
Why It Made the List
Syndicate proved the DUNA framework works in practice. Before Syndicate, the DUNA was untested legal theory. Now it's operational infrastructure.
U.S. Senator Cynthia Lummis publicly endorsed the project, posting that "Wyoming continues to lead the way in financial innovation." The endorsement from a sitting senator signals political support for the DUNA framework beyond Wyoming.
Syndicate worked with Cowrie, Cooley LLP, a16z crypto, and Anchorage to implement the structure. This coalition of legal, venture, and custody partners created a reference model that other projects can follow.
Key Strengths
First fully operational U.S.-based DUNA
No offshore entity dependencies or complexity
Supported by major legal and venture partners
Provides proven template for future DUNA formations
Over one year of operating history
Risks/Considerations
Relatively small compared to major DeFi protocols
Success depends on continued regulatory support in Wyoming
Limited public documentation of operational learnings
Who Should Watch It?
Founders seeking a proven path to DUNA formation and legal advisors developing DAO structuring expertise. Syndicate's implementation offers the longest track record available.
3. WYDE / $EAT – The First Impact-Focused DUNA
Quick Stats:
Status: Launching December 10, 2025
Token: $EAT (End Hunger)
Network: Base (Ethereum Layer 2)
Total Supply: 100 billion tokens
Impact Fee: 0.5% of transactions fund hunger relief
What It Is
WYDE operates as an Impact Exchange where trading activity automatically funds verified 501(c)(3) nonprofits. The platform launches with $EAT, a token dedicated to hunger relief. WYDE uses the Wyoming DUNA framework to enable token-based governance of charitable missions.
Why It Made the List
WYDE demonstrates that DUNAs extend far beyond DeFi protocols. While Uniswap and Syndicate focus on financial applications, WYDE applies the legal framework to philanthropy.
According to their whitepaper, WYDE operates under the "Wyoming Decentralized Unincorporated Nonprofit Association (DUNA) structure, a 2024 legal framework that enables token-based governance of charitable missions." This makes WYDE the first DUNA explicitly designed for social impact rather than financial services.
The $EAT token launches December 10, 2025. When users trade $EAT, 25% of trading fees flow directly to hunger relief partners. Token holders will vote (starting Q2 2026) on which nonprofits receive funding. Target partners include Feeding America, No Kid Hungry, and regional food banks.
The DUNA structure gives these governance decisions legal weight, enabling WYDE to enter binding contracts with nonprofit partners.
Key Strengths
First DUNA focused on charitable impact
Automated fee distribution to verified 501(c)(3) organizations
Token-based governance for nonprofit funding allocation
18 cause tokens planned across hunger, education, health, and more
Clear roadmap: governance voting unlocks Q2 2026
Risks/Considerations
Pre-launch status (TGE December 10, 2025)
Impact outcomes depend on nonprofit execution and trading volume
Novel application of DUNA framework to philanthropy
Impact investors, philanthropic institutions, and founders exploring mission-driven blockchain applications. WYDE's launch will test whether DUNAs can serve social missions as effectively as financial ones.
4. Compound Foundation (Proposed) – The Lending Giant's Legal Shift
Quick Stats:
Status: Proposed (community consideration)
Protocol: Compound Finance
Focus: DeFi lending
Token: COMP
What It Is
Compound, one of the oldest and most established DeFi lending protocols, has proposed creating a foundation structure with oversight from token holders. While not yet formally a DUNA, the proposal reflects the broader trend of major DeFi protocols seeking legal legitimacy.
Why It Made the List
Compound's consideration of formal legal structure signals that the largest DeFi protocols recognize the need for legal infrastructure. The project pioneered algorithmic interest rates and influenced much of modern DeFi.
According to a16z crypto's analysis, focused foundations with narrow mandates work well for mature projects. Compound's proposal follows this pattern, creating an entity accountable to token holders through funding control. If adopted, Compound could become the next major protocol to pursue DUNA status.
Key Strengths
Major lending protocol exploring formal legal structure
Token holder oversight of foundation activities
Potential template for other established protocols
Strong existing governance participation
Risks/Considerations
Proposal still under community consideration
May choose different structure than Wyoming DUNA
Timeline uncertain
Who Should Watch It?
DeFi lending participants and governance researchers. Compound's structural decisions will signal whether the DUNA model appeals to established protocols or remains limited to newer projects.
DUNA Adoption Timeline
Key milestones from legislation to implementation
Date
Milestone
Description
March 2024
DUNA Law Signed
Wyoming Governor Mark Gordon signs SF0050 into law
July 1, 2024
DUNA Takes Effect
Wyoming DUNA framework becomes legally effective
August 2024
Syndicate Launches
Syndicate Network Collective becomes first operating DUNA
September 2025
DUNI Adopted
Uniswap governance votes to adopt DUNA structure
Dec 10, 2025
$EAT / WYDE Launch
WYDE launches $EAT as first impact-focused DUNA token
Source: Wyoming Legislature, Uniswap Foundation, WYDE. Timeline current as of December 2025.
How Cowrie Enables DUNAs
Cowrie is not a DUNA itself. It's the Wyoming-based firm that helps crypto projects become DUNAs.
Co-founded by David Kerr, who helped draft Wyoming's DUNA statute, Cowrie provides legal, financial, and administrative support to decentralized protocols. They handle the practical work of DUNA formation: tax filings, EIN registration, compliance reporting, and operational infrastructure.
For Uniswap's DUNI, Cowrie serves as Administrator, facilitating regulatory compliance within the authorizations granted by governance. The Uniswap proposal describes Cowrie's role: "facilitating regulatory and tax compliance, tax filings, informational reporting, and operational infrastructure."
Why Cowrie Matters
The DUNA framework is complex. Projects need specialized expertise to navigate Wyoming law, federal tax requirements, and the intersection of blockchain governance with traditional legal structures. Cowrie fills this gap.
David Kerr "was instrumental in writing Wyoming's DUNA statute, and has worked directly with legislators to educate them on the intricacies of the DUNA," according to Uniswap's proposal. This direct connection to the law's authors gives Cowrie unique insight into the framework's intent and application.
Services Offered
DUNA formation and registration
Tax compliance and filing
EIN registration
Informational reporting
Ongoing administrative support
Cost
Cowrie charges $75,000 as a one-time administrative fee for Uniswap's transition. Costs for other projects likely vary based on complexity.
For projects considering DUNA formation, Cowrie represents the clearest path through the legal requirements. Learn more at cowrie.io.
Comparison at a Glance
All Wyoming DUNAs and notable candidates as of December 2025
DUNA
Status
Focus
Launch Date
Token
DUNI (Uniswap)
✓ Active
DEX Governance
September 2025
UNI
Syndicate Network
✓ Active
Creator Communities
August 2024
SYNDI
WYDE / $EAT
🚀 Launching
Charitable Impact
Dec 10, 2025
EAT
Compound Foundation
📋 Proposed
Lending Protocol
TBD
COMP
2Active DUNAs
1Launching Soon
1Proposed
---
---
---
What's Next for DUNAs?
The DUNA framework is still in its first full year of real-world operation. Only three organizations have adopted it, with a fourth under consideration. Several questions remain:
How will Wyoming courts interpret the statute in contested cases?
Will federal regulators recognize DUNA governance as legitimate decentralization?
Can the framework scale to millions of members?
Will other states adopt similar legislation?
According to Cowrie's analysis, multiple states including California and Texas are considering adoption of the Model DUNAA. If DUNAs prove successful, expect the framework to spread beyond Wyoming.
For now, these four projects represent the leading edge of a potential industry shift. Watch them closely.
Disclaimer:This list is for educational purposes only and does not constitute legal or investment advice. DUNA adoption involves complex legal considerations; consult qualified counsel for your specific situation. Always consult qualified professionals for your specific situation. Nothing described herein is currently available to purchase. Do your own research. The Tech Buzz is not affiliated with WYDE and receives no compensation for this coverage.
