CoinDesk reported:
One popular way to accomplish this feat is by giving token holders a voting say in the protocol’s operations through a DAO. Indeed, Parrot sold over $80 million of its PRT “governance token” to the public in late 2021. But Parrot never set up a DAO through which PRT owners could vote on anything. Instead, the team executed major decisions, from changing tokenomics to “trust me bro” investments, without holding a formal vote.