This study examines the role of impact investing and climate finance in generating measurable social value through renewable energy projects by applying the Social Return on Investment (SROI) framework. Growing global investment in renewable energy has emphasized financial performance and emission reduction outcomes, while systematic measurement of social impacts remains limited. The purpose of this research is to assess how SROI can be used to quantify the social and environmental value created by renewable energy investments and to demonstrate its relevance for impact-oriented decision-making. A mixed-methods approach was employed, combining secondary project data analysis, stakeholder engagement, outcome mapping, and monetization of social and environmental benefits to calculate SROI ratios. The findings reveal that renewable energy projects consistently produce social returns exceeding the initial investment, with SROI ratios varying according to project type, scale, stakeholder involvement, and socio-economic context. Community-based and decentralized projects tend to generate higher relative social returns, driven by employment creation, improved energy access, health improvements, and environmental benefits. The study concludes that integrating SROI into climate finance evaluation enhances transparency, accountability, and alignment between financial objectives and sustainable development goals.
Decentralized Finance (DeFi) offers open and permissionless financial services, but its core infrastructure remains exposed to serious security failures. Representative infrastructure classes such as decentralized exchanges (DEXs), protocols for loanable funds (PLFs), and cross-chain bridges matter because failures can propagate widely. This work presents a layered and empirically grounded framework for DeFi vulnerability prioritization. We analyze 558 exploit incidents from 2021–2025 and trace their mechanisms, vulnerabilities, and threat vectors across representative DeFi infrastructure classes. We introduce three complementary components: (1) a Risk Priority Number (RPN) used as an interpretable FMEA-style baseline for attack ranking, (2) an Adversarial Feasibility Score (AFS) that captures exploit feasibility from mapped adversarial-trait prevalence and accessibility, and (3) a Vulnerability-Centric Risk Score (VRS) defined as a structured priority ranking combining empirical likelihood, absolute economic severity, and attacker feasibility. The main validated model uses median per-incident USD loss as a consistent severity signal across the full incident dataset. Temporal validation shows that the structured vulnerability-priority model outperforms the multiplicative baseline and improves on the empirical base rank across both temporal holdouts and both future targets. The resulting framework provides an auditable remediation ordering for protocol developers, auditors, and risk managers.
Open access
Public-Private Partnership Projects
Infrastructure Resilience and Vulnerability Analysis
Citra Fadhilah Utami, Arum Ira Nadhira, Clarisa Rofiati, Della Affesia Putri
Urban infrastructure financing in Indonesia faces a structural funding gap alongside rising subnational fiscal risk under decentralization. Therefore, this study aimed to develop a Multi-Criteria Decision Analysis framework to allocate loans across 50 priority cities in the 2025–2029 National Development Plan. The framework integrated fiscal capacity, debt sustainability, institutional readiness, public investment productivity, and spatial role into three composite indices, namely Soft Gate, Impact, and Priority. Using a weighted additive framework with percentile-based screening, cities were classified into Loan Priority, Blended, Grant, and Selective categories. The results showed that 28 percent qualified as Loan Priority, while 24 percent require blended mechanisms due to fiscal-impact mismatch. In conclusion, the framework enhances fiscal discipline and transparency in subnational borrowing decisions.
Abstract One of the key challenges of energy decentralization through DERs is financing. This chapter evaluates the potential role of Islamic finance as a tool to bridge the gap in the current financing of DER infrastructure. Focusing on the opportunities and challenges in African countries, the chapter explores innovative financing approaches, including Islamic financing instruments, microfinance solutions, co-operative models, and crowdfunding, to address the resource gap. The engagement of Islamic finance in the promotion of renewable energy offers substantial advantages in advancing global sustainability initiatives. However, maximizing its full potential of Islamic financing will require supportive legal and institutional frameworks that simplify and reinforce its application in the energy sector. Yet, as demonstrated in this chapter, such supportive frameworks are not easily forthcoming in many countries. The chapter analyses legal and institutional challenges to the financing of DER projects through Islamic financing and offers recommendations on addressing them.
ABSTRACT: Universal access to electricity remains one of the major structural challenges to development in sub-Saharan Africa, and particularly in the Democratic Republic of Congo (DRC), where territorial disparities and low rural electrification rates significantly hinder inclusive economic growth. Faced with the technical and financial limitations of traditional centralized grids, mini-grids and other decentralized electrification solutions are emerging as alternatives adapted to the country's geographical, demographic, and socio-economic realities. However, the development of these solutions fundamentally depends on the ability to mobilize appropriate, sustainable, and structured financing mechanisms. High initial infrastructure costs, combined with the limited repayment capacity of rural populations and a still-developing institutional environment, constitute major constraints to investment. The analysis highlights the need for a hybrid financial architecture, combining private equity, concessional debt, subsidies, and innovative financial instruments such as mezzanine debt, crowdfunding, and pay-as-you-go mechanisms. The economic sustainability of projects depends on a delicate balance between the financial viability of operators and affordable pricing for users. Business models must incorporate diversification of energy services, the integration of productive uses, and rigorous risk management (demand, exchange rate fluctuations, regulatory instability). The leverage generated by combining different funding sources strengthens investment capacity and improves project resilience. Institutionally, the regulatory framework plays a crucial role. The clarity of tariff rules, legal stability, transparency in subsidy allocation, and the effectiveness of rural electrification agencies are key factors in the sector's attractiveness to private investors. Tax and customs incentives, as well as risk guarantee mechanisms, are essential levers for reducing the cost of capital and stimulating local financial sector involvement. The study of the Congolese context reveals considerable energy potential, particularly in hydroelectric and solar power, but also persistent challenges related to access to credit, administrative complexity, and the structuring of public-private partnerships. Improving the financing of mini-grids in the DRC therefore requires an integrated approach combining regulatory reforms, institutional capacity building, and financial innovation. Ultimately, financing mini-grids is not merely a technical or budgetary issue, but a strategic challenge for energy governance and structural transformation. Establishing a coherent financial and regulatory ecosystem is essential to ensure the sustainability of projects, accelerate rural electrification, and contribute significantly to achieving the Sustainable Development Goals, particularly SDG 7 on access to reliable, affordable, and sustainable energy.
Yescha Nuradisa Ekarachmi Danandjojo, Samira Ramezani, Johan Woltjer, Taede Tillema
• Policies both enable and constrain LVC, requiring flexible regulatory alignment. • Limited local fiscal authority weakens LVC use for transport infrastructure funding. • MRT Jakarta shows transit agencies need clear mandates and institutional support. • Intergovernmental collaboration is essential for effective LVC in multi-level systems. • Effective LVC needs risk sharing, incentives, and non-fiscal tools for private actors. Discussions of stakeholder relationships in land value capture (LVC) for transport infrastructure development remain limited, particularly within decentralized systems in the Global South and in multi-level government contexts, where strong government control is present. This paper examines the factors affecting stakeholder relationships and how these relationships influence the implementation of LVC. The case study focuses on Jakarta’s Mass Rapid Transit (MRT) in Indonesia, where LVC is considered a promising financing tool. The findings highlight that in the context of Jakarta, policy and regulations, institutional arrangements, and risk mitigation are the most influential factors. First, while policies and regulations are essential in defining stakeholder responsibilities, they also create rigid boundaries that can limit flexibility for local innovation in exploring LVC instruments. Second, the limited authority of the transit agency indicates the need for more explicit mandates and greater support from governing bodies. Third, public agencies need to take a more proactive role in risk mitigation by developing mutually beneficial partnerships with private entities. Overall, this study bridges theory and practice by placing LVC within a multi-level governance framework that links the governance of transport infrastructure development and land-use management. It shows that successful LVC implementation depends on collaboration among stakeholders from different sectors and requires institutional flexibility and adaptive governance that balance national policy coherence with local discretion. By highlighting these cross-sector and governance dynamics, the study contributes to wider discussions on urban development, transport infrastructure governance, and public–private collaboration, making it relevant to both scholars and practitioners across multiple disciplines.
Introduction Metagovernance in decentralized autonomous organizations (DAOs) refers to the mechanisms through which one DAO shapes or constrains another DAO’s governance, typically through token-based influence. Despite the growing inter-organizational relationships in decentralized ecosystems, metagovernance remains significantly understudied. Methods This scoping review followed the PRISMA-ScR guidelines and systematically searched seven electronic databases from 2008 to 2025. From the 979 initial records, seven publications met the inclusion criteria. Results Three mechanism families emerged: voting and control links, architectural layering through nested DAO structures, and participation coupling via airdrops that create governance interlocks. Recurrent challenges include procedural complexity, participation concentration, security vulnerabilities in multi-stage voting pipelines, and cross-chain infrastructure risks. A metagovernance trilemma emerged, whereby simultaneously maximizing decentralization, security, and participation proves impossible. Conclusion Metagovernance spans forum deliberation, off-chain polling, and cross-chain execution, where decision points become obscured. Future research should focus on developing uniform definitions, interoperable measurement tools, and legal frameworks for cross-jurisdictional DAO governance.
The South African energy market is undergoing a fundamental shift toward renewable energy integration. In response to supply constraints and the global focus on sustainability, Eskom has proposed and is in the process of developing the Virtual Wheeling system, enabling independent power producers (IPPs) to sell energy via energy buyers– intermediaries matching off-taker energy requirements with IPP capacity– to off-takers through Eskom's grid infrastructure. While this system presents significant opportunities to open the energy market, foster competition, and accelerate renewable energy adoption, it also introduces risks for off-takers. These risks stem from the requirement for off-takers to continue paying their traditional electricity bills while simultaneously settling accounts with IPPs for alternative energy supply. The refunding process, which offsets the off-takers' double payment, follows a sequential payment process: first, distributors– typically municipalities– settle their Eskom bill. Eskom then calculates refunds and allocates funds to energy buyers. Finally, energy buyers allocate refunds proportionally to each off-taker in its portfolio, and ultimately off-takers are reimbursed. Any default in this process could jeopardise the entire system, while delays or estimations in refund calculations could impose temporary financial burdens on off-takers, discouraging participation and limiting the overall success of the system. This study explores the potential of blockchain-based smart contracts to address off-taker risks by automating the reconciliation and settlement of energy transactions within the Virtual Wheeling system. A prototype smart contract is developed to automatically calculate fees for each stakeholder and allocate funds in a single transaction upon off-taker payment, streamlining the multistep refunding process. The proposed system not only mitigates inherent process risks, but also enhances efficiency, transparency and trust in the Virtual Wheeling system. The research methodology includes a risk assessment of the current Virtual Wheeling system, the design and development of a smart contract prototype and the evaluation of its effectiveness in mitigating identified risks. The findings indicate that blockchain-enabled automation could significantly reduce default risks, enhance cash flow certainty for off-takers, and improve overall trust in the Virtual Wheeling system. However, regulatory challenges, interoperability with legacy infrastructure and scalability considerations remain critical factors for widespread adoption. This study contributes to the growing body of research on blockchain applications in energy markets and provides practical insights into how decentralised technologies can improve financial resilience in billing and settlement processes.
The construction industry in Malaysia continues to face challenges in ensuring timely payments under conventional contract arrangements, often resulting in project delays, financial strain, and disputes. This study proposes a strategic framework for integrating Smart Contracts and Building Information Modeling (BIM) to enhance payment processes within Malaysian conventional construction projects. Smart Contracts, as blockchain-based self-executing agreements, and BIM, a digital representation of physical and functional project characteristics, collectively offer transformative potential in automating and securing payment mechanisms. This paper examines current issues related to delayed and disputed progress payments, explores technological advancements within Industry 4.0 and 5.0. The integration emphasizes the role of Smart Contracts and BIM in improving transparency, minimizing human error, and ensuring real-time milestone verification. Through qualitative document analysis, the research illustrates how the integration of these technologies can streamline progress payment claims and address the inefficiencies embedded in Malaysia’s conventional procurement systems. The findings advocate for digital transformation in public sector contract administration, with implications for policy, project governance, and industry-wide adoption of smart contract systems.
Purpose This synthesis paper consolidates expert analyses on the persistent challenges and emerging opportunities in disaster risk reduction (DRR) financing and governance, with a focus on Latin America and the Caribbean (LAC). It critiques current paradigms and proposes pathways to align DRR with sustainable development goals. Design/methodology/approach Drawing on contributions from nine DRR specialists, the study evaluates four thematic areas: (1) conceptual and governance barriers, (2) data gaps and analytical limitations, (3) financing mechanisms and (4) DRR-climate adaptation synergies. Findings Key challenges include sectoral silos that isolate DRR from development planning, perpetuating reactive over proactive risk management; data disparities, with hazard-focused metrics overshadowing vulnerability analysis and local-scale risk drivers; financing imbalances, where dedicated DRR funds and risk-transfer instruments (e.g. insurance) often neglect root-cause vulnerability reduction and missed synergies between DRR and climate adaptation, exacerbated by institutional fragmentation and “additionality” constraints in climate finance. Notable progress includes increased Ministry of Finance engagement and decentralized resilience models (e.g. social protection schemes). Originality/value This paper uniquely synthesizes multidisciplinary critiques to advocate for integrated governance that embeds DRR in sectoral development agendas; holistic financing combining corrective, prospective and compensatory measures and systemic risk analytics bridging climate adaptation and DRR.
Allan Lavell, Margaret Arnold, Stephen Bender, Charlotte Benson · 10 authors
Purpose This article aims to synthesize expert analyses on progress, challenges and innovations in disaster risk reduction (DRR) financing and investment since the Hyogo Framework (HF) (2005–2015). It highlights systemic barriers, emerging strategies and lessons for policymakers. Design/methodology/approach Contributions from nine DRR experts are analysed, focusing on historical trends, case studies (e.g. Kenya’s FLLoCA Program) and empirical data from regional initiatives like the InterAmerican Development Bank- IDB- Disaster Risk Management Index. Findings Key issues include persistent underfunding of corrective DRR, over-reliance on risk transfer mechanisms and siloed governance. Successful examples include decentralized climate finance models and parametric insurance innovations. The study underscores the need for intersectoral collaboration and political commitment to equity. Originality/value This work provides a multidisciplinary critique of DRR financing, integrating perspectives from economics, governance and climate adaptation. It offers actionable recommendations to align DRR with sustainable development agendas in Latin America and the Caribbean- LAC.
Purpose The purpose of this study is to adopt a quantitative approach to critically examine the effectiveness of measures to promote the adoption and implementation of blockchain-enabled smart contracts (BSCs) in long-term infrastructure public–private partnerships (PPPs) projects within the theoretical lens of the hybrid technology, organisation and environment (TOE) framework and institutional theory. Design/methodology/approach A literature review was undertaken to identify 34 measures for mitigating various barriers to the adoption of blockchain-smart contracts. It was used to design a survey questionnaire guided by the six constructs of the hybrid model. A total of 123 questionnaire data were gathered via purposive and snowball sampling techniques from experts across countries. The data was analysed using mean analysis, coefficient of variation, relative effectiveness index, Spearman correlation analysis and fuzzy set theory. Findings It was found that the measures (strategies) assessed were “very effective” in promoting the broader adoption of BSC in infrastructure PPP projects. Mimetic measures, organisational measures, normative pressure and technological measures were the leading and most critical measures for improving the adoption of smart contracts in PPP. A strong, positive and significant impact was observed between the six constructs of the hybrid model and the adoption of BSC in PPP. Originality/value Studies integrating blockchain in PPP are scanty, and a quantitative study on measures to improve BSC adoption and implementation in infrastructure PPP projects is absent. Furthermore, the combination of TOE framework and institutional theory has yet to be used to explore the adoption of BSC in infrastructure PPP projects. This study pioneers the promotion of strategies for the digitalisation of PPP projects using smart contracts for sustainable infrastructure development.
Abstract The construction industry is among the few industries that contribute to the growth and development of the economy; its size gives a representative potential in contributing to economic development. However, the nature of the construction industry in Egypt is plagued by disputes, which often arise from contractual issues, communication breakdowns, and project management challenges during various stages of the project. Furthermore, construction contracts are always viewed as complex and dense paperwork that makes it difficult to extract necessary information, inhibiting smooth operation. This can be solved by implementing smart contracts. A smart contract can include blockchain technology that executes agreed-upon terms automatically and autonomously. This data-driven mechanism automatically issues payments at the end of each clause, reducing the potential for disputes. The aim of this research is to Investigate the potential of smart contracts in reducing disputes in the construction projects. This study will be performed by adopting a qualitative approach through collecting and analysing data from various literature sources, as books, journals, and existing research, to construct a comprehensive understanding from a holistic point of view focusing on relevant keywords as smart contracts and disputes during various stages in construction projects to identify the relationship between them and present it in a relationship matrix. Second, analysis of case studies to investigate the effectiveness of smart contracts and validate the identified relationship and view its potential in construction projects.
Recent research has introduced a decentralized autonomous organization (DAO) managing a house – No1s1 (no-ones-one). While the concept has been technically implemented, it remains open how to govern and maintain the house in a decentralized manner. In this study, we investigate how a DAO can govern and maintain physical assets. For this, we use a Design Science Research methodology coupled with a requirements-driven approach and demonstrate through an artifact how such a governance and maintenance system can be implemented. The proposed system features two tokens rewarding active interaction with the physical house leading to a local community. We evaluate the system with a scenario-based study with users showing how the community can govern and maintain the house. Thus, the paper contributes to a better understanding on how a DAO with physical assets can be governed and interact with these assets, and to the better understanding of blockchain governance in general.
This report examines methods for selectively utilizing specific technologies and principles of Decentralized Autonomous Organizations (DAOs) to enhance the efficiency and effectiveness of International Development Cooperation (IDC) projects. Based on the assessment that the full-scale adoption of a DAO is currently unrealistic and entails significant risks in the IDC environment, this study focuses on the partial application of core elements such as the transparency of blockchain, the automation of smart contracts, and immutable record-keeping. This approach aligns with the recent trend where DAOs are gaining attention for their potential to strengthen social impact and improve the inefficiencies and transparency of existing systems in the development cooperation sector (Aaltonen et al., 2024; Staszczak et al., 2024). The report introduces the potential of DAO elements to contribute to improving transparency and efficiency in key management areas across the project cycle. Among these, it deeply explores methods for securing data reliability and enhancing traceability in the field of Monitoring, Evaluation, and Reporting (MER). It analyzes how the immutable record-keeping characteristic of blockchain can compensate for the vulnerabilities of existing centralized systems and enhance the integrity of specific types of MER data (inputs, activities, verifiable outputs). The potential for pre-validating data and enabling controlled data dissemination using smart contracts is also presented. While MER can serve as a core verification foundation for Outcome-Based Pricing (OBP) models, the application of DAO elements in this area still faces significant challenges, including the oracle problem, data quality limitations, and difficulties in measuring outcomes and impacts. Although blockchain can contribute to recording M&E data in a tamper-proof manner and enhancing transparency and traceability (Everconnect, 2024), ensuring the reliability of oracles that bring real-world performance data onto the blockchain remains a key challenge (GoLab, BSG, University of Oxford, 2023). Furthermore, this report explores the use of tokenomics for the specific purpose of project resource mobilization. While this holds the potential to increase the transparency of fundraising and financial management, the report discusses in depth that in the existing IDC project environment, it faces much higher and more complex challenges. These include legal and regulatory uncertainties, market volatility and speculative risks, the difficulty of designing complex tokenomics, the risk of governance conflicts, and the potential to deepen the digital divide. In particular, if an outcome-linked token model is conceived by combining Outcome-Based Pricing (OBP) with tokenomics, it is highly likely to have the nature of profit distribution, making the issue of its classification as a security severe. Moreover, as seen in the case of the Central African Republic's meme coin (CAR Meme), even tokens issued under the pretext of development goals can exhibit extreme market volatility and be exposed to speculative risks despite disclaimers of intrinsic value, supporting a cautious approach to using tokenomics. While tokenomics for development finance can be linked to achieving SDGs or financing regenerative projects (Staszczak et al., 2024), poorly designed tokenomics can lead to project failure (Kivilo et al., 2025), requiring careful design to prevent speculation and ensure long-term utility. Therefore, the use of tokenomics for resource mobilization currently warrants an extremely cautious and limited approach, suitable for research and small-scale experimental stages. The successful introduction of DAO elements depends less on the technology itself and more on a deep analysis of each project's specific context and a problem-solving-oriented approach. A strategy is needed that starts with relatively low-risk areas, such as enhancing data reliability in the MER field, to learn incrementally. For high-risk areas like tokenomics, a strategy of responsible exploration with the utmost priority on legal and ethical considerations is necessary. This report presents strategic considerations and recommendations for development cooperation agencies like KOICA to utilize the potential of these DAO elements responsibly and effectively.
NFTree creates incentives to protect ecosystems of high ecological value and strengthens territorial resilience by integrating companies, communities, and key stakeholders under an innovative financing model. Through decentralized community management structures and natural asset tokenization (a process that digitally converts ecological value into verifiable assets), it turns ecosystem stewards into direct protagonists, ensuring transparency, traceability, and placing both people and ecosystems at the core of sustainable development. This publication provides a clear replication guide to consolidate a sustainable financing system that ensures long-term conservation. Based on Fundación Futuro's experience in the Andean Chocó and other successful conservation models, it offers a strategic framework to integrate stakeholders, implement digital tools, and develop governance and financing mechanisms that make ecological and social regeneration viable. The goal is to share experience and inspire replication in other contexts and regions. The publication shares key lessons and insights from Fundación Futuro and Grupo Futuro's journey, aiming to inspire adaptation and replication in diverse contexts and regions.
The relevance of the article is due to the fact that there is currently an increasing need for an independent financial ecosystem that provides capital owners with full control over their money due to the fact that it is the development of a financial system based on modern technologies in power and financial relations. The subject of the research is the use of financial services based on the use of blockchain and a platform approach. The purpose of the work is to identify the problems, risks, advantages and disadvantages of decentralized finance (DeFi). The analysis of the current state of decentralized finance is carried out and the mechanisms of their functioning are investigated. It has been established that the DeFi ecosystem, which uses a multi-level structure and freely combines blocks and protocols, is implemented by decentralized autonomous organizations that ensure the interaction of participants and decision-making mechanisms. Potential applications of the DeFi ecosystem have been identified, covering the provision and receipt of loans, banking services, and profit optimization. The key problems of decentralized financing have been identified, including a high risk of user error; low productivity; the possibility of third-party interference; difficulties in using tokens with different capitalization levels; imperfect functioning of programs; insufficient cybersecurity; significant volatility. The advantages and development trends of centralized financing are highlighted: fast access and openness; autonomy; relatively high profitability; savings on resources and time. It is concluded that decentralized financing has both advantages and disadvantages.
Decentralized autonomous organizations (DAOs) can be perceived as a novel way for people to organize themselves and carry out collective activities, based on the blockchain and with a degree of decentralization that traditional forms of organization such as companies, associations, or foundations do not provide. With some exceptions, it is rare to find jurisdictions with bespoke regimes for DAOs. However, this vacuum does not mean DAOs escape the law – in most jurisdictions, DAOs will be considered partnerships, with common themes of informality, lack of legal personality, and unlimited liability of members. Portuguese law is no exception, and this chapter provides a review of how Portuguese civil law partnership (sociedade civil) law would apply to DAOs and to what degree it is compatible with their purposes. However, as will be pointed out, the treatment of DAOs as partnerships is unsustainable, and any future tailor-made regulation must keep some essential issues in mind.
Decentralized Autonomous Organizations (DAOs), as open, scalable, and self-organized networks, do not easily fit into the available corporate legal forms in Swiss law. The completely new regulations for DAOs developed abroad have some merits; however, they involve lengthy legislative efforts and initially create legal uncertainty. In contrast, Swiss association law appears largely suitable for application to DAOs, containing appropriate rules regarding legal personality and limitation of liability. However, some specific adjustments should be made to the incorporation documents (e.g., ballot voting, multiple voting rights, and/or the design of management competences). Consequently, there is no need for a specific DAO regulation in Switzerland.
Regulation and Compliance Studies
Public-Private Partnership Projects
Health Systems, Economic Evaluations, Quality of Life
Mohammad Tabieh, Tala Qtaishat, Khaleda M Al Ghazawi, Ahmad Jamrah · 7 authors
Expanding centralized wastewater services to all regions in Jordan is constrained by economic, topographical, and engineering challenges. As a result, decentralized wastewater treatment systems (DEWATS) are increasingly recognized as a complementary solution, particularly for rural and peri-urban areas where centralized connectivity is unfeasible. This study aims to design a sustainable and scalable business model for DEWATS in Jordan, with a focus on overcoming the institutional, financial, and regulatory barriers that have historically hindered their adoption. The research integrates spatial diagnostics, stakeholder consultations, institutional analysis, and a comprehensive financial and economic evaluation of three nature-based DEWATS configurations designed for settlements of up to 5,000 population equivalent (PE). Indicators such as average incremental cost (AIC), net present value (NPV), internal rate of return (IRR), and benefit-cost (B/C) ratios were used to evaluate technical and operational viability under both private and public investment scenarios. While all configurations demonstrated strong economic performance (IRRs > 27%, B/C > 3.7), financial feasibility remains weak without public capital support due to high per capita costs and limited revenue collection in small communities. The study identifies critical challenges, including undefined institutional mandates, lack of certified operators and regulators, insufficient cost-recovery mechanisms, and underdeveloped markets for private sector participation in O&M. Furthermore, existing tariff structures and bylaws do not adequately support capital investment or full operational cost recovery by private service providers. To address these gaps, the paper proposes a hybrid public-private-community business model incorporating performance-based service contracts, revised regulatory standards, and blended financing instruments. The model emphasizes the integration of DEWATS into spatial water safety planning, climate-resilient system design, and resource recovery to enhance environmental, social, and financial sustainability.
As a typical instance of human–computer interaction, the notion of decentralized autonomous organization (DAO) represents an organization constructed by automatically executed rules, such as via smart contracts, incorporating features of the permissionless committee, transparent proposals, and fair contributions by stakeholders. As of May 2023, DAO has impacted over $24.3B market caps. However, there are limited studies focused on this emerging field. To fill the gap, we start from the ground truth by empirically studying the breadth and depth of the DAO markets in mainstream public chain ecosystems in this article. We dive into the most widely adoptable DAO launchpad,Snapshot, which covers 95% of the wild DAO projects for data collection and analysis. By integrating extensively enrolled DAOs and corresponding data measurements, we explore statistical resources from Snapshot and analyze data from 581 DAO projects, encompassing 16 246 proposals over the course of 3+ years. Our empirical research has uncovered a multitude of previously unknown facts about DAOs, spanning topics such as their status, features, performance, threats, and ways of improvement. We have distilled these findings into a series of key insights and takeaway messages, emphasizing their significance. Notably, our study is the first of its kind to comprehensively examine the DAO ecosystem with a focus on scale and scope of data, real-time relevance, practical implementations, and comprehensive metrics, addressing critical gaps in the current literature.