Ekubo Scores 39/40 on Token Transparency, Reveals DAO Governance

Ekubo, the Starknet-based concentrated liquidity AMM, filed a B-2 report under Blockworks' Token Transparency Framework and scored 39 out of 40 points. The filing exposes a governance model that puts the DAO in control of smart contract ownership and treasury spending.

The Ekubo DAO holds irrevocable ownership of the protocol's core smart contracts on Starknet. No single entity, not even the company that builds the software, can change how the protocol works without a DAO vote. Proposals need 100,000 delegated EKUBO tokens to move forward. With the fixed total supply at 10 million EKUBO, that means roughly 1% of the token supply is required just to trigger a governance process.

Ekubo, Inc., the development company, holds one-third of the 10 million tokens. The company provides engineering and product support. The DAO retains final authority over revenue, contracts, and strategic direction. The treasury operates with on-chain visibility; anyone can verify holdings and flows in real time.

Revenue comes from swap and withdrawal fees. According to DefiLlama, annualized revenue sits between $400,000 and $450,000 as of mid-2025. The DAO has spent more than $1 million on token buybacks since its inception. Against roughly $425,000 in average annual revenue, that buyback total represents about 2.4 years of income directed back to token holders.