DeFi Alliance Becomes a DAO After Raising $50M
Key Takeaways
DeFi Alliance has changed its organizational structure to become a decentralized autonomous organization.
The DAO has raised $50 million from 300 contributors who will support Web3 startups.
The Alliance DAO will be publishing a whitepaper in the coming months with additional details.
Share this article
DeFi Alliance has formed a decentralized autonomous organization through collaborating with notable crypto founders.
DeFi Alliance Is Now the Alliance DAO
Crypto accelerator DeFi Alliance has launched the Alliance DAO.
Crypto startup accelerator DeFi Alliance (originally dubbed Chicago DeFi Alliance) has changed its organizational structure to become a decentralized autonomous organization. The DAO has raised $50 million from more than 300 contributors who will support Web3 startups.
The team described the newly-formed the Alliance DAO in a blog post on Thursday. Describing it as a “digital startup nation,” the DeFi Alliance team said the DAO had been created through a collaborative community of founders from several crypto and non-crypto projects.
A DAO is an organization that employs encoded, automated rules using smart contracts hosted on a blockchain. DAOs are an emerging corporate structure that allows a community or group to organize themselves in a decentralized fashion and allow decision-making via a token-based voting process.
In a social media post from its rebranded Twitter hand, DeFi Alliance said:
“DeFi Alliance and hundreds of other top builders are coming together to form Alliance, the world’s first digital startup nation, to accelerate the best Web3 startups.”
Originally founded by Imran Khan and Qiao Wang, DeFi Alliance has accelerated 90 startups since its launch in early 2020, including some of the most widely used DeFi projects on Ethereum—0x, Alpha Finance, dYdX, Kyber, Olympus DAO, Paraswap, Ribbon Finance, Sushiswap, Synthetix, and Zerion to name a few. They have also gained support from various other entities, including Jump Capital, Volt Capital, Cumberland, Synthetix founder Kain Warwick, Compound founder Robert Leshner, and Kyber co-founder Loi Luu.
In its initial fundraising round, the Alliance DAO announced raising $50 million from 300 contributors, including Twitch co-founder Kevin Lin, Gemini founders Cameron and Tyler Winklevoss, OpenSea co-founder & CEO Devin Finzer, Terra founder Do Kwon, Aave founder Stani Kulechov, Circle founder & CEO Jeremy Allaire, and others.
The Alliance contributors will join as mentors of future Web3 startups in an incentivized DAO ecosystem governed by all community members. Web3 is considered the future iteration of the decentralized Internet and operates on public blockchains like Ethereum.
The Alliance DAO has said it will publish a whitepaper in the coming months with additional details on its organizational structure and governance.
Disclosure: At the time of writing, the author of this piece owned ETH and other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
A DAO Wants to Buy Blockbuster for $5 Million
An Ethereum-based DAO named BlockbusterDAO has announced in a Twitter thread that it is aiming to raise $5 million in NFT sales in order to purchase the Blockbuster video rental…
A DAO Has Raised $45.6M to Buy the U.S. Constitution
A decentralized autonomous organization (DAO) called ConstitutionDAO has raised tens of millions of dollars to bid on an original copy of the U.S. Constitution. Investors participating in the crowdfunding will…
Web3 – What it is, What it Means, and How We’ll Transition
We are at the dawn of a new era of the internet. Bit by bit, this new digital world, and all that it enables, will slowly become a part of…
Peter Thiel, Dragonfly Back New DAO in $230M Raise
BitDAO has raised the capital to launch its decentralized autonomous organization. BitDAO Closes Funding Round BitDAO, one of the world’s largest decentralized autonomous organizations, has raised $230 million in a…
