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DeepDAO secures $3M for expansion even as DAO treasuries halve in one month

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DeepDAO, an internet site aggregating knowledge on decentralized autonomous organizations (DAOs), has raised $3 million for future expansion in a spherical led by enterprise capital companies Hypersphere and DFG.

An announcement asserts the “overwhelming demand for DeepDAO’s seed round shows strong interest in data products for the DAO space and the belief the DAO ecosystem will grow.”

DeepDAO v1 presently supplies knowledge for greater than 100 DAOs, aggregating knowledge on organizations’ treasuries, membership, and governance.

In response to the positioning, DAOs presently signify greater than 66,000 members and $587 million in property below administration (AUM) — though the AUM has fallen 46% from greater than $1 billion in the previous month amid the current crypto market downtrend. DAO treasuries are nonetheless up greater than 300% since early November nonetheless.

Chatting with Cointelegraph, DeepDAO founder and CEO, Eyal Eithcowich, predicts the overall AUM of DAOs will exceed $10 billion in AUM and signify greater than one million customers by the top of 2021. 

Founding advisor to DeepDAO and Bitfwd Capital chairman, Daniel Bar acknowledged the workforce plans to broaden knowledge protection, combine DAOs from extra networks, and launch new governance instruments utilizing the funds. Bar additionally famous the platform will supply an enhanced consumer expertise, together with social feeds and boards, stating:

“The decentralized governance space is developing at a breakneck speed, DeepDAO is serving […] the DAO space by providing a one stop shop where governance can be tracked.”

“We’re dedicated to itemizing all these governance methods throughout a number of chains and platforms, discover and analyze them as one giant ecosystem, and supply social options and companies to allow a clear and lively neighborhood,” added Eithcowich.

Regardless of the speedy development of DAOs over the previous 12 months, Bar notes numerous challenges going through the nascent sector, together with id, standardization, and a steep studying curve.

“Most people still think of DAOs as a nebulous concept, the ‘Aha moment’ that DAOs are Web3’s social network didn’t click to most people yet. But it’s getting closer,” Bar stated.

Hypersphere companion, Jack Platts, described the DeepDAO platform as making decentralized governance “easily accessible to everyone,” stating:

“Decentralized protocols are governed by their users, but to unlock the transparency and inclusivity we need high quality tools.”

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