Decentralized Autonomous Organization (DAO) has ushered in a breakthrough year. It has changed from an encryption term to mainstream awareness. The number of various DAOs and the amount of funds raised has surged, affecting people’s daily work, music, and The future of culture and even finance.
DAO is a kind of Internet community that emerged around encrypted projects or cannot rely on one person to complete unified financial goals. The original intention of their establishment may be as simple as crowdfunding to buy an expensive artwork. In other cases, the DAO operates more like a membership-only club, where users must purchase a specific NFT to access the organization. All actions in DAO are motivated by governance tokens, which grant holders access to exclusive events or voting rights.
Regardless of its format and goals, DAO has begun to have a significant impact on mainstream culture, whether it is art, sports, crowdfunding or finance. The following is an inventory of the 11 most interesting DAOs in 2021, in no particular order.
BitDAO is a unique beast in the DAO ecosystem. It has not only successfully accumulated more than 2.5 billion US dollars of funds through continuous large-scale financing, but also attracted big-name investors including Peter Thiel, Alan Howard and Founders Fund.
Singapore-based derivatives cryptocurrency exchange ByBit also pledged to DAO to donate 0.025% of its total trading volume. According to ByBit’s data, this figure is approximately $1 billion per year. ByBit co-founder and CEO Ben Zhou is also a supporter behind BitDAO.
BitDAO is now expected to start investing in DeFi projects, launching grants, or token exchanges to achieve financial diversification. However, the current fund library will remain idle. BitDAO contributor and spokesperson Kevin Rose wrote: “A priority of the BitDAO community is to create tools that enable the DAO treasury to participate in mortgages, lending and other activities. BitDAO is building an autonomous entity (AE) Ecosystem, which is partly funded by the Ministry of Finance by BitDAO and brings together some of the best partners to help develop Web3 across the fields of art, entertainment, finance and technology.”
At first glance, all of these goals look like standard material for traditional venture funds. But as a decentralized organization that owns a token (BIT), only token holders can propose proposals and vote on their execution.
Created by: Jordan Garbis, Sasha Rosewood
What is it: Collectively focus on buying music-based NFTs
Why: People make money through their love of music and NFT
BeetsDAO is a 58-person community born out of the larger EulerBeats NFT community, which brings together all the fans who are fascinated by music-based NFTs. Like some other DAOs, the core of BeetsDAO is mainly to pool funds for group investment. But in some use cases, it is also responsible for creating new art and music.
In March, DAO purchased four rare EulerBeats Enigma NFTs to generate audio files through algorithms. One month later, the organization organized the creation, release and sale of “Nyan Dogg” NFT, which was a collaboration between the original artist of Nyan Cat and Snoop Dogg. Nyan Dogg made nearly $250,000.
Key figure: Julian Weisser
Original intention: collective efforts to purchase a copy of the U.S. Constitution
Despite failing to win the extremely rare copy of the U.S. Constitution auctioned by Sotheby’s, ConstitutionDAO successfully introduced the concept of DAO into mainstream culture. It revealed the power of community organizations and the speed at which the DAO raised funds, showed how crypto groups can have a real impact in the world, and inspired several similar projects (such as Krause House DAO, which wants to buy an NBA franchise).
About 3 weeks after the failed auction of ConstitutionDAO, its native token PEOPLE hit a record high after the project was closed for operation-its madness is like a Meme coin. However, PEOPLE tokens are not of much use. As the leader of DAO said: “Except for the exchange of smart contracts held in Juicebox for Ethereum at a ratio of 1,000,000:1, these tokens have no rights, governance or utility.” .
Four, Decentraland DAO
Who: MANA and LAND holders
What is it: In the meta-universe, the decentralized “urban planning committee”
Reason for establishment: Someone must decide whether virtual mall developers should be funded
As the name suggests, Decentraland has a decentralized management agency responsible for managing more than 90,000 virtual lands.
Decentraland DAO is similar to a mixture of homeowners’ associations and urban planning committees. The main difference is that everyone has voting rights based on how much virtual property they own, rather than relying on elected representatives, which means that some of the actual votes for the proposal may seem low. A proposal to allow land management through the content management system dclconnect was passed with 48 votes in favor and 1 vote against. But the 10,125,615 voting rights (VP) behind the yes votes actually represent a huge stake in the virtual world.
Although that piece of virtual land occupies only about 9 square miles in the real world, its sales have been impressive. As of Monday, the market value of its native currency MANA was US$4.3 billion. At the end of November, Tokens.com purchased 116 pieces of virtual land (equivalent to 6,090 square feet of physical land, about the size of 1.3 basketball courts) for a total of 618,000 MANA (Decentraland’s native tokens) through the virtual real estate company Metaverse Group. It is worth nearly 2.5 million U.S. dollars.
Who: Trevor McFredries
What is it: a member-only encrypted social club
Why: FOMO (fear of missing out: phobia of missing out)!
FriendsWithBenefits, or FWB for short, looks like a membership club with tokens, but it is asking basic questions about the accumulation of value in social networks. Specifically, how does Web3 technology make platforms such as Spotify or Facebook less bad?
This is how it works: First, buy some FWB tokens. These are your admission cards; the more you hold, the more you can do. With just one FWB token, at today’s price, the price of each popular music is about $78, and you can read the community newsletter.
When you purchase five tokens, you will get exclusive access to different community-driven activities and access to FWB’s city plan, which is creating different FWB centers (or sub-DAOs) in New York, London, and Los Angeles .
Those with 75 tokens have exclusive access to the main Discord channel of the project. Therefore, you can purchase full access to one of the most unique clubs in cryptocurrency for “only” nearly $6,000.
Who: Legal Engineer
What is it: A legally conscious engineer who also likes encryption
Why: Turn legal services into code
LexDAO carefully stated this very clearly: LexDAO is not a law firm and does not provide legal advice. It is even named after CryptoVoxels’ DAO meta-universe headquarters: “lexDAO Not Your Lawyer”, located in Origin City, West End, 33 Math Throughway.
So what is it? This is a group of “legal engineering professionals”-some of whom work as lawyers-they want to build tools that blockchain projects can use to replace some basic and usually inaccessible expensive legal services. For example, DAO’s LexLocker is a custodial system used to hold deposits when delivering goods or services without relying on banks or other third parties. The organization even proposed a way to provide arbitration services, making decisions through a multi-signature team composed of LexDAO legal engineers.
When they are not building new tools, members of the DAO will share legal thoughts on disputes about blockchain projects on their blogs. Their latest point: The jurors in the in-depth demonstration of the 50 ETH Kleros Doge case made a mistake.
Who: MKR token holders
What is it: DeFi’s largest central bank and the creator of the largest decentralized stable currency DAI
Why: Bring real-world assets to cryptocurrency
The largest central bank in DeFi has always been the backbone of the DeFi field. Due to the importance of its native algorithm stable currency DAI, Maker has also become vital to all decentralized finance. The push data shows that the market value of the DAI stablecoin has soared from 1 billion U.S. dollars in January to nearly 9 billion U.S. dollars this month.
The DAO of the project is now entering a new field in the crypto industry: adding real world assets (RWA). On June 7, holders of the platform’s governance token MKR voted to start using tokenized versions of freight invoices, agricultural real estate, short-term trade receivables, and income-based loans for small businesses. These proposals were finally passed along with several other proposals with the help of Centrifuge, which tokenizes non-encrypted assets and publishes them as collateral on platforms such as Maker. The partnership started in early 2019, but it has only recently gained a lot of attention.
There are now more than $48 million in DAI backed by real-world assets. Centrifuge CEO Lucas Vogelsang said: “These and other real-world assets have the potential to add hundreds of millions of dollars in collateral.” The prospect of this move is certainly exciting, but it also raises a question: if most of the collateral for stablecoins comes from real-world, fully seized assets, is it still decentralized?
Who: writers and early holders of WRITE tokens
What is it: a decentralized blogging platform
Reason: Transform writing into NFT to benefit creators
Mirror has elements of Medium, Substack and Kickstarter. Its original slogan was: “Write as usual and publish in an unprecedented way.” When it launches in February, users can only gain access by entering the top 10 in the weekly WRITE competition. Existing members will vote for aspiring members; the best players will receive a WRITE code every week. Currency, they can mint the token in exchange for the blog hosted by Mirror. In October, Mirror changed its direction and opened the platform to anyone, but still can only get a custom domain name by winning the WRITE contest.
When publishing on Mirror, authors can choose to turn their posts into NFTs that fans can buy; Emily Segal crowdfunds her next novel through Mirror. In June, Mirror added a collaborative publishing tool and the ability to create media DAOs.
Who: NFT artists and collectors
What is it: a fan of digital artist pppleasr
Why: Decentralized art appreciation!
This is a hellish first year for PleasrDAO. PleasrDAO is a decentralized group of NFT artists and collectors who have been pooling funds to purchase culturally-related digital art.
DAO was originally established in March and purchased the NFT of the artist Pplpeasr’s animated Uniswap advertisement for $525,000, and quickly expanded beyond Pplpleasr art. The team paid US$5.5 million for the NFT sold by Edward Snowden, which was the fourth-highest-selling NFT in history, and bought it from the pharmaceutical tycoon Martin Shkreli for US$4 million. Wu-Tang Clan’s orphan album “Once Upon a Time in Shaolin”.
PleasrDAO also spent US$4 million to purchase the original Dogecoin avatar NFT that has swept the entire crypto field, and acquired the Ross Ulbricht Genesis Collection for US$6.3 million.
Who: Freelance builders and designers
What is it: Web3 marketing and design agency available for rent
Why: Profit funding the development of Web3 open source tools
After launching with the support of DAOhaus, MolochDAO and MetaCartel in 2020, RaidGuild has accumulated 130 members and a fund of US$6.2 million for the “Slay Web3 product demon”.
If you are not a fan of Dungeons & Dragons, please don’t be persuaded by its design style. If you are a fan of D&D: Cheers! You must like this theme very much.
The group provides consulting, design, full-stack development and marketing services. Projects in their portfolio include WrapETH, which uses ERC-20 tokens to wrap Ether or xDAI for transactions, and Smart Invoice (currently in beta), which allows payers and payees to lock funds in contracts, and The funds are released after the terms of the contract are met.
11. Uniswap DAO
Who: Uniswap users
What is it: community-controlled DeFi utility
Why: Improve DeFi governance
Since the launch of the governance token in September 2020, the industry’s most popular decentralized exchange has become an extremely influential DAO.
For example, when Uniswap voted to reduce the transaction fees of certain stable currency swaps, the transaction volume soared. Most of the transaction volume may come from users who poured into Uniswap from other DeFi projects. It can be said that a little bit of Uniswap’s disturbance can cause the DeFi market. The waves. Uniswap DAO has also become a battlefield in the crypto community, making headlines several times. Prior to May, a proposal attempted to use $40 million in project funds to establish a “political defense” for the wider DeFi sector. The initiative faces severe criticism because it is clear that the group that supports the unlocking of these funds is also a representative of the famous crypto venture capital Andreessen Horowitz (a16z), although the proposal was finally passed (under a smaller budget), but this resistance pushed a16z is open sourced by entrusting a large number of governance tokens to different entities.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/one-article-counts-11-dao-organizations-worth-paying-attention-to-in-2021/
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