Year-end inventory: 11 most interesting DAOs of 2021

In 2021, DAO has evolved from an in-circle concept to a mainstream awareness, and both the number and the funds raised are increasing sharply.

DAO means “decentralized autonomous organization” in Chinese-it refers to the Internet community that emerges around a cryptocurrency project or a unified financial goal .

Its goal can be very simple , for example, to raise funds to buy an expensive artwork. In some cases, the DAO is like a membership club, and people must purchase a specific NFT to enter the organization.

The behavior in DAO will be motivated by governance tokens, and token holders will also have access and voting rights. Regardless of its form or purpose, DAO has begun to have a significant impact on mainstream culture. From art to sports, from fundraising to finance, this form of online organization will continue to exist.

Decrypt has screened (regardless of ranking) the 11 most interesting DAOs this year . We will interpret them below to see what is special.

1.Constitution DAO

What is it: Collective purchase of the DAO of the United States Constitution and Law

Its purpose: to protect history and adhere to tradition

Although it failed to win an extremely rare copy of the U.S. Constitution and Law from Sotheby’s Auction House, the Constitution DAO succeeded in introducing the concept of DAO into mainstream culture.

It allows people to see the power of community organizations and the speed of DAO financing, showing the influence of crypto organizations on the real world, and therefore inspiring some DAOs that also have wild goals.

The strange thing is that after the failed purchase of ConstitutionDAO, its native token PEOPLE set a new high long after the project was closed- it became an out-and-out MEME coin.

02. BitDAO

What is it: DAO, the largest fund bank in the crypto world

Its purpose: to invest in DeFi projects

BitDAO is the unicorn of the DAO ecosystem. It has not only accumulated more than 2.5 billion US dollars of funds through continuous large-scale financing, but also attracted well-known investors including Peter Thiel and Alan Howard.

Singapore’s crypto derivatives exchange Bybit pledged to hand over 0.025% of its total trading volume to the DAO. According to ByBit’s data, this is equivalent to approximately $1 billion in donations each year. Ben Zhou, the co-founder of ByBit, is one of the masterminds behind BitDAO.

BitDAO plans to carry out multiple businesses such as investing in DeFi projects, issuing grants, and even token trading. Its main contributor Kevin Rose said: “The current priority of the BitDAO community is to create tools to enable DAO funds to participate in share purchases, lending, etc….BitDAO is building an ecosystem of autonomous entities, funded by BitDAO, and bringing together some high-quality Partners to help Web3 development in the fields of art, entertainment, finance and technology.

At first glance, all these goals look like the goals of a traditional venture capital fund, but as a decentralized organization with BIT tokens, only token holders have the right to make suggestions and votes.

03. Friends With Benefits DAO

What is it: membership social club

Its purpose: FOMO!

Friends With Benefits, referred to as “FWB”, seems to be just a membership club, but it raises basic questions about the value-added in social networks. For example, how does Web3 technology make platforms like Spotify or Facebook less bad?

Year-end inventory: 11 most interesting DAOs of 2021

The gameplay of this DAO is as follows:

First, hold some FWB, which is your pass. The more you have, the more you can do.

If there is only one FWB, you can only read the blog of the community;

If you have 5 FWBs, you will get access to different events and FWB city chapters. Currently FWB is creating different branches in New York, London and Los Angeles.

If you have 75 FWBs, you can access all Discord channels of the project and unlock all the permissions of this high-end club full of artists, founders and thinkers.

04. Beets DAO

What is it: DAO focused on buying music NFT

Its purpose: to allow people who love music and NFTs to make money from it

BeetsDAO is a 58-person community that was born in the larger EulerBeats NFT community, which is obsessed with all music-based NFTs.

Similar to some DAOs on the list, the main purpose of BeetsDAO is to pool funds for community investment, and it will also help the launch of new art and music.

In March of this year, BeetsDAO purchased 4 audio NFTs generated by algorithms. A month later, the DAO organized a “Nyan Dogg” NFT creation, release and sale. The organizers made nearly $250,000 in this crazy auction.

05. Decentraland DAO

What is it: Decentraland’s Urban Planning Committee

Its purpose: to determine whether developers of virtual shopping malls should be funded

As its name suggests, Decentraland has a decentralized management agency responsible for managing its more than 90,000 virtual lands.

Year-end inventory: 11 most interesting DAOs of 2021

Decentraland DAO is a hybrid of the homeowners association and the city planning committee. The main difference is that everyone’s voting rights depend on how much virtual property they own , not on elections. This means that the actual number of votes for some of the proposals may seem to be very low. There was a land management-related proposal before it was passed with only 48 votes in favor and 1 vote against it.

Although this virtual land occupies only 9 square miles in the real world, its sales are impressive. As of Tuesday, the market value of its native token MANA has reached $4.3 billion. At the end of November, a piece of Decentraverse land was sold to a company that wanted to become a virtual land developer for $2.43 million.

06. Lex DAO

What is it: DAO composed of legal engineers who love the crypto world

Its purpose: to transform legal services into code

LexDAO is very clear: LexDAO is not a law firm and does not provide legal advice. It even warned in CryptoVoxels’ Metaverse headquarters: “lexDAO is not your lawyer.”

So, what exactly is it?

It is a group of “legal engineering professionals”-some are really lawyers-they want to develop tools that blockchain projects can use to replace some of the necessary and expensive legal services. For example, it has a custodial system called ” LexLocker” that is used to keep deposits when goods or services are delivered without relying on banks or other third parties.

The organization even came up with a way to provide arbitration services through a multi-group team of legal engineers to make a ruling. When they are not building new tools, members of the DAO will share legal opinions related to blockchain projects on their blogs.

07. RaidGuild DAO

What is it: Web3 Ecosystem Design and Development DAO

Its purpose: to fund the development of Web3 open source tools

Since its establishment in 2020 with the support of DAOhaus, MolochDAO and MetaCartel, RaidGuild has accumulated 130 members and US$6.2 million in funding to “eliminate the Web3 product evil.”

RaidGuild is a well-known developer DAO in the Ethereum community. It provides consulting, design, full-stack development and marketing services. The projects they have invested in include WrapETH and Smart Invoice (currently in the testing phase, it allows the payer and the payee to lock funds in the contract and terminate the contract after the contract terms are met).

If you are not a “Dungeon and Dragon” player, don’t be discouraged by the guild full of game tone. If you are a fan of Dungeons and Dragons, cheer! Members are working on this theme. In RaidGuild, you can play many roles, such as: missionary (account manager), warrior (front-end development), archer (designer), angry dwarf (finance department), grand thief (legal committee).

08. Maker DAO

What is it: The largest bank in the DeFi world and the creator of the decentralized stable currency DAI.

Its purpose: to introduce real-world assets into cryptocurrency

Because of its native stable currency DAI, Maker has become more and more important in the DeFi world. According to CoinGecko data, the market value of stablecoins has soared from US$1 billion in January to US$9 billion this month.

The DAO is now entering an interesting new field: the introduction of real world assets (RWA, or Real World Assets).

In June of this year, holders of the platform governance token MKR voted to use the tokenized version of freight invoices, agricultural real estate, short-term trade receivables, and income-based small business loans. With the help of the startup Centrifuge, these proposals were passed. The Centrifuge protocol tokenizes non-encrypted assets and releases them as collateral on platforms such as Maker. The partnership was launched in early 2019, but it has only recently made significant progress.

Today, more than $48 million in DAI is backed by real-world assets. The CEO of Centrifuge said: “Real-world assets may add hundreds of millions of dollars in collateral.” This move is obviously meaningful, but it also raises a question: If a large part of the collateral for stablecoins comes from the real world, completely Assets that can be confiscated, so is it still decentralized?

09. Mirror

What is it: decentralized blogging platform

Its purpose: to transform text into NFT form, benefit creators

Mirror merged some features of Medium, Substack and Kickstarter. Its slogan is: “Write as usual and publish in an unprecedented way.”

Year-end inventory: 11 most interesting DAOs of 2021

When it first launched in February, creators had to add votes in Mirror’s weekly competition (commonly known as WRITER Race) to be considered. The winner will receive a WRITE token, which can be redeemed for blogs hosted directly in the Mirror and .xyz domains. In October, Mirror changed its course and opened the platform to everyone, but you still can only get a custom domain name by winning the WRITE contest.

When the author publishes an article on Mirror, the author can choose to turn the article into an NFT that fans can purchase. For example, Emily Siegel is crowdfunding her next novel at Mirror. In June of this year, Mirror added collaborative publishing tools and the option of creating media DAOs.

10. PleasrDAO

What is it: DAO of artists and collectors

Its purpose: decentralized art appreciation

PleasrDAO is a team of DeFi leaders, early NFT collectors and digital artists who have been raising funds to purchase culturally-related digital art.

Year-end inventory: 11 most interesting DAOs of 2021

DAO was established in March with the purpose of purchasing the Uniswap animated advertisement NFT produced by artist Pplpeasr at a price of $525,000, and eventually quickly developed into a DAO that exists not only for Pplpleasr’s art.

The purpose of PleasrDAO is to collect NFTs, become angel investors and operate as an incubator. PleasrDAO members are very talented, many of them are VCs, programmers and artists. The team hopes to use the funds to move the space forward and support the team that is doing so.

In September, PleasrDAO spent US$4 million to purchase a picture of Shiba Inu, which sparked millions of dollars in MEME. Recently, it spent $6.3 million to photograph the NFT of dark web founder Ross Ulbricht.

11. UniswapDAO

What is it: community-controlled DeFi tools

Its purpose: to improve DeFi governance

Since the launch of the governance token in September 2020, the most popular decentralized exchange in the industry has become a very influential DAO.

For example, when Uniswap voted to reduce the transaction fees of some stablecoins, the transaction volume soared, a large part of which came from users flocking to Uniswap from other DeFi projects. In other words, as long as Uniswap speaks, all DeFi funds will listen.

In the community battlefield, Uniswap DAO has also made headlines. In May of this year, a proposal was put forward, hoping to obtain 1 million UNI from the Uniswap vault to establish a defense fund for the DeFi industry. This initiative has caused huge controversy and criticism, and supporters of the proposal include a16z, an investment company with huge influence in the industry. Everyone suspects that this is a16z’s benefit transmission behavior.

Although the proposal was finally passed (with a smaller budget), it succeeded in allowing a16z to “open source” their token delegation process, and detailed the process, standards and list of authorization to agents, thereby appeasing the community’s power Concerns about over-concentration.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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