A leading cryptocurrency accelerator is attempting to DAOify itself to the tune of $50 million. On Thursday, DeFi Alliance, the incubator for platforms ranging from Sushi to Olympus DAO, changed its name to “Alliance DAO.” The self-styled “digital startup country” was supported by a who’s who of crypto investors, executives, and non-fungible token (NFT) bulls — including Jake Paul.
According to project founder Imran Khan, the money came from roughly 300 individuals, ranging from Libra co-creator Morgan Beller to Devin Finzer of OpenSea. The newly created decentralized autonomous organization (DAO) new title implies it is unknown. Alliance said it would “begin to take the form” in the coming months with governance papers and descriptions of “the services it will supply.” Additionally, membership information will be forthcoming.
It was initially formed in March 2020 as the Chicago DeFi Alliance. The partnership of prominent Windy City trading businesses was intended to encourage initiatives serving the then-nascent decentralized finance (DeFi) market, which controlled a meager $500 million or more at the time, according to DeFi Llama.
Sushi, a member of DeFi Alliance’s fourth accelerator cohort, owned $5.46 billion in total assets across all of its multi-chain integrations at press time. According to archive.org, the Alliance started referring to itself as a “Web3 Accelerator” in October and would keep its ancestor’s billion-user aim for crypto. To get there, Khan, a veteran of the crypto venture capital industry, said that the company has to reorganize itself in the shape of a founders-for
According to Khan, a DAO run by founders intends to produce a realm’s currency. He estimated that a liquid token might begin trading in “six to twelve months,” depending on the regulatory environment. Initially, only approved persons would purchase this token, he said.
This effectively restricts DAO membership to a select group of authorized founders, but keeping things limited to builders is the goal.” Finally, our DAO is a founders DAO for the world’s best founders working on Web 3,” Khan said.