Cryptocurrency News

Deepdao Receives $3 Million for Expansion, Even as the DAO Treasury Halted in a Month

DeepDAO, a website that collects data decentralized autonomous organization (DAO) has raised $3 million for future expansion in a round led by venture capital firms HyperSphere and DFG.

“The huge demand for DeepDAO’s seed round shows strong interest in data products for the DAO space and the belief that the DAO ecosystem will grow,” said an announcement.

DeepDAO v1 currently provides data for over 100 DAOs, which collect data on organizations’ treasury, membership and governance.

According to the site, the DAO currently represents Over 66,000 Members and $587 million in assets under management (AUM) – although AUM fell 46% in the past month from more than $1 billion crypto market crash. Although the DAO Treasury is still up more than 300% since the beginning of November.

Speaking to Cointelegraph, Daniel Barr, DeepDAO’s founding advisor and chairman of Bitfwd Capital, said that the team plans to expand data coverage, integrate DAOs from additional networks, and launch new governance tools using the fund .

Barr also noted that the platform will offer an enhanced user experience including social feeds and forums and added:

“The decentralized governance space is evolving at an alarming pace, DeepDAO is serving […] DAO Space by providing a one stop shop where governance can be tracked.”

Despite this rapid development, Barr noted several challenges facing the nascent sector, including identification, standardization and a steep learning curve.

“Most people still think of DAO as a vague concept, the ‘ah moment’ that DAO Web 3’s social network is, hasn’t clicked for most people yet. But it’s getting closer,” he said. .

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

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