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

DeepDAO, an internet site aggregating information on decentralized autonomous organizations (DAOs), has raised $three million for future expansion in a spherical led by enterprise capital corporations 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 at present supplies information for greater than 100 DAOs, aggregating information on organizations’ treasuries, membership, and governance.

According to the positioning, DAOs at present symbolize more than 66,000 members and $587 million in belongings 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 nevertheless.

Speaking to Cointelegraph, founding advisor to DeepDAO and Bitfwd Capital chairman, Daniel Bar acknowledged the workforce plans to increase information protection, combine DAOs from further networks, and launch new governance instruments utilizing the funds.

Bar additionally famous the platform will provide an enhanced person expertise, together with social feeds and boards and added:

“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.”

Despite this speedy progress, Bar notes a variety of 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,” he added.

Hypersphere associate, 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.”