{"id":243291,"date":"2021-05-06T08:26:20","date_gmt":"2021-05-06T05:26:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/much-dao-open-defi-unveils-dao-to-support-the-entire-ecosystem\/"},"modified":"2021-05-06T08:26:20","modified_gmt":"2021-05-06T05:26:20","slug":"much-dao-open-defi-unveils-dao-to-support-the-entire-ecosystem","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/much-dao-open-defi-unveils-dao-to-support-the-entire-ecosystem\/","title":{"rendered":"# Much DAO: Open DeFi unveils DAO to support the entire ecosystem"},"content":{"rendered":"

“# Much DAO: Open DeFi unveils DAO to support the entire ecosystem <\/strong>”
\n<\/p>\n

Decentralized finance alliance, Open DeFi, has announced it will create a decentralized autonomous organization, or DAO, to support its vision for an open and global cross-chain DeFi ecosystem.<\/p>\n

The alliance launched in late 2020 with the goal of bringing together Western and Eastern DeFi projects and has since seen some of the sector\u2019s top projects join its ranks including as Aave, Synthetix and Balancer.<\/p>\n

The responsibilities of the Open DeFi DAO, or OD DAO, will include launching DeFi products across multiple layer-one networks, and exploring multi-chain app<\/a>lications for emerging decentralized assets, including data tokens and nonfungible tokens.<\/p>\n

The DAO will also incubate early-stage protocols and infrastructure, and seek to \u201cgenerate long-term value through community-based strategies.\u201d Open DeFi\u2019s Marek Laskowski stated:<\/p>\n

\u201cThe goal of Open DAO is to develop a truly integrated multi-chain DeFi ecosystem that will open up liquid markets and establish a new operating system for finance. With the support of our members and our community of more than 10,000 DeFi developers and strategists worldwide, we look forward to accelerating the next generation of DeFi.\u201d<\/p><\/blockquote>\n

The DAO will be community governed through a governance token, with an announcement emphasizing that \u201canyone can join\u201d the permissionless organization.<\/p>\n

To celebrate the new DAO and support DeFi decentralized finance development, Open DAO and Gitcoin launched<\/a> a hackathon on May 3. The event has been sponsored by more than 20 major DeFi projects including Uniswap and Polygon, with more than $100,000 in prizes to be awarded to the hackathon\u2019s winners.<\/p>\n

Open DeFi was launched by blockchain startup Conflux Network in September 2020 with support from the Chinese central government\u2019s Shanghai and Technology<\/a> Committee, describing its mission as bridging the Eastern and Western decentralized finance markets. By November, the alliance had doubled its membership to span 16 firms, including four of the 20-largest DeFi protocols by total value locked.<\/p>\n

In addition to several decentralized finance heavyweights, Open DeFi\u2019s membership currently includes notable actors within the broader crypto sector including fundraising platform Gitcoin and venture capital firm Sequoia Capital.<\/p>\n

Decentralized autonomous organizations have seen tremendous growth over the past six months, with the combined assets under management, or AUM, of the DAO ecosystem increasing more than 600% from $140 million as of Nov. 5, 2020, to roughly $1 billion today, according to data provider, DeepDAO.<\/p>\n

DeepDAO currently tracks 108 different DAOs, of which 24 hold more than $1 million in assets, and 17 comprise more than 100 members.<\/p>\n