DeFi

DeFi Alliance raises $50 million and evolves into a DAO

  • DeFi Alliance, a start-up accelerator, is evolving into a decentralized autonomous organization (DAO)
  • More than 300 backers have joined the DAO and are investing around $50 million in the first round
  • DeFi Alliance has accelerated 90 start-ups since its launch in early 2020, including some of the most widely used DeFi projects

DeFi Alliance, a start-up accelerator, is evolving into a decentralized autonomous organization (DAO) focused on Web3 projects.

DeFi Alliance evolves into AllianceDAO

The transition was announced on Thursday as DeFi Alliance renamed itself “AllianceDAO” with the support of several hundred crypto and tech industry builders. More than 300 backers have joined the decentralized autonomous organization ( DAO), investing about $50 million in the first round. This includes Gemini co-founders Cameron and Tyler Winklevoss, OxMaki from Sushi’s fouding team, Crypto.com co-founder Bobby Bao, OpenSea CEO Devin Finzer, and Do Kwon, founder of Terra.

The team described the newly formed AllianceDAO in a blog post as a “digital start-up nation.” It will build the infrastructure for an ecosystem that encourages the best Web3 founders to use the services of an accelerator and then stay on as mentors to future founders. The goal is also to grow the DAO to provide governance, recruiting, liquidity, marketing, advisory or other potential start-up support services.

What is DeFi Alliance?

Initially founded by Imran Khan and Qiao Wang, DeFi Alliance has accelerated 90 start-ups since its launch in early 2020, including some of the most widely used DeFi projects on Ethereum-0x, Alpha Finance, dYdX, Kyber, Olympus DAO, Paraswap, Ribbon Finance, Sushiswap, Synthetix, and Zerion.

People who are not part of the original group of contributors will also have the opportunity to participate, such as Web3 founders going through the Accelerator and DAO contributors helping to develop and run the DAO or for example supporting the cohort founders. AllianceDAO has announced that it will release a whitepaper in the coming months with more organizational structure and governance details.

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About Author

Stan Colenbrander

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Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and blockchain startups.

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