Decentralized autonomous organizations (DAOs) are among the most exciting concepts in the Web3 space which has attracted several investors. These blockchain-based organizations are run by members of the community rather than a central entity. Members of the DAO community operate on a flattened hierarchy and each member has equal stakes. In this edition of the Weekly Showcase, we shall examine five outstanding DAO projects doing amazing things in the Web3 space.
Founded in 2021, BitDAO is a community-led investment DAO governed by $BIT token holders. It has the largest DAO-directed treasuries in the world with over $2.5 billion worth of assets under management. The aim of the platform is to create a decentralized economy that supports the growth of open finance and token-based economies. BitDAO also aims to extend the limit of innovation in the Web3 space and assist developers in building more dApps. The DAO is responsible for Web3 initiatives like Mantle, Game7, zkDAO, and EduDAO. The protocol leverages the most advanced blockchain and governance technology to achieve these objectives. As a major player in the decentralized tokenized economy, BitDAO allocates funds for the growth of the DeFi space by building BitDAO DeFi products and assisting DeFi partners and projects. The platform also offers funds to BitDAO contributors for the development of community management initiatives and bespoke governance modules.
The native token of the platform is BIT. BIT is an ERC-20 token, meaning that BitDAO’s assets reside on the Ethereum blockchain. Every decision and vote is made using the BIT token. Presently, BitDAO is focused on developing tools that can be used for staking and lending in a DAO treasury.
If you are a gamer, then DecentralandDAO is a platform that would appeal to you. DecentralandDAO is a virtual game that imitates reality in a three-dimensional format. The platform is a 3D, Ethereum-based and user-owned virtual reality world. Unlike most online gaming platforms, DecentralandDAO provides players with direct control over the rules of the game. DecentralandDAO allows participants to become part of a joint digital experience in which they play games, purchase and sell virtual real estate or wearables for avatars, exchange collectibles, and interact with each other. Participants can create their distinct marketplaces, environments, and applications using Decentraland’s native tokens: MANA, LAND, and Estate. Estate and LAND tokens are unique because they are ERC-721 tokens, meaning they are not interchangeable and are NFTs in their right. However, the official digital currency of the platform is the MANA token, an ERC-20 fungible token. Holders of MANA tokens can create decentralized apps, games, and other services. These tokens can also be used to vote directly on organizational and in-game policies.
Founded in 2018, UniswapDAO is one of the most popular protocols on the Ethereum network. UniswapDAO is a decentralized protocol that allows users to trade Ethereum-based tokens. The platform allows interested parties to create new marketplaces for any ERC-20 token. The protocol is entirely open source, meaning that users can copy the platform’s code to create their own unique decentralized exchanges. Unlike other exchanges that charge high fees to list new coins, Uniswap allows users to list their tokens for free on the exchange. As one of the foremost Decentralized Exchanges (DEX), UniswapDAO also permits users to maintain control of their assets at all times. UniswapDAO runs with a design protocol known as Constant Product Market Marker, a variant of a model called Automated Market Maker (AMM). An automated market maker is a smart contract that stores the liquidity pools or liquidity reserves that traders trade against. These reserves are funded by liquidity providers. Any person can be a liquidity provider, provided they deposit an equivalent value of two tokens in the pool.
UniswapDAO is one of the largest decentralized finance (DeFi) platforms with over $3 billion worth of assets locked away in its protocol. The native of the platform UNI gives governance rights to holders. Every UNI holder can vote for changes in protocol and other organizational protocols.
Are you out of cash and need a crypto platform to borrow money from? MakerDAO is the right platform for you. Founded in September 2018 by Rune Christiansen, MakerDAO is a peer-to-peer organization built on the Ethereum blockchain that allows users to borrow and lend using cryptocurrencies. The lending and borrowing process is controlled by smart contracts. Due to the volatile nature of cryptocurrencies, MakerDAO utilizes a stablecoin called DAI to determine lending rates and repayable amounts. In other words, MakerDAO is a crypto lending platform that offers loans at predetermined interest rates. Participants can also lend themselves money using the native token of the platform, DAI. To borrow money on the platform, parties must first deposit Ethereum into a Maker smart contract. The smart contract generates a Collateralized Debt Position (CDP). The Ethereum smart contract determines all the terms for managing and facilitating crypto loans on the MakerDAO lending protocol.
MakerDAO is arguably one of the most popular crypto lending platforms. The protocol holds over 2 million ETH, accounting for a significant share of the total ETH supply.
Blockchain technology has not only offered revolutionary solutions to challenges in the financial industry but also in the gaming space. Game7 is a platform that seeks to accelerate blockchain adoption in the gaming industry. It also aims at creating a passionate community interested in shaping the world of gaming by helping fund builders, supporting creators, and empowering educators. The platform was proposed as a $500 million gaming DAO by Magnus and Forte Labs. Game7 is backed by various high-profile organizations, such as Avalanche, BitDAO, Solana Ventures, Off-chain Labs, Polygon Studios, and Interchain Foundation. Game7 employs the play-to-earn mechanism, which allows users to earn rewards while participating in gaming exercises. Gamers can also mint and sell their in-game assets as Non-Fungible Tokens on NFT marketplaces. Game7 offers educational content and strategic capital to each user.
So, which of these DAOs are you most fascinated with? Let us know in the comment section. By the way, anticipate the next edition of the Weekly Showcase soon!
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