$50 million raised to fuel DeFi Alliance’s evolution into a decentralized autonomous organization
A crypto-focused startup accelerator is becoming a decentralized autonomous organization (DAO) focused on web3 projects and initiatives.
DeFi Alliance announced the transition on Thursday, rebranding to “AllianceDAO” with the backing of several hundred builders from across the crypto and tech spaces.
“We will be building the infrastructure for an ecosystem that encourages the best Web3 founders to receive accelerator services and then remain as mentors to later founders,” said Dane Lund, Head of DAO Architect at DeFi Alliance in an email to The Block. “We also aim to attract other DAO Contributors (builders, subject matter experts, and service providers) to join to provide support for Web3 founders.”
More than 300 investors have joined the decentralized autonomous organization, or DAO, in its initial round, contributing around $50 million. Some of these include co-founders of Gemini Cameron and Tyler Winklevoss, co-founder of Crypto.com Bobby Bao, co-founder and CEO of OpenSea Devin Finzer. The list also includes hundreds more who’ve built Web1 and Web2’s most notable companies like Greg Sands, a first hire at Netscape.
Starting with providing cohort-based accelerator services, over time the goal is to grow the DAO to provide governance, recruiting, liquidity, marketing, advisory or other potential startup support services, said Lund.
As for the future arc of the project — including the release of a dedicated token — “documentation will be released in the near term to explain how the DAO will operate, what services it will provide, and the governance and economic models that will support it,” said Lund.
DAOs and protocol partners will contribute and collaborate on this process, the company tweeted, listing people like social media influencers Jake Paul and Bored Elon.
People outside the initial contributor group will have the chance to participate. “This will include Web3 founders who go through the accelerator as well as DAO Contributors who will help grow and operate the DAO and/or provide support to cohort founders,” said Lund. More details on how others can join and contribute are coming shortly, he said.
According to Lund, experience in Web3 or crypto isn’t required to take part. “Anyone who has founded or built a startup or who is interested in building a DAO or supporting founders will fit in,” said Lund.