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DeepDAO, a data analytics website, has raised $3 million from prominent investors to extend its data suite for tracking decentralised autonomous organisations.
DeepDAO, a website that aggregates data about decentralised autonomous organisations (DAOs), has secured $3 million in a round headed by venture capital companies Hypersphere and DFG for future development.
According to the statement, the “overwhelming demand for DeepDAO’s seed round demonstrates strong interest in data products for the DAO space as well as the belief that the DAO ecosystem will grow.”
DeepDAO v1 presently aggregates data on organisations’ treasury, membership, and governance for over 100 DAOs.
According to the site, DAOs now have over 66,000 members and $587 million in assets under management (AUM), albeit the AUM has dropped 46 percent from more than $1 billion in the last month due to the recent crypto market decline. However, DAO treasuries are still up more than 300 percent since early November.
DeepDAO creator and CEO Eyal Eithcowich told Cointelegraph that the total AUM of DAOs would approach $10 billion and represent more than one million members by the end of 2021.
Daniel Bar, DeepDAO’s founding adviser and Bitfwd Capital’s chairman, claimed that the money would be used to extend data coverage, integrate DAOs from other networks, and introduce new governance tools.
Bar further stated that the platform will provide a better user experience, incorporating social feeds and forums, adding that
“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.”
“We’re committed to listing all these governance systems across multiple chains and platforms, explore and analyze them as one large ecosystem, and provide social features and services to enable a transparent and active community,” added Eithcowich.
Despite the tremendous rise of DAOs in the last year, Bar identifies a number of obstacles for the young sector, including identification, standards, and a steep learning curve.
“Most people still regard DAOs as a nebulous concept; the ‘Aha moment’ that DAOs are Web3’s social network has yet to sink in for most people. But it’s getting closer,” said Bar.
Jack Platts, a Hypersphere partner, described the DeepDAO technology as making decentralised governance “easily accessible to everyone,” saying:
“Decentralized protocols are governed by their users, but to unlock the transparency and inclusivity we need high quality tools.”