Jamie McNeill
DAO Maker has announced that they will be making use of Binance Custody, a tailor-made custody service designed to be a “secure, compliant, regulated, and insured custody service to safe keep your digital assets”.
DAO Maker to use Binance Custody
DAO Maker is to use Binance Custody for their marketplace and launchpad. The goal of this partnership is for DAO Maker to make use of Binance’s custody solution in order to safeguard their assets and to ensure that they are compliant with all necessary regulations.
Binance Custody is one of the most well-respected solutions for institutions, companies and wealthy individuals to store their crypto assets.
What is DAO Maker?
DAO Maker is a platform that hopes to reimagine the way that the venture capital industry operates.
Until now, the world of venture capital has been restricted to all but a few. Those with the relevant connections and capital requirements (and if you are in the US, the correct licenses) are the only ones who have been able to participate in early-stage funding rounds.
This means that for the overwhelming majority of people, the opportunity to invest in early-stage projects is not available.
The entire ethos of cryptocurrencies and decentralisation centres around the ideas that lowering the bar to entry is good thing: blockchains can be a force for meritocracy, and even the playing field.
One would expect that the net result of this would be that there is even more innovation, as the pool of capital and talent is so much larger than it was before, and it is easier than ever to start a business.
DAO Maker is one of many projects that hopes to realise these ambitions of decentralising the VC space and allowing anyone to invest into early stage companies. DAO Maker brands itself as “Venture capital recreated for the masses”.
Staking on DAO Maker
Staking on DAO Maker is one of the ways that the project encourages people to participate in the ecosystem for the long term, as well as one of the ways that profits are distributed to token holders.
As with HEX, those who stake their tokens for longer periods of time are entitled to a higher APR. This has been a hugely successful process, and the average lock time has risen to an impressive 571 days, with 51.9m DAO tokens locked.
Other DeFi VC projects
Other DeFi VC projects have also flourished over the past few years, and those who were a part of them did exceptionally well – especially those who were involved in 2020, during which time it was almost impossible to make a bad investment in the world of crypto as everything went up.
DuckDaoDime offered their community the opportunity to invest in early-stage start ups depending on how many DDIM tokens they owned: those who owned more DDIM tokens would be given higher tier allocations for investments.
TrustSwap also offers holders of SWAP the opportunity to invest in early stage projects. Wallets that hold at least 4,000 staked SWAP are granted allocations in new projects, and also have the opportunity to stake their SWAP in order to “farm” tokens of those projects that the TrustSwap team has partnered with.
Avalaunch is a launchpad on the Avalanche blockchain, and has been incredibly successful at offering their community the opportunity to invest in some of the largest projects on Avalanche, such as the P2E game Krabada, which promptly achieved a 100x after listing.
Unfortunately, none of the aforementioned projects have managed to achieve and sustain the same lofty heights as DAO Maker, whose token DAO has a fully diluted valuation hovering around $600m.
Institutional support is important
It is important that there is greater institutional support for companies such as DAO Maker, and using Binance’s custody service will not only ensure that their holdings are safe, secure, and always compliant, but it is an excellent supplement to DAO Maker’s reputation.
Binance has already Tweeted to announce that DAO Maker are using their services, and hope to onboard more companies to their platform.
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This article was written for Business 2 Community by Jamie McNeill.
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