PrimeDAO Successfully Accumulates $2 Million For The Development of DAOs In DeFi

PrimeDAO Successfully Accumulates $2 Million For The Development of DAOs In DeFi

Blockchain Crypto Market Cryptocurrency
September 16, 2021 by CoinSurges
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In a recent report, a project known as PrimeDAO

In a recent report, a project known as PrimeDAO is planning to launch a platform where many DAOs in the DeFi sector can meet for greater cooperation and coordination.

DAOs are becoming an integral part of the crypto industry. These organizations serve many purposes such as fundraising, investments, buying NFTs, Charity,gog or Borrowing. All these activities or purposes are without the involvement of intermediaries. Moreover, DAOs are governed by their members but follow some rules enforceable on the blockchain.

These internet-native organizations have their treasuries, and these can only be accessed if the members give their approval. Also, every decision on a DAO follows the proposal systems that require voting by the members. These organizations are strong and transparent.

The project has raised at least $2 million in its seed funding for the goal. PrimeDAO told our source that many DeFi Investment Funds participated in the round. And some of them are Stacker Ventures, LD Capital, and Signum Capital

The Aim Behind The Seed Round

According to PrimeDAO, the aim of raising the fund is to develop what it called “DAO2DAO” or D2D products for PrimeDAO. This platform will feature a Negotiation Interface where DAOs in the sector can coordinate better.

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Also, the new platform will facilitate the creation & ratification of DAO agreements with on-chain conditions. This D2D will support shared ownership of common assets by DAOs and enable them to collaborate in diverse liquidity pools and execute joint ventures together.

PrimeDAO has revealed that it is teaming up with DeFi Safety and Balancer in developing the platform. They will also create a seed & Initial DEX offering-style token launch platform with Balancer. The name of the platform is Prime Launch and might go live before next year.

Information About PrimeDAO

This project emerged during the last quarter of 2020. During its launch, PrimeDAO described itself to be “a collective of DeFi builders, token engineers, & governance specialists” It also published a white paper last year sharing the plans to create a platform for coordinating decentralized ecosystem and a protocol for liquidity aggregation.

For now, PrimeDAO is based on Ethereum. However, the team wants to facilitate cross-chain collaboration with this D2D. Yesterday, PrimeDAO announced that it is overhauling the governance platform and will abandon DAOstack’s Alchemy platform to combine Gnosis Safe and Snapshot through Boardroom.

In August, the project also concluded its “Rate-athon” program that moved users to contribute to PrimeDAO rating platform following its Version 2 release.

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This even recorded 63 ratings from many DeFi projects based on analyzing their fundamentals & smart contracts. The project also allotted some benefits to contributors to the event.

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