Open DeFi, a global community of Web3 leaders and DeFi founders, today introduced the Open DeFi DAO (OD DAO), a new open initiative to support Open DeFi’s vision of a cross-chain DeFi ecosystem. The DAO will launch DeFi products across all layer one ecosystems and explore DeFi markets surrounding multi-chain use cases and new digital asset classes, including NFTs, data tokens, and more.
DAOs, or decentralized autonomous organizations, are projects that exist as smart contracts on the blockchain. While DAOs’ flexibility allows for various uses, historically they’ve been used by organizations of all sizes for protocol development and treasury management. Now, amid the NFT boom, the rise of Web 3.0, and increased regulation, DAOs are becoming popular as tools to manage tokenized assets and increase transparency within decentralized organizations.
As a DeFi ecosystem DAO, the Open DeFi DAO aims to help build and launch breakthrough DeFi projects and generate long-term value through community-based strategies and incubation of early-stage financial protocols, applications, tools, and infrastructure that support the community’s vision of a cross-chain DeFi ecosystem. Open DeFi’s 30+ active members, many of which are among the most ambitious DeFi and Web3 projects in the space including Balancer, Aave, Synthetix, Gitcoin, Mirror Protocol, and many others, will participate in the DAO through their communities.
The governance and operations of the OD DAO will be community-driven, as access will be permissionless, and anyone can join the DAO and participate fully through the Open DeFi DAO governance token. The token will act as a community resource to govern DAO operations, manage treasury and portfolio, launch early-stage projects through community-based decision making, assist Open DeFi projects to bootstrap liquidity, as well as aid in a variety of other tasks.
To kickstart DeFi development ahead of the launch of the DAO, as well as engage the members’ collective communities of builders, Open DeFi is holding the Open DeFi Hackathon this month. Hosted by Gitcoin, the hackathon has attracted more than 20 sponsors, including Uniswap and Polygon, and expects 500+ Web3 hackers, who will build a variety of projects across cross-chain DeFi, stablecoins, innovative asset, and governance models, DeFi dapps with strategic integrations, NFT based DeFi and more. Over $100,000 in prizes will be awarded to the winners.
“The goal of Open DAO is to develop a truly integrated multi-chain DeFi ecosystem that will open up liquid markets and establish a new operating system for finance. With the support of our members and our community of more than 10,000 DeFi developers and strategists worldwide, we look forward to accelerating the next generation of DeFi.”
– Marek Laskowski at Open DeFi