DAO: The organization of the Web3 ownership economy

The original title: "IOSG Weekly Brief | DAO: Web3 ownership economic organization form of # 104"

原文来源： IOSG

Part.1 Insight

DAO: The organization of the Web3 ownership economy

In IOSG's Old Friends Reunion event this year, a large number of discussions on Ownership Economics and DAO took place. There is no doubt that a lot of metaverse apps this year let people see the great power of open source spirit, Web3 is eating the world!

Sources: IOSG 2021 Summit, Benevans, Tokeninsight, Eshita

An overview of the current state of the DAO operation across the crypto market

Currently, there are more than 200 established DAOs in the crypto market, managing over $10 billion in assets. According to Messari's statistics, most of the mainstream DeFi database manages governance tokens. Therefore, how to manage native token assets is closely related to the health of the project itself.  

Top 30 DAOs in Web3 by assets under management

Source: Cooper Turley, DeepDAO

Ownership Economics is a booster for the refined development of DAO

Source: Variant Fund

Ownership Economics has been constantly mentioned in overseas crypto circles this year, which is actually something that has been happening in the crypto world. The smart contract created by Ethereum in 2015 is actually a series of financial, gaming, social and other code and business logic running in a decentralized computer network, and people participating in the underlying distributed network can get network incentives. Trading fees generated on Coinbase, Binance's decentralized exchange Uniswap do not belong to any operating entity, but are distributed to market makers who bring real value to the operation of the product; Even Reddit is using tokens to reward subreddit members who engage in crypto-related activities.

Therefore, ownership Economics is the eternal business core of the cryptographic world from the emergence of BTC to the outbreak of metasexes applications. In this context, the project to decentralize the business operation power to users, after the community at the same time to maintain a relatively fair (truly represent the majority of the interests), relatively efficient (more refined division of labor to make a decentralized business entity run) are the next practical issues to explore the entire encryption industry.

But this year we saw: The Sushiswap community rejected a proposal to sell tokens to VCS; SuperRare, an NFT art exchange, launched tokens to decentralise curation and oversee the vaults that manage the platform's cashflow revenues; The administrators of Metaverse platform Decentraland Sandbox can make collective decisions about the future of virtual worlds. YGG, as the original workers' union in the crypto world, can represent players and even future game content creators on their behalf.

  From DeFi to Metaverse platform, it can be predicted that their business logic, business model and economic system are becoming more complex. As a decentralized operation entity, DAO plays an increasingly important role. A successful project is bound to be closely related to DAO that can run efficiently (such as Axie and YGG).

Source: Boardroom

In 2021, we will invest in the DAO area

As an important investment theme of IOSG, some tool-based products that can provide various customized services for DAO are the areas we focus on this year (vertical portal aggregation, data analysis, financing tools, development framework, 2B customized services such as audit, asset management, etc.).  

Source: &NBsp; IOSG

Specifically, we have laid out the following three directions:

1. 2C: DAO manages aggregators (e.g., Tally, Boardroom, Bribe, etc.)

Tally and Boardroom think in terms of user experience, and their products help end users one-stop manage Governance tokens to vote and governance daOs. However, Honest services further saw that many people who actually held a large number of governance tokens did not have much energy to participate in governance, so they developed decentralized proxy governance protocols to connect with the actual active administrators of the community.

How the Bribe project works

Source: IOSG

2.2B: Third-party customized services (e.g. Llama, Treasury Research, etc.)

Such service providers can provide DAO with asset management, auditing, liquidity management, and so on

How the llama project works

Source: IOSG

3. Financial instruments for B-end enterprises (such as UMA Range Token)

Traditional financial instruments (such as convertible bonds and options, etc.) are brought into smart contracts to enrich the financing approaches of DAO. Since most DeFi project owners manage a large amount of funds, and most of these funds are native tokens of the project, products like Range Token can help DAO better operate funds.

Part.2 Investment and financing progress

Nansen, a blockchain data analysis platform, has raised $75 million in series B funding, led by Accel and joined by A16Z

* Data analysis

Nansen, a blockchain data analytics platform, has raised $75 million in Series B funding, led by Accel, Andreessen Horowitz (A16Z), SCB 10X and Tiger Global. Nansen will use the funds for its next phase of growth and development, which includes expanding the platform's capabilities and multi-chain integration globally and hiring top-notch developers and research analysts.

Ramp, A crypto payment startup, has raised $52.7 million in Series A funding, led by Balderton Capital

* Encrypted payment

Payments infrastructure crypto startup Ramp has closed A $52.7 million Series A round led by Balderton Capital, Existing investors include NFX, Galaxy Digital, Seedcamp, Firstminute Capital, Wise co-founder Taavet Hinrikus and TrueLayer's Francesco Simoneschi Such as angel investment ginseng investment. Rana Yared, Balderton's general partner, joined Ramp's board of directors. The new financing will be used to continue hiring and promote new partnership agreements.

Ex Populus has raised $8.5 million in funding from Akatsuki

* Chain game Studio

Ethereum and Solana based game studio Ex Populus announced Tuesday that it has raised $8.5 million at a valuation of $80 million. Akatsuki Inc, Gerstenbrot Capital, Blockwall Digital Assets, Citizen X, Fisher 8 Capital, Perpetual Protocol, Yolo Ventures, Libra Capital Ventures, 8186 Capital and Sneaky Ventures contributed.

Web3 software developer Thirdweb has raised $5 million from Mark Cuban

*Web3

Thirdweb, a Web3 software development company, has announced a $5 million funding round from prominent business leaders, entrepreneurs and creators, including Gary Vaynerchuk and Mark Cuban. Thirdweb was founded by Social Chain founder Steven Bartlett, Bebo, and AppLovin CTO Furqan Rydhan. Thirdweb launched its free Web3 development tool three months ago, allowing developers to build, launch, and manage their Web3 projects without writing any code. Developers will reportedly be able to add features like NFT, social tokens and money, token exchange markets, and NFT transactions with just a few clicks. A total of 500 projects have been created using the tool.

CyBall raised $1.8 million, led by Bitkraft Ventures

* NFT game

CyBall has raised $1.8 million in seed funding to build a soccer-themed, NFT based game with a player reward model. Led by Bitkraft Ventures, Animoca Brands, Ascensive Assets, Merit Circle, Yield Guild Games, GuildFi, Raydium, Coin98, SkyVision Capital and more. The money will be used to expand the team to accelerate CyBall's expansion and further build the scholarship system CyLoans.

BandLab, a digital platform for music creators, raised $53 million at a $303 million valuation, led by Vulcan Capital

* Music creators platform

Singapore-based digital platform for music creators BandLab has raised $53 million at a $303 million valuation, led by Vulcan Capital and with participation from K3 Ventures, Forbes reported. The new funding will help the company expand its team and attract more aspiring artists around the world. BandLab was founded in 2015 to provide a mobile-first platform for music creation. The platform is used by more than 40 million music producers and musicians.

Gear Technologies, the smart contract layer of Boca, completed $12 million of financing, with Three Arrows Capital and other investors participating

* boca

Gear Technologies completed $12 million of financing, led by Blockchange, Three Arrows Capital, Lemniscap, Distributed Globals and other VCS, the Web3 Foundation, and some Parity Technologies executives, including Boca founder Gavin Wood, contributed.

Polygon and Reddit co-founder's venture capital are launching a $200 million Web3 fund

*Web3

Ethereum expansion project Polygon and Reddit co-founder Alexis Ohanian's venture capital firm Seven  Seven Six co-launched a $200m fund to invest in Web3 social media and gaming projects. As previously reported, Seven Seven Six will launch a $50 million Web3 social media fund with Solana Ventures.

Part.3  IOSG project progress

Aztec Network closes $1,700 Series A funding round led by Paradigm

* Infrastructure

Aztec Network announced A $17 million Series A funding round. Aztec Network, the first privacy ZK-rollup solution on Ethereum, has extensive experience in deploying complex cryptography systems into Web3 networks. Paradigm led the round with IOSG Ventures, A_Capital, Ethereal Ventures and Libertus Capital, Variant Fund, Iron Ore, IMToken, Scalar Capital, Defi Alliance and ZK Validator pitched in. Other individual investors include Anthony Sassano, Stani Kulechov, Bankless, Defi Dad, Mariano Conti and Vitalik Buterin.

Polkadot's protocol 131 for upgrading Shell parallel chains to Statemint was approved

* boca

Polkadot Council has approved protocol 131 to upgrade Shell to Statemint, which will be a single transaction consisting of two scheduled transactions. The first will set up some storage keys in the Shell for Statemint's Genesis. The second one upgrades authorization to Statemint. Both calls need to be built on the Shell and then scheduled from the relay chain in XCM.

Polkadot parallel links are online and the first 5 bidding parallel links have been successfully added to the network

* boca

The Polkadot parallel chain feature is online and all winning parallel chains are currently producing blocks on the network. The first five bidding Parallel links have now been successfully added to the network, followed by Acala, Moonbeam, Astar, Parallel Finance and Clover. Meanwhile, the next batch of Polkadot auctions will start on or around December 23, 2021 (block height 8263710). The second batch will have a total of six auctions, with the six winning parallel chains coming online around March 11, 2022 (block height 9388800). Parallel chains are the final core feature of Polkadot's full launch.  

Element Finance will connect to the Layer2 Network through the Aztec Network

*  Layer2

Element Finance, a fixed-rate lending agreement, has announced that it will connect to the Layer2 Network through the Aztec Network. Element Finacne says it is able to process transactions in batches through the Aztec Network, which will reduce Gas bills proportionate to the lot size, and because Aztec uses zero-knowledge proof, the Network can process transactions while protecting the privacy of all parties.  

Kava 9 test network line, has integrated IBC and supports Cosmos ecological asset cross chain

* across the chain

ATOM, OSMO, AKT, and LUNA are now available on the Kava Test Network by integrating IBC's asset cross chain that supports Cosmos ecology. The Kava 9 mainnet initiative will launch on January 19, 2022, with DeFi capabilities for IBC assets including UST, Kava Launchpad, core infrastructure for ethereum bridge, and more, according to the official announcement.

Part.4 Industry pulse

A16z invests in decentralized autonomous organization PleasrDAO

*DAO

Ali Yahya, a16Z's general partner, announced on social media that A16Z is investing in decentralized autonomous organization PleasrDAO for an undisclosed amount. Ali Yahya says daos like PleasrDAO are the foundation of Web3. They are a new form of economic organization that is native to the Internet, enabling people to collaborate and achieve goals on a large scale.

When Optimism is whitelisted, the deployment application is fully open

*Layer2

Layer2 Solution Optimism has announced the elimination of whitelisting, allowing any user to freely deploy contracts and build applications on Optimism starting today. The closure of the whitelist and the completion of the EVM equivalence update marks the official opening of Optimism. Permissionless contract deployment brings us one step closer to our vision of being truly open, accessible, and positive.

Grim Finance lost more than $30m ina flash loan attack

*DeFi

Grim Finance, Fantom's on-chain composite income platform, has lost more than $30 million due to a flash loan attack, according to officials. The attacker uses a function called "beforeDeposit()" in Grim Finance's vault policy to enter malicious token contracts. Grim Finance has suspended all vaults and warned users to withdraw all assets immediately.

More than 800,000 ETH addresses and 750,000 Polygon addresses have been traded on OpenSea

*Data

According to Dune Analytics, more than 800,000 Ethereum addresses have been traded on OpenSea. Meanwhile, more than 750,000 Polygon addresses have been traded on OpenSea.

Grayscale Bitcoin Trust traded at a 21.36 percent discount last week, the biggest discount on record

*Data

The Grayscale Bitcoin Trust (GBTC) traded at a 21.36 percent discount in the previous week, the biggest discount in its eight-year history, according to Glassnode data. This means that new investors can buy GBTC shares at a significant discount to bitcoin's actual market value, while existing holders face losses due to a six-month lock-up period on their initial investment. GBTC shares fell 3.46% to $43.77 a share on Friday, according to Grayscale. However, each GBTC share is currently equivalent to 0.00093,202 BTC, and the actual price of the stock was $34.42 in Bitcoin, down 5.21% from the previous trading day.

The value of ETH accounted for 21% of the total value of crypto assets, hitting a new high in 2021

*Data

Currently, BTC accounts for about 40 percent of the total market capitalization, according to Coinmarketcap, and reached a high of nearly 70 percent in January 2021. ETH currently accounts for about 21 percent, an all-time high in 2021. This means that in 2021, the ratio of BTC market value is decreasing and ETH is increasing. They now account for 61 per cent of the total.

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