PrimeDAO raises $2M to construct cooperative platform for DAOs

PrimeDAO, a undertaking in search of to facilitate higher coordination and cooperation between decentralized autonomous organizations (DAOs) within the DeFi sector, has secured $2 million in seed funding.

Based on an announcement shared with Cointelegraph, the spherical featured participation from notable DeFi funding funds together with Signum Capital, LD Capital and Stacker Ventures.

The funds will probably be used to develop the “DAO2DAO” (D2D) product suite for PrimeDAO, with the platform set to characteristic a ‘Negotiation Interface’ designed to allow coordination between DAOs.

The platform will enable the creation and ratification of agreements between DAOs that includes on-chain circumstances. D2D can even allow DAOs to carry shared possession over widespread property, execute joint ventures, and collaborative liquidity swimming pools.

PrimeDAO will companion with Balancer and DeFi Security to construct out the platform. The crew can even develop a seed and IDO-style token launch platform alongside Balancer. The platform, dubbed Prime Launch, is slated for launch earlier than 2022.

PrimeDAO was launched within the fourth-quarter of 2020 describing itself as “a collective of DeFI builders, token engineers, and governance specialists.” The entity printed a litepaper in September 2020 describing its plans for a “decentralized ecosystem coordinator” platform and liquidity aggregation protocol.

Whereas PrimeDAO is at the moment constructing on Ethereum, the crew plans to allow cross-chain collaboration through D2D in future.

On Sept. 14, the crew announced an overhaul to its governance platform, with PrimeDAO abandoning DAOstack’s Alchemy platform in favor of mixing Snapshot and Gnosis Protected accessed utilizing Boardroom.

Associated: DeFi regulation should not kill the values behind decentralization

Final month, PrimeDAO additionally wrapped up its “Charge-athon” event, which inspired customers to contribute to its Prime Ranking platform in anticipation of its V2 launch.

From July 4 by means of July 15, the occasion noticed the neighborhood submit 63 rankings for numerous DeFi initiatives by means of evaluation of fundamentals and sensible contracts. The equal of $15,000 was distributed to contributors who participated within the occasion.

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