DAO Treasuries hit $8.2 billion on Ethereum and $1.3 billion on Solana according to the analytics website DeepDAO that tracks data from the DAOs built on Solana earlier this week so let’s read more today in our latest blockchain news today.
The interest in decentralzied autonomous organizations has seen a huge drop since the rise and fall of ConstituionDAO which raised $45 million in ETH last year and failed to buy the limited edition copy of the US constitution. While DAOS still exists on Ethereum and the network which powers the second biggest crypto while also beginning to spring up on the competing blockchains like Solana. According to the DAO Analytics site DeepDAO, there’s $9.5 billion held in DAO treasuries on the networks with $1.3 billion held by DAOs built on Solana alone and the remainder on Ethereum.
The @solana‘s DAO framework provides governance, treasury, and discussions fully on-chain.
2 of the new DAOs enter into our top 5: @mangomarkets at #3 and @UXDProtocol at #4 pic.twitter.com/aO58losPXj
— DeepDAO.io (@DeepDAO_io) March 15, 2022
The data from DeepDAO expanded the dataset to include communities on Solana as well. Eitcowich explained:
“The DAO ecosystem is spreading to other chains, and it’s our mission to model the entire ecosystem, not just the Ethereum one.”
The Tel-Aviv-based DeepDAO is a data aggregator and analytics site for DAOs listed over 4832 organizations while the DeepDAO founder and CEO Eyal Eithcowich said that the Solana DAO ecosystem similar to Ethereum is quite diverse with the decentralized organizations spinning up on the network.
Solana, just like Ethereum utilizes smart contracts and the self-executing computer code which makes it possible to create NFTs and build apps but also assembles the tools needed to structure and manage the DAOS. A DAO is an online community that uses Web3 tools to organize and to spread control of the group among the members. DAOs often make use of crypto to incentivize members and govern the decision-making by the group.
The Solana DAOs are being tracked by DeepDAO including MonkeDAO and a community DAO operated by the Solana Monkey Business NFT holder, stablecoin protocol UXD Protocol, Metaplex is a platform for launching NFT projects and MangoDAO which governs the Mango markets Decentralzied exchange and protocols.
Eitchowich said that when DeepDAO started integrating Solana DAO data, the two DAOs stood and entered into the DeepDAO’s top five by treasury size. According to the data, Mango manages a treasury of $650 million and ranks third among the daos while UXDP Protocol ranks fourth with a $561 million treasury.
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