DeepDAO, a website aggregating data on Decentralized Autonomous Organizations (DAO), has raised $ 3 million for future expansion as part of a round led by venture capital firms Hypersphere and DFG.
An announcement states that “the overwhelming demand for the DeepDAO boot cycle shows a strong interest in data products for the DAO space and the belief that the DAO ecosystem will grow.”
DeepDAO v1 currently provides data for over 100 DAOs, aggregating data on organizations treasury, membership and governance.
According to the site, DAOs currently represent more than 66,000 members and $ 587 million in assets under management (AUM) – although the AUM has declined. 46% over $ 1 billion last month amid the recent downtrend in the crypto market. However, DAO Treasuries are still up over 300% since early November.
Speaking to Cointelegraph, DeepDAO Founder and CEO Eyal Eithcowich predicts that total DAO AUM will exceed AUM $ 10 billion and represent over 1 million users by the end of 2021.
Founding advisor to DeepDAO and chairman of Bitfwd Capital, Daniel Bar said the team plans to expand data coverage, integrate DAOs from additional networks and launch new governance tools using the funds. Bar also noted that the platform will offer an improved user experience, including social feeds and forums, stating:
“The decentralized governance space is developing at breakneck speed, DeepDAO serves […] the DAO space by providing a one-stop-shop where governance can be followed.
“We are committed to listing all of these governance systems across multiple channels and platforms, exploring and analyzing them as one large ecosystem, and providing social functionality and services to enable a transparent and active community,” said added Eithcowich.
Despite the rapid growth of DAOs over the past year, Bar notes a number of challenges facing the nascent industry, including identity, standardization, and a steep learning curve.
“Most people still think of DAOs as a nebulous concept, the ‘Aha moment’ that DAO is Web3’s social network has yet to click for most people. But it’s getting closer, ”said Bar.
Hypersphere partner Jack Platts described the DeepDAO platform as making decentralized governance “easily accessible to everyone,” saying:
“Decentralized protocols are driven by their users, but to unlock transparency and inclusiveness we need high quality tools.”