Syndicate Protocol has helped in creating 450 new DAOs in 3 weeks
Syndicate, an investing protocol based on blockchain recently claimed that 10% of all existing DAOs (decentralized autonomous organization) were created using its platform. This, in less than three weeks since the start of operations.
Syndicate is an established platform for DAO creation, and it has landed investment money from companies like Coinbase Ventures, A13Z and others. This information was made public via a Tweet on Tuesday, Feb. 15th, 2022. Talking to Cointelegraph, Co-founder of the company, Will Papper said that the project had created at least 450 investment clubs in the form of DAOs. This is about 10% of the best estimate number of DAOs in existence – 4227. This information was published by Forbes business magazine.
The speed with which new organizations are being created at Syndicate is a sure indicator that DAO style structure for governance is becoming popular. DAOs were introduced to the mainstream in the crypto arena in 2020. The two biggest DEO currently are UNI and BitDAO. UNI was created in 2020 and the latter, in 2021. Between the two, they have treasury funds to the tune of $4.4 billion.
According to Papper, DAOs are powerful structures and useful for coordination and use in governing all kinds of clubs and businesses. DAOs will become commonplace in the near future. There are kinks in the DAO mechanics that have to still be worked out. Syndicate’s DAO creation team did not release a list of organizations they created via the platform. They cited privacy as a reason and also said that decentralized smart contracts are used to do the work. For information verification, one could do this on-chain.
