Los Angeles, CA, 12 October, Chainwire
Takeaways:
- DeSo, a new blockchain that has raised $200 million from Coinbase, Sequoia and Andreessen Horowitz, just launched DAODAO, a breakthrough cross-chain fundraising platform.
- DAODAO allows entrepreneurs to launch fundraising rounds with coins immediately tradeable on an on-chain order-book exchange.
- Founders can raise capital with any currency, including fiat, Bitcoin, Ether, Solana, DeSo and USDC and cash out directly to USDC.
- Founders can also access on-chain social features, such as on-chain end-to-end encrypted messaging and group chats, on-chain profiles, on-chain content and an on-chain social graph.
Today, the fundraising process for founders is highly centralized, with a handful of elite venture capitalists controlling who gets funded and who doesn’t. In addition, founders must typically wait 10 years or more for their company to “go public” and become traded on a liquid exchange. But that could soon change, as blockchains like DeSo enable founders to raise money from millions of Bitcoin, Ethereum, and Solana users with just the click of a button.
A new app called DAODAO is launching today at the forefront of this disruptive trend. Built on the DeSo blockchain, backed by Coinbase, Sequoia, Andreessen Horowitz and others, DAODAO allows any Bitcoin, Ethereum or Solana user to invest in promising founders before they pitch to venture capitalists.
For founders, setting up a fundraiser on DAODAO is as easy as creating a social media account. Funds are automatically converted to United States dollars, and founders can cash out seamlessly to USD Coin (USDC) anytime.
However, the most interesting component of DAODAO is that founders can give contributors a liquid token with their purchase, which can immediately trade on DeSo’s decentralized on-chain gasless order-book exchange.
Such a breakthrough raises the question of whether the traditional fundraising model of waiting 10 years for a company to trade on the open market could now be obsolete.
“DeSo is the only blockchain that could support something like DAODAO today,” said Arash Ghaemi, growth marketing lead at DeSo. “DeSo’s recent USDC integration and the MegaSwap swapping facility to convert crypto into USD were both critical, and no other chain has both. On top of that, DeSo’s order-book exchange is the fastest in the world, capable of performing 40,000 matches per second,” he continued.
DeSo is also capable of supporting unique social features leveraged by DAODAO, including on-chain profiles and an on-chain social graph. “It costs about $75 to store a 200-character tweet on Ethereum and about $0.15 to store it on Solana, Avalanche or Polygon. In contrast, DeSo is one ten-thousandth of a cent, making it the first blockchain capable of disrupting storage-heavy applications like social fundraising. It really is the social layer for all Web3,” DeSo founder Nader Al-Naji added.
This is the latest in a recent string of successes for DeSo. The platform listed on Coinbase earlier this year, and it announced a groundbreaking MetaMask integration last week that has caused a significant price surge. Many new social apps like Diamond, a Web3 social network built on DeSo, have launched and are growing rapidly with a recent surge in user numbers.
Recently, the platform announced a USDC integration that has attracted many new builders to the ecosystem, including DAODAO.
With the launch of DAODAO, DeSo’s true disruptive power becomes apparent. It is a platform that can disrupt social media and the trillion-dollar early-stage financing market.
About the DeSo Foundation
DeSo is a new layer-1 blockchain built from the ground up to decentralize social media and scale storage-heavy applications to billions of users. They raised $200 million and are backed by Sequoia, Andreessen Horowitz, Coinbase Ventures, Social Capital, Polychain Capital, Winkelvoss Capital, Pantera and others.
DESO, the native currency of the DeSo blockchain, is listed on Coinbase.
Check out the full roadmap and claim your username on deso.com.
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