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Pantera Capital leads a $18 million round of funding for a DAO liquidity provider

The protocol aims to assist DAOs in deploying governance tokens from treasuries in order to increase token liquidity without requiring DAOs to give up ownership.

Last year, Fantom, Terra, Injective, Unilend, Parsiq, Ramp, and Marlin were among the DAOs that participated in the protocol’s beta launch on Ethereum’s mainnet.

Co-founder and CEO Austin King stated that the company intends to launch its token liquidity infrastructure across layer-1 blockchain networks such as Terra, Avalanche, and Fantom.

Rift Finance, a decentralised protocol, has raised $18 million to assist DAOs with liquidity as the sector heats up.

Pantera Capital led the round. Two Sigma Ventures, Coinbase Ventures, Spartan Group, Defiance Capital, Hashed, Jump Capital, Vessel Capital, and Morningstar Ventures are among the other investors. Terra’s Do Kwon, Aave’s Stani Kulechov, Polygon’s Sandeep Nailwal, and Goldentree Asset Management’s Joseph Naggar are among the angel investors.

DAOs (decentralised autonomous organisations) have grown dramatically in the last year, in some cases supplanting traditional corporate structures.

Superdao Founder Yury Lifshits told Blockworks last month that 10,000 to 20,000 DAOs exist worldwide, but his company anticipates up to one million new DAOs by the end of 2022 as long as creators have the right tools.

Austin King, CEO of Rift Finance, and Tyler Tarsi, Chief Technology Officer of Rift Finance, both told Blockworks that DAOs require the right tools to succeed.

“There’s simply not much tooling available to assist DAOs in achieving deeper liquidity,” King said. “This was one of the most obvious pain points in DeFi, and it was a fantastic way to add value early on while also supporting the rest of the ecosystem.”

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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