Finance Redefined: Number of DAOs surge, Solana launches $100M DeFi fund

cointelegraph.com:

This past week, the decentralized finance (DeFi) ecosystem was ruled by decentralized autonomous organizations and new fund launches for the growth of the Web3 ecosystem. The total number of DAOs surged by eight times while Solana launched a $100 million DeFi fund.

Optimism, an Ethereum layer-2 protocol that Vitalik Buterin recently praised for its governance model, lost 20 million tokens due to a mix-up of layer-1 and layer-2 addresses. A leaked 600-page copy of a United States crypto draft bill also grabbed the community’s attention, as it proposes heavy regulatory scrutiny for DeFi and DAOs.

The top-100 DeFi tokens showed mixed market performance, with several tokens registering double-digit gains in the last seven days, while a significant majority remained bearish on the weekly charts.

The total number of decentralized autonomous organizations (DAO), the number of governance proposals put forward and the number of votes cast have all seen astounding growth over the past 12 months.

Data compiled by Snapshot Labs and shared by Electric Capital engineer Emre Caliskan in a Thursday tweet highlighted that DAO numbers have increased over eight-fold, from 700 in May 2021 to 6,000 now. The number of proposals has increased by 8.5 times, and the number of total votes has increased by 8.3 times over the past 12 months, from 448,000 to 3.7 million.

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Solana Ventures and the Solana Foundation have formed a $100-million fund to help support the growth of nonfungible tokens (NFTs), blockchain gaming and DeFi projects in South Korea.

In addition to supporting projects built on Solana, the fund will help keep some Terra-based projects afloat following the collapse of that ecosystem last month.

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A leaked copy