The DAO first appeared on the cryptocurrency scene in 2016. It was an organization created by crypto-developers to automate decisions and facilitate cryptocurrency transactions. However, the DAO was attacked by hackers in June 2016, who carted away from a whopping 3.6 Million in ETH.
In my previous article, we’ve spoken about a basic explanation of DAO. But still, I receive a lot of questions about DAOs on my Twitter. By the way, if you want me to write about some topic, you can message me there.
In current times, several DAOs have sprung up, varying in their architecture, applications, and governance. For the purpose of this article, we will be looking at the top-10 interesting DAOs and all you need to know about them.
Of course, there are much more DAOs, but to keep short, I will review them in my next articles.
It was developed by Hayden Adams, a former mechanical engineer at Siemens on November 2, 2018. The company was kick-started through investments from venture capital firms including Union Square Ventures LLC, ParaFi, Andreessen Horowitz, and Paradigm Venture Capital. Uniswap gained popularity among traders and investors because of its usage in decentralized finance (DeFi).
Uniswap is currently the largest decentralized exchange platform with a market capitalization of $9.82B. It generates fees of approximately $2–3 million daily for the liquidity providers who facilitate liquid markets for the cryptocurrencies being exchanged.
Maker is a protocol built on the Ethereum blockchain. It was created in 2014. Its creators describe it as “a utility token, governance token, and recapitalization resource of the Maker system.” The purpose of the Maker system is to generate another Ethereum token, called DAI, that seeks to trade on exchanges at a value of exactly $1.00.
The MakerDAO DeFi lending platform works via a collection of smart contracts that allow users to supply and borrow cryptocurrencies without a centralized loan provider.
MakerDAO is the largest decentralized lending platform with a market capitalization of $2.39B.
Aave was founded in 2017. Initially known as ETHLend, it raised $16.2 million in an Initial Coin Offering (ICO) to create a decentralized lending platform. They would later announce a parent company, Aave, which would house multiple different products including EthLend, Aave Lending, Aave Pocket, Aave Custody, Aave Clearing, and Aave gaming.
Aave currently has a market capitalization of $2.33B.
FWB DAO is a community of artists, thinkers, creators, and all those championing the web3 era. The ecosystem serves as a bridge between artists and creators, as well as the technology that drives tractions and promotes collective mission. This is a community where crypto intersects with culture.
Curve (CRV) is a decentralized exchange and automated market maker protocol. It is an Ethereum token that powers Curve.fi.
The Curve token can be locked for various periods of time (up to 4 years) in order to vote on governance and claim protocol fees as a reward.
The Curve has a market cap of $1.60B.
When the lender deposits his digital asset, a new cryptocurrency called the cToken is awarded to the lender. The interest is generated automatically depending on the lending period.
The Compound has a market capitalization of $1.21B
The protocol is governed by $BIT token holders. BitDAO currently has a treasury balance of over $2 billion, with $BIT tokens leading the chart with over $1 billion, followed by Ethereum at slightly over $628 million.
The project is supported by Peter Thiel, Founders Fund, Pantera, Bybit, and Dragonfly. Bybit, a leading crypto exchange pledged to contribute 2.5 bps (0.025%) of futures trading volume to the BitDAO treasury. This is more than $1 billion per year.
The project started when a tweet asked if anyone is interested in creating a DAO to bid on a genesis piece, Uniswap V3 NFT. Since then, PleasrDAO has evolved in its mission and now collects digital arts that represent important and great ideas
BioDAO will support real-world biotech assets built by DAO-funded projects. Members of the BioDAO community will make all the important strategic and operational decisions.
Decentraland DAO also owns a huge purse of MANA, and this enables the community to be completely autonomous and subsidize different operations and activities within Decentrland.
The Decentraland DAO community will decide on which LAND auctions, whitelisting of NFT contracts, and policy updates are to be allowed inside the World.
With the Decentraland’s MANA coin having a market capitalization of over $5 billion, the Decentraland DAO deserves its place on this list.
The rising number of DAO projects in the last few years is an indication that the world is gradually moving to an era where everyone is the CEO. Businesses will have no hierarchy, and community members will have an equal stake in projects unlike what we are seeing today. It is still quite a long way to go, but the future is currently in sight.
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P.S. Check out my previous articles at HackerNoon: