Decent Labs Launches DAO With Crypto Investing Giants at $56M Valuation

Decent Labs Launches DAO With Crypto Investing Giants at $56M Valuation

Decent Labs Launches DAO With Crypto Investing Giants at $56M Valuation

Decent Labs launched Fractal last month. Decent Labs is now a full-fledged DAO with some of the biggest names in cryptocurrency investing as members. The group includes Paradigm, a16z, and Dragonfly Capital. The launch comes at a valuation of $56 million.

Decent Labs is a project that aims to build decentralized protocols and applications. The team behind Decent Labs has, until now, been focused on the development of the Decent platform. Decent is a content distribution platform that allows for the creation and monetization of digital content. The team has also created an ERC20 token, DCT, which is used to power the Decent network.

The launch of Fractal marks a shift in focus for the outfit. Fractal is a development framework to help companies scale their crypto operations as a decentralized autonomous organization (DAO). Fractal is the first project from Decent DAO. Fractal has a $10 million on-chain investment at a $56 million valuation from top names in crypto investing.

Crypto native firms BlockTower Capital and GSR led the Fractal investment group. Other firms like Cumberland DRW, Digital Currency Group, and 1kx also participated.

Decent Labs CEO Parker McCurley in an interview said that “We didn’t raise from traditional Silicon Valley or New York venture capital funds. We raised from funds that were started and grown in the crypto industry. That’s something that’s really important to us”.

The launch of Fractal DAO comes at a time when the DeFi space is booming with activity. Fractal’s goal is to provide best-in-class products and services for the DeFi space. The company plans to do this by building an ecosystem of integrated protocols and products that work together seamlessly.

Decent Labs has five years of experience developing decentralized finance (DeFi) applications on the Ethereum framework. The primary purpose of launching the Decent DAO is to provide support for open-source decentralized systems on the blockchain that make use tokenization as an economic driver.

“The good news is that we can actually remain nimble and flexible and build things as they’re needed,” said McCurley.

DAO is an abbreviation for “decentralized autonomous organization.” In the business world, it has come to describe a company or project that is run by code rather than by a centralized group of executives. The original DAO was launched on Ethereum in 2016 and raised $168 million worth of ether (ETH) from 11,000 investors before it was hacked and funds were stolen.

The new Decent Labs DAO will be built on the Polkadot network, which is being developed by Web3 Foundation, a Switzerland-based nonprofit that promotes decentralized technologies.

A DAO is “a digital organization or company that’s run by code, not by people,” said Gavin Wood, co-founder of Web3 Foundation and creator of the Polkadot protocol. “It’s an experiment in how we can do things differently.”

McCurley also said that Decent DAO will initially look more like “autonomous clusters of people that are working toward various parts of a shared mission,”. The tight-knit community of experts also means that a decision can be made without consulting with the entire DAO first.

Martin K
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I am a bitcoin and crypto currency writer. I also work as a professional trader, and I have experience with stock trading and bitcoin trading. In my work, I aim to provide clear and concise information that helps people understand these complex topics.