Decent Labs Launches Venture Studio Decent DAO with $10 Million in Funding
announced today the launch of a decentralized autonomous organization, Web3
Venture Studio Decent DAO. It has raised an initial on-chain investment of $10 million
in funding from Decent Labs, BlockTower Capital, Cumberland DRW, Digital currency Group, GSR, 1kx, and others.
Decent DAO is an incubator and seeding ecosystem venture studio and open-source collective that connect talented developers to financial investors that are invested in the crypto industry. It's an extension of the work done by Decent Labs. The Decent DAO will select new projects to be developed and funded every six months, supported by the DAO's core contributors. As a part of its commitment to supporting the future visionaries of Web3, the core contributors of Decent DAO are committed to redistributing the institutional knowledge they acquired from working with industry leaders. Decent Labs was Launched in 2017 by Parker McCurley.
As McCurley said, "Ultimately, the goal of our studio is to create on-chain technology robust enough for institutions and accessible to anyone with an internet connection that is 100% free, open, decentralized,".
Decent DAO is valued at $56 million. As per the company's announcement, Decent DAO will enable sustained participation from its governing members and will serve as a platform for investors to ethically contribute to, projects utilizing funds raised through transparent, on-chain methods,". Decent DAO will support only open-source, decentralized systems that utilize tokenization as the key economic factor while enabling any contribution.
As per McCurley under Decent DAO, on a biannual basis, new Web3 projects will be proposed. Based on voting from DAO members and the number of projects that it has resources to build in a biennial cohort, top-voted proposals will be sorted which will get funded and created. Last year, Decent Labs first began fundraising with the intent to raise $7 million and scale up. That money will be invested in the new Decent DAO.
Decent Labs aims to help decentralized finance (Defi) development projects on Ethereum that are facing issues to come online in Web3, due to a lack of funding and technical know-how. Decent Labs will provide building publicly accessible, open-source financial tools that are sophisticated enough for institutions. The company has worked on various products comprising Portis, Rawrshak, BRD, and Sarcophagus.
The services that Decent Labs provides include brand design including conceptual, visual, and communicative, product design like UI/UX and research, along with software engineering using React web applications and Ethereum smart contracts which is a code that executes automatically when a set criterion is met.
CBW - External Analyst