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DeFi Alliance rebrands to ‘Alliance DAO’ after raising $50M from 300 Web 3 Leaders

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DeFi Alliance

DeFi Alliance, also known as the incubator of platforms for DeFi projects ranging from Sushi to Olympus DAO has rebranded itself as “Alliance DAO” Thursday. The number of contributors is report to be 300, according to project founder Imran Khan, who have provided the necessary funding. The contributors include some prominent names like Libra co-creator Morgan Beller and OpenSea’s Devin Finzer.

Only the name for the newly mint decentralizes autonomous organization (DAO) decide.  The future of the DAO is still in the works. Alliance said it will “start to take shape” in the months ahead with governance documents. And explanations of “what services it will provide.” Membership details will also be announced soon.

Learn More about Alliance DAO

According to DeFi Llama, the Alliance first came on the DeFi scene in March 2020. With the name of Chicago DeFi Alliance. Back then, it became a group of high-powered Windy City trading firms. That sought to foster projects servicing the then-nascent decentralized finance (DeFi) scene. Which at the time held around $500 million. The decentralized trading platform Sushi, a member of DeFi Alliance’s fourth accelerator group, holds $5.46 billion across all its multi-chain integrations currently.

Last October, the group began calling itself a “Web3 Accelerator”, according to archive.org. They plan to retain its ancestor’s billion-user vision for crypto. “Getting there required remodeling itself in the form of a founders-focused DAO”, said Khan. He also added that, “they need help from Web 1 founders. And Web 2 founders,” to build products that will rise in value in the coming years.

A Decentralized Autonomous Organization of founders by founders, and for founders, also plans to issue a coin, according to Khan. He emphasized that a liquid token could start trading in a period of “6 to 12 months. While still pending the regulation. The coin will be exclusive and can be bought or owned by particular members only, according to Khan. “Only vetted individuals will have the ability to buy this token at first”, he added.

Conclution

That essentially limits membership in the DAO to a class of approved founders. But keeping things exclusive to the builders is kind of the point.

“Our DAO is ultimately a founders DAO for the best founders in the world. That are building for Web 3,” Khan said.

What do you think about the Alliance? Let us know what you think about this subject in the comments section below.

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