Open DeFi Unveils Multi-Chain DAO for Decentralized Finance Sector

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In Brief
  • DAO aims to bridge DeFi protocols from China and the West.

  • OptyFi multi-chain yield optimizer to launch as first project.

  • Bankless to launch "media DAO" and BANK tokens.

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Open DeFi has unveiled plans for a multi-chain decentralized autonomous organization (DAO) to encompass the entire decentralized finance (DeFi) ecosystem.

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It added that the DAO will generate long-term value through community-based development, and incubation of early-stage financial protocols, applications, tools, and infrastructure.

Open DeFi was launched in September 2020 with the goal of bringing together various DeFi projects from different parts of the globe, specifically China and the West.

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Since then it has had some of the industry’s leading projects join the movement including Aave, Synthetix, dYdX, Quantstamp, SuperRare, and Balancer.

Another DeFi DAO

Open DeFi currently has over 30 members that will govern the DAO and decide where best to allocate its native tokens and any external sources of revenue, such as trading fees, coming from its vaults.

It added that the DAO was created to work with all Layer 1 (L1) ecosystems and explore DeFi markets surrounding new digital asset classes including non-fungible tokens (NFTs) and data tokens.

“The goal is to develop a truly integrated multi-chain DeFi ecosystem that will open up liquid markets and establish a new operating system for finance.”

The DAO’s first incubated project is called OptyFi which is a multi-chain yield optimizer with flexible on-chain strategies.

OptyFi will maintain the first DAO vaults and will launch on Ethereum, Binance Smart Chain, and Conflux, adding more L1 networks in the future.

Exact launch dates and audit details were not specified but the announcement stated they would be revealed in the next few weeks.

Bankless media DAO to launch

Open DeFi is not the only coalition aiming for more decentralization. On March 18, the institutional standard LAO announced the Neptune DAO to foster DeFi liquidity for accredited investors.

Mythos Capital founder Ryan Sean Adams announced the formation of a Bankless DAO in collaboration with David Hoffman in the newsletter of the same name on May 4.

“This is the world’s first media DAO and it’s been 100% seeded to the community.”

The announcement explained that the Bankless DAO is a decentralized community aiming to coordinate and propagate “bankless media, culture, and education.” Its primary goal is to increase awareness and adoption of decentralized crypto assets and monetary networks such as DeFi, Ethereum, and Bitcoin.

Access is currently only available to paying newsletter subscribers and will generate a billion BANK tokens for governance purposes.

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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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