SubDAO News: Bi-Weekly Update on the World of DAOs

5 min readSep 19, 2022

Key Takeaways

Ethereum Classic (ETC), a hard fork of Ethereum executed following the 2016 DAO hack, hit an all-time high record hash rate of 48.82 terra hashes per second (TH/s) yesterday, per data from 2miners.
ETC, the native token of the Ethereum Classic network, has since jumped nearly 12% over the past 24 hours and trades at around $35.6, according to data from CoinMarketCap. Click here to read more.
Africa and emerging market-focused Nestcoin raised a pre-seed round to build, operate and invest in its web3 applications, including crypto content platform Breach Club and gaming guild Metaverse Magna (MVM). Nine months after its launch last December, the latter has completed a seed sale token round of $3.2 million at a $30 million fully diluted valuation.
MVM said the funding would expand its efforts to build Africa’s largest gaming DAO and provide gamers access to world-class opportunities. Click here to read more.
Aave Companies, a development lab overseeing crypto lending protocol Aave, is seeking over $16 million from the Aave community to pay for development work on the platform.
They proposed that the Aave DAO retributes a total of $16.28M in retroactive funding to Aave Companies for developing Aave Protocol [version 3]. While the proposal isn’t scheduled to end until early U.S. hours Thursday, it has already reached quorum, with nearly 100% of votes supporting the funding. Click here to read more.
Lido DAO (LDO) has declined by more than 40% in the last 30 days, with more room to fall in the coming days amid a potential sell-the-news event, such as the Merge.
Lido DAO is Ethereum’s biggest staking service, having deposited over 4.14 million of the blockchain’s native asset, Ether (ETH), into the Ethereum 2.0 smart contract on behalf of its users, according to the latest data. The token’s sharp correction in the past month raises the possibility of an extended downtrend now that the pre-Merge hype is nearing its end. Click here to read more.
Apollo DAO to close vaults on Terra Classic as the protocol’s TVL has plunged from around $200 million in September 2021 to less than $125K. According to the DAO, since the collapse of Terra, they have continued to maintain the LP vaults on Terra Classic; however, due to the low return and high level of required maintenance, it no longer makes sense to support the Terra Classic network.
The Apollo DAO comprised over 10,000 token holders who built its vaults primarily for trading the Terra USD (USTC) stablecoin and Terra Luna (LUNC) token pairs. Both tokens have plunged drastically since May, and co-founder Do Kwon is currently wanted in South Korea for allegedly violating the country’s capital market laws. Click here to read more.

Social Media Update

USD2 Liquidity Providers to be Rewarded with LAGO Tokens

USD2 LPs have announced that the LAGO DAO will provide LAGO token rewards to users who deposit liquidity in the USD2/KDA pool on Kaddex. 0.5% of the total LAGO token supply, 5 million tokens, is reserved for this purpose over a period of six months. This means the reward calculation is 5,000,000 LAGO tokens spread evenly between September 13, 2022, and March 12, 2023.

https://medium.com/@LAGOFinance/usd2-liquidity-providers-to-be-rewarded-with-lago-tokens-ef1a69a048a2

Mean DAO on-chain governance goes live on Realms

Mean DAO have launched their on-chain governance on Realms as they now have 1,243 sMEAN holders. They initialized the governance with safety parameters that can be changed by governance itself

It’s been almost a year since they launched Mean DAO with a mission to become the financial equalizer and make crypto banking accessible to everyone. The reasoning behind making a DAO and not a traditional company was that they believed the future of work is decentralized, and it looks a lot like a DAO.

https://medium.com/mean-dao/mean-dao-on-chain-governance-goes-live-on-realms-99d1ace51b17

XDAO announces DAO ARK as New DAO Partner

DAO ARK is an investment fund with more than 420 investors in it. The money is held on the XDAO platform. All investment decisions in DAO ARK are made using GT-tokens; there is no centralized power, corruption, and nepotism. A minimum of 51% vote is required (138 participants at the moment) for any decision to be made.

Every DAO ARK participant can propose their initiatives and attract investments; consider any initiative and vote for/against; invest in DAO ARK investment fund and earn passively; transparently see all the community activities, from the proposed initiatives to the movement of money.

New DAO Partner — DAO ARK

About DAO ARK

blog.xdao.app

RektDAO Announces New Changes

RektDAO have announced that the DAO will be undergoing some changes, including dropping some team members. These changes will bring in a new dawn for all in the family. There may be a possible change of name and objectives in this new change. However, the aim is to keep improving and providing better value.

https://twitter.com/Rekt_Dao/status/1570353908769296391?s=20&t=e--77NxdmkRK230TAfZAQw

Generous Robots Release Overview of the Q4 Roadmap

Generous Robots have announced a release of an overview of their Q4 roadmap. This will be the first interactive roadmap created by an NFT collection — meaning that Robots DAO has the full power to shape the project’s direction.

There will be 3 main options. However, they claim it’s important that they respect their community and operate as a DAO. That’s why they will be releasing a proposal soon where their holders can choose the direction of the roadmap.

Highlights

About SubDAO

SubDAO is a multi-chain DAO protocol. It allows any decentralized organization to swiftly create and manage DAOs. We are committed to serving as a Web3.0 entry by providing blockchain-based digital agreement signing, DAO social networking, asset management, and other tools and services.

The founding team of SubDAO is composed of the former Technical Team leader of the IBM Group and many early well-known developers from Polkadot. SubDAO has completed multi-million dollars financing from dozens of institutions including Hypersphere, Huobi Ventures, OKEx Blockdream Fund, as well as investment by Messari founder Ryan Selkis.