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

SubDAO Protocol
5 min readAug 22, 2022

Key Takeaways

  • The governing body that runs Lido Finance, LidoDAO, has decided to reject a plan to send 1% of the LDO token supply to Dragonfly Capital for about $14.5 million in Dai (DAI). If it had passed, Dragonfly Capital, a crypto venture capital firm, would have gotten 10 million LDO tokens worth $1.45 a piece. Click here to read more.
  • The United States has introduced the much-anticipated Responsible Financial Innovation Act, which proposes a comprehensive set of laws addressing some of the most pressing issues confronting the digital assets market.
  • The measure provides a bipartisan answer to US President Joe Biden’s request for a whole-of-government strategy for regulating cryptocurrency by offering holistic direction to the fast-developing industry. Click here to read more.
  • According to a news release, CreatorDAO, a decentralized autonomous organization that provides financing and operational assistance to creators, acquired $20 million in a seed fundraising round sponsored by Andreessen Horowitz and Initialized Capital.
  • Among others, Paris Hilton and The Chainsmokers took part in the investment round and have committed to sharing their time and experience with the CreatorDAO community. Click here to read more.
  • Last year, when crypto prices were skyrocketing, the Constitution DAO, a group of NFT and crypto lovers, claimed it planned to purchase the final copy of the Constitution still in private hands at a Sotheby’s auction.
  • However, Ken Griffin, CEO of the hedge fund Citadel, offered to acquire it for $43 million, much above the original $15 million estimate and just enough to exceed the DAO’s $40 million budget. Click here to read more.
  • Tornado Cash DAO was purportedly taken down following a debate in which community members unanimously voted to add its governance layer as a signatory to its treasury’s multisig wallet, which controls a whopping $21.6 million.
  • It’s unknown what caused the decentralized autonomous organization (DAO) to go offline, but it followed a series of moves taken by various agencies and private businesses in the aftermath of US penalties imposed earlier this month against the contentious mixer. Click here to read more.

Social Media Update

The DAO Research Collective announces the launch of a library that curates DAO research.

On a single site, this library organizes and curates DAO research. It is a social benefit that will always be free and available to the community. Users can do keyword searches for specific materials or browse by subject. It is a library that has been curated for DAO resources.

All V3 pools to max trading liquidity

This week, the request to boost trade liquidity for 18 whitelisted Bancor pools, including BBS, BORING, CHZ, DAO, ENS, GTC, HOT, INST, LQTY, MFG, MKR, RARI, RLC, RPL, SHEESHA, STAKE, VITA, and WSTETH, was approved.

This update allows tokens that are outside the bonding curve to be matched with BNT and made tradeable. This enables the protocol to earn additional trading fees, which can be used to purchase BNT and burn vBNT. The burning of vBNT binds BNT to the protocol and is intended to aid in the creation of token surpluses on the network.

Vesta’s whitelist participants are now able to claim VSTA tokens

As a gift of gratitude for their efforts, members of the whitelist will be able to purchase up to 2% of total VSTA governance token supply at a discount to the value provided at the public treasury bootstrapping event. By purchasing VSTA tokens, they will be able to have a direct interest in the platform’s future governance and continue to define the protocol’s destiny.

GuildFi partners with ProGamerDAO to bring community interoperability to web3

GuildFi announced their partnership with Pro Gamer DAO, which will allow them to expand their presence in the gaming environment even further. Pro Gamer DAO, like GuildFi, is a community-driven guild that provides study, knowledge, and important insights among its members who are seasoned gamers in the sector. When combined with GuildFi’s tool kits and new marketplace platform, players stand to benefit immensely from having their performance in the Web3 gaming arena documented, as well as the opportunity to gain early access to in-game products with no restrictions.

Update on Aave earnings from the v2 ETH money market.

At the end of July, Aave had $215.3 million in the Treasury, according to internal accounts. According to a Llama study, the Aave Markets’ annualized revenue is $13.4m, based on July statistics and a month-on-month compounding growth rate. This figure, however, excludes GHO’s revenue-generating potential.


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.

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SubDAO Protocol

SubDAO is a DAO infrastructure that helps manage digital assets through middleware, multi-sig, and other decentralized features.