Open DeFi, a global community composed of Web3 leaders and DeFi founders, introduced today Open DeFi DAO (OD DAO), This is a new open plan that aims to support Open DeFi’s vision of the cross-chain DeFi ecosystem. DAO will launch DeFi products in all first-tier ecosystems and explore the DeFi market around multi-chain use cases and new digital asset categories (including NFTs, data tokens, etc.).

DAO or decentralized autonomous organization is a project that exists on the blockchain as a smart contract. Although DAO’s flexibility can be used for multiple purposes, historically, organizations of all sizes have used DAO for protocol development and fund management. Nowadays, in the context of the NFT boom, the rise of Web 3.0, and the increasingly stringent regulations, DAO is becoming more and more popular as a tool for managing tokenized assets and improving internal transparency in decentralized organizations.

As the DeFi ecosystem DAO, Open DeFi DAO aims to help build and launch breakthrough DeFi projects and create long-term value through community-based strategies and incubation of early financial agreements, applications, tools, and infrastructure that support the vision of the community. Cross-chain DeFi ecosystem. More than 30 active members of Open DeFi (many of them are one of the most ambitious DeFi and Web3 projects in the field, including Balancer, Aave, Synthetix, Gitcoin, Mirror Protocol, etc.) will participate in DAO through its community.

Governance token

The governance and operation of OD DAO will be driven by the community, because access will be unauthorized, anyone can join the DAO and fully participate through the Open DeFi DAO governance token. The token will act as a community resource to manage DAO operations, manage funds and asset portfolios, initiate early projects through community-based decisions, assist the Open DeFi project to guide liquidity and assist in various other tasks.

Hackathon

In order to start the development of DeFi before the release of DAO and interact with the member’s builder community, Open DeFi will hold the Open DeFi Hackathon this month.Escrow Via Gitcoin, The hackathon attracted more than 20 sponsors, including Uniswap and Polygon, and it is expected that there will be more than 500 Web3 hackers, who will establish cross-chain DeFi, stablecoins, innovative assets and governance models, with strategic integration Various projects of DeFi dapps, DeFi based on NFT, etc. Winners will receive more than 100,000 US dollars in prize money.

“The goal of Open DAO is to develop a truly integrated multi-chain DeFi ecosystem, which will open up the liquid market and establish a new financial operation system. Supported by our members and the community of more than 10,000 DeFi developers and strategists all over the world Next, we look forward to accelerating the next generation of DeFi.”
– Marek Laskowski of Open DeFi