PrimeDAO raises $2M to build cooperative platform for DAOs

PrimeDAO has raised $2 million from DeFi funds that share its vision for a collaborative platform enabling cooperation between decentralized autonomous organizations.

PrimeDAO, a project seeking to facilitate bigger coordination and cooperation between decentralised autonomous organizations (DAOs) within the DeFi sector, has secured $2 million in seed funding.

According to an announcement shared with Cointelegraph, the spherical featured participation from notable DeFi assets together with Signum Capital, LD Capital and Stacker Ventures.

The funds are going to be wont to develop the “DAO2DAO” (D2D) product suite for PrimeDAO, with the platform set to feature a ‘Negotiation Interface’ designed to enable coordination between DAOs.

The platform will allow the creation and ratification of agreements between DAOs featuring on-chain conditions. D2D will change DAOs to carry shared possession over common assets, execute joint ventures, and cooperative liquidity pools.

PrimeDAO can partner with Balancer and DeFi Safety to make out the platform. The team will develop a seed and IDO-style token launch platform aboard Balancer. The platform, dubbed Prime Launch, is slated for launch before 2022.

PrimeDAO was launched within the fourth-quarter of 2020 describing itself as “a collective of DeFI builders, token engineers, and governance specialists.” The entity revealed a litepaper in September 2020 describing its plans for a “decentralized ecosystem coordinator” platform and liquidity aggregation protocol.

While PrimeDAO is presently building on Ethereum, the team plans to alter cross-chain collaboration via D2D in future.

On Sept. 14, the team announced an overhaul to its governance platform, with PrimeDAO abandoning DAOstack’s Alchemy platform in favor of combining Snapshot and Gnosis Safe accessed using Boardroom.

Related: DeFi regulation must not kill the values behind decentralization

Last month, PrimeDAO additionally bound up its “Rate-athon” event, that inspired users to contribute to its Prime Rating platform in anticipation of its V2 unleash.

From July 4 through July 15, the event saw the community submit 63 ratings for numerous DeFi comes through analysis of fundamentals and sensible contracts. The equivalent of $15,000 was distributed to contributors who participated in the event.

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