Neptune DAO Raises $20 Million to Decentralize Venture Capital

[Cz Rock]

A new decentralized finance project aims to provide other DeFi projects with much needed liquidity—so they don’t have to go hat in hand to venture capitalists.

Neptune is a decentralized autonomous organization (DAO) structured as a limited liability company to be compliant with laws and regulations. Paying members of the DAO pool their capital into projects chosen by the group, and provide liquidity to those projects in an attempt to generate returns.

It's framing itself as the first liquidity DAO. And this week, it raised a quick $20 million.

After soliciting $13 million in Ethereum from members of The LAO (Limited Liability Autonomous Organization) and members of the NFT-centric Flamingo DAO, Neptune then opened its doors to the public and sold out in less than an hour, bringing its total fundraising to 9,900 ETH ($20 million).

With that war chest, Neptune DAO can provide liquidity to get DeFi projects off the ground.

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DAOs are organizations that leverage blockchain-based smart contracts to enable holders of a token to vote on decisions affecting that organization. The first such organization, called simply The DAO, was established as a new form of venture capital fund in 2016. It attracted a sizable chunk of the Ethereum tokens in circulation, worth over $150 million at the time, before losing over one third of them in an infamous hack.

Neptune DAO Raises $20 Million to Decentralize Venture Capital
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