PrimeDAO raises $ 2 million to create cooperative platform for DAOs

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PrimeDAO, a project to facilitate greater coordination and cooperation between Decentralized Autonomous Organizations (DAOs) in the DeFi sector, has secured seed funding of $ 2 million.

According to an announcement shared with TUSEN, the round featured participation from notable DeFi investment funds including Signum Capital, LD Capital and Stacker Ventures.

The funds will be used to develop the “DAO2DAO” (D2D) product suite for PrimeDAO, the platform to include a “trading interface” designed to allow coordination between DAOs.

The platform will allow the creation and ratification of agreements between DAOs with conditions on the chain. D2D will also allow DAOs to hold shared ownership over common assets, execute joint ventures and collaborative liquidity pools.

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PrimeDAO will partner with Balancer and DeFi Safety to develop the platform. The team will also develop a seed and IDO-type token launch platform alongside Balancer. The platform, dubbed Prime Launch, is expected to launch before 2022.

PrimeDAO was launched in Q4 2020 describing itself as “a collective of DeFI builders, token engineers and governance specialists.” The entity released a streamlined document in September 2020 outlining its plans for a “decentralized ecosystem coordinator” platform and liquidity aggregation protocol.

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While PrimeDAO currently relies on Ethereum, the team plans to enable cross-chain collaboration through D2D in the future.

On September 14, the team announced an overhaul of its governance platform, with PrimeDAO abandoning DAOstack’s Alchemy platform in favor of the combination of Snapshot and Gnosis Safe accessible through Boardroom.

Related: DeFi regulation must not kill the values ​​behind decentralization

Last month, PrimeDAO also closed its “Rate-athon” event, which encouraged users to contribute to its Prime Rating platform in anticipation of its V2 release.

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From July 4 to 15, the event saw the community submit 63 notes for various DeFi projects through analysis of fundamentals and smart contracts. The equivalent of $ 15,000 was distributed to contributors who attended the event.