Boardroom Raises $2.2M Seed Round for Governance Management

https://defirate.com/boardroom-seed-round/

Boardroom – a governance management platform – has closed a $2.2M seed round led by Standard Crypto to create a cross-platform governance aggregator.

 

Boardroom believes that crypto networks will overtake traditional forms of management and ownership structures. It aims to provide the tooling & infrastructure necessary to scale the new ownership economy through a trusted governance dashboard by supporting protocols like Compound, yEarn Finance, Powerpool, Rarible, Yam, Aave, Balancer, and Curve.

The seed round comes with participation from VariantCoinFundIDEO CoLab VenturesFramework Ventures, and Slow Ventures along with community-based organizations and angels MetaCartel VenturesDivergenceThe LAOStani Kulechov (Aave), Kain Warwick, Jordan Momtazi (Synthetix), Tarun Chitra (Gauntlet), Spencer Noon (DTC), Bollinger Investment Group, and Free Company.

Why Boardroom?

Managing governance across multiple protocols is becoming increasingly more complex as different standards and voting frameworks are being introduced every day.  The Boardroom Hub gives users a simple way to participate across various protocols all through one dashboard, offering extensions and context on proposals to easily inform decisions and delegating voting power to trusted individuals.

Besides building tools for high-value digital stakeholders to scale their governance participation across various protocols, Boardroom also aims to serve as an aggregator of fragmented data relating to governance. The Boardroom SDK will give builders an easy way to access standardized governance data across protocols. This data can be integrated into any native UI, providing a foundation on which others can continue to build on top of.

Company Origins

Boardroom started as a hackathon project named Kora Governance, the first minimum viable version of Boardroom was launched 4 months ago. Since then, the idea has been able to greatly improve the product with the help of feedback from proven builders and industry leaders such as Stani Kulechov, Kainwarick, Tarun Chitra, MetaCartel Ventures, and more.

The Boardroom team has made it clear that their doors are open if any builders want to chat about governance systems and UX. If you’re interested in participating in giving feedback on Boardroom or otherwise engaging with the team, join their Discord here.

The raise goes to show that governance is continuing to grow in DeFi as platforms like Snapshot and Boardroom offer tools for teams to quickly plug into voting tools to better engage token communities in a simple, intuitive fashion.

To stay up with Boardroom, follow the project on Twitter.

The post Boardroom Raises $2.2M Seed Round for Governance Management appeared first on DeFi Rate.

DerivaDEX Raises $2.7M For Decentralized Derivatives Exchange

https://defirate.com/derivadex-exchange-raise/

DerivaDEX – a new DEX for derivatives contracts on Ethereum – is unveiling their new DeFi product along with announcing a $2.7M raise from leading investors.

DerivaDEX is aiming to build a community-owned exchange for traders to speculate on and hedge with a suite of leveraged derivatives products in a non-custodial, transparent nature in line with the ethos of DeFi. On brand with the current trend, the exchange will be underpinned by native governance token (DDX) which will be distributed to users via a liquidity mining model. While details are sparse, DerivaDEX is planning on launching in Q3 2020 while also kicking off a series of incentivized opportunities for early partners and adopters, including testnet competitions, insurance mining, and more.

With today’s announcement, the team also disclosed their $2.7M investment round led by some of the top investors and community members in DeFi. Notable names include Polychain Capital, Dragonfly Capital, Coinbase Ventures, Three Arrows Capital, Calvin Liu, and others.

In the broader lens, DerivaDEX is looking to bridge the gap at the intersection of trading and blockchain engineering to build an intuitive, secure, transparent derivatives exchange that can compete with the liquidity and UXs of centralized exchanges while providing the security and transparency of DEXs.

DerivaDEX is attempting to solve this with three core properties:

  1. DerivaDEX DAO – a decentralized autonomous organization responsible for managing the protocol and minimizing any single point of failure. The DAO will be governed by the protocol’s native token, DDX.
  2. Open Order Books w/ on-chain settlement: DerivaDEX’s system offers capital efficiency by building an order book market style with off-chain price fees, matching engine, and liquidation operators to solve for speed and efficiency. Moreover, this design enables the DEX to represent any asset in existence with minimal slippage.
  3. Liquidity Mining: DerivaDEX is aiming to leverage the emerging trend of liquidity mining to bootstrap and incentivize participation in governance and operations of the DEX.

Closing Thoughts

With current non-custodial derivatives exchanges dominated by dYdX along with the recent entrance of MCDEX, the DeFi derivatives exchange sector is starting to heat up. Given BitMEX’s historical dominance in offering perpetual swaps, there’s no shortage of an addressable market for these protocols either. Billions of dollars in volume are traded on a daily basis with these exchanges, so offering a non-custodial and entirely transparent alternative (with an intuitive UX) should be enticing for the DeFi community.

The cherry-on-top with the recent entrants of MCDEX and now DerivaDEX is the introduction of liquidity mining (or yield farming). Users can now earn some attractive rewards by using the respective exchange products, something that dYdX and CEXs at large currently lack.

As mentioned, the team is planning on launching a suite of incentivized programs for new users to test out the product. If you’re keen on getting involved, you can sign up here to be notified of any of the upcoming programs.

For more details on DerivaDEX, you can read up on their official announcement post here. And if you’re looking to stay up to date on the latest developments with the new exchange, make sure to follow them on Twitter!

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Aave Raises $3M for Aavenomics Governance Migration

https://defirate.com/aave-governance-raise/

Aave – a sector-leading lending protocol – has closed a $3M round on the back of LEND tokens in lieu of their upcoming Aavenomics upgrade.

Positioning themselves as a protocol for money market creation, Aave’s latest round saw $3M worth of contributions from Three Arrows Capital and Framework Ventures when LEND was $0.10 per token. Since then, LEND has soared to over $0.25 per token ahead of an Aavenomics governance upgrade in which LEND will migrate to AAVE with a suite of new protocol incentives.

This comes in tandem with other reputable funds like ParaFi and Spencer Noon’s DTC Capital, both of which have made it public that they also hold significant positions in LEND. DeFi Rate has also received intel that many other prominent DeFi funds have been accumulating positions in LEND, giving good credence to the DeFi token‘s parabolic growth in recent weeks.

Aavenomics Teaser

The raise foreshadows the launch of Aavenomics – a governance upgrade in which the migration to AAVE will introduce new protocol incentives through staking and yield farming. In short, users will stake AAVE as insurance against protocol deficits in return for both AAVE rewards and the vast majority of protocol fees. The staking module is expected to offer both vanilla AAVE staking in tandem with an 80/20 AAVE/WETH Balancer pool. This gives flexibility for those looking to stake with just AAVE while incentivizing those to provide market liquidity to Balancer in exchange for BAL rewards and swap fees.

AAVE staking comes in tandem with yield farming rewarding from protocol usage, similar to COMP and BAL liquidity mining schemas which have driven exponential growth in recent weeks. While the details have yet to be released, we expect users to earn AAVE rewards from lending and borrowing any of Aave’s 20+ supported assets along with special liquidity incentives similar to Synthetix‘s LP rewards.

Distributed Governance

Outside of vast protocol incentives, AAVE governance will distribute key decision making to tokenholders though onchain voting. Using Aave Improvement Proposals (AIPs), AAVE holders will dictate key protocol, market and risk policies for both Aave and different money markets like the Uniswap Money Market. Aave has vocalized that its governance process is meant to stimulate large amounts of discussion before going to an onchain vote, contrary to what we’ve seen so far with Compound and it’s 48-hour window voting periods.

These upgrades will be publicized in a formal Aavenomics governance paper in the next two weeks, kicking off a countdown to Genesis Governance in which LEND tokenholders will be able to vote on the start of AAVE migration in tandem with the proposed incentive allocations mentioned above.

Credit Delegation

Last week, we covered Aave’s proposal for Credit Delegation, essentially letting any two parties enter into undercollateralized lending agreements to use a counterparties capital as collateral to draw a line of credit with aTokens. While the program is set to be largely limited to OTC trading desks and exchanges to start, Credit Delegation is another example of Aave’s continuous innovation in the vibrant DeFi sector.

Aave Continues to Shine

As if it wasn’t clear enough, Aave has solidified itself as a force to be reckoned with in the great crypto landscape. With top firms publicizing their token holdings in tandem with the upcoming Aavenomics, it’s clear that the protocol for money market creation has a very bright future lined up for the coming months.

It’ll be interesting to see how the lending wars pan out, with protocols like Aave, Compound and bZx fighting for TVL in a rapidly growing sector full of strong incentives.

If one thing is for sure, DeFi Rate plans to play a big role in Aave governance and will be introducing a formal protocol bid upon the launch of Genesis Governance in a few week’s time.

To stay up with Aave, be sure to follow them on Twitter or join the conversation on Discord.

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