PrimeDAO has received $2 million in startup funding to help decentralized autonomous organizations (DAOs) in the DeFi industry coordinate and cooperate more effectively.
The round included major DeFi investment groups such as Signum Capital, LD Capital, and Stacker Ventures, according to a release shared with Cointelegraph.
The funding will be used to create PrimeDAO’s “DAO2DAO” (D2D) product suite, which will include a “Negotiation Interface” to facilitate collaboration between DAOs.
The platform will enable the formulation and confirmation of on-chain conditions agreements between DAOs. D2D will also allow DAOs to share ownership of common assets, form joint ventures, and pool liquidity together.
To complete the platform, PrimeDAO will collaborate with Balancer and DeFi Safety. Along with Balancer, the team will create a seed and IDO-style token launch platform. The platform, dubbed Prime Launch, is expected to go live by the end of 2022.
PrimeDAO, which describes itself as a “collective of DeFI architects, token engineers, and governance specialists,” was launched in the fourth quarter of 2020.
In September 2020, the entity released a lite paper outlining its ambitions for a “decentralized ecosystem coordinator” platform and liquidity aggregation protocol.
While PrimeDAO is presently developing on Ethereum, the team intends to use D2D in the future to enable cross-chain collaboration.
PrimeDAO said on September 14 that it will be ditching DAOstack’s Alchemy platform in favour of merging Snapshot and Gnosis Safe, which would be accessed through Boardroom.
PrimeDAO also completed its “Rate-athon” event last month, which urged users to participate in its Prime Rating platform in advance of its V2 launch.
The event let the community submit 63 ratings for various DeFi projects based on fundamentals and smart contracts from July 4 to July 15. Contributors who took part in the event received the equivalent of $15,000 in cash.