DeSo, a new blockchain backed by Coinbase, Sequoia Capital, and Andreessen Horowitz for a total of $200 million, has unveiled DAODAO, a groundbreaking cross-chain fundraising platform. With DAODAO, startups can begin funding rounds using tokens that are instantly tradable on an on-chain order book exchange. In essence, DeSo makes it possible for founders to instantly and easily solicit financial support from a massive audience of potential investors anywhere in the world.
How DeSo works and why it could be disruptive
DeSo’s premise is decentralized funding, which eliminates traditional venture capital firms’ imbalanced and concentrated power. DAODAO is one of the first to pioneer this innovative shift. When using DAODAO, raising money is as simple as creating a social network profile. With a single click, founders can convert their funds to US dollars and withdraw them in USDCoin. Not only that, but DeSo’s on-chain transactions use zero gas.
None of the other chains have both the USDC integration that DeSo implemented and the ability to convert crypto to USD through MegaSwap. Furthermore, DeSo claims that its order-book exchange can execute 40,000 matches per second, making it the fastest in the world. Also, DeSo is able to handle DAODAO’s innovative social features, such as the platform’s on-chain social network.
To widespread acclaim, DeSo released a ground-breaking integration with MetaMask last week. With its platform, DAODAO has levelled the playing field for blockchain investors by challenging traditional VC investment approaches. In addition, it expands developers’ potential clientele and funding pool. This bodes well for the long-term sustainability and expansion of the international blockchain market, especially during periods driven by bad market sentiment.
Through its connection with MetaMask, the DeSo blockchain introduces censorship-resistant, decentralized, end-to-end encrypted on-chain direct communications and group chats, bringing Bitcoin’s pseudonymity to messaging. The majority of popular encrypted messaging apps now require users to provide some sort of identification before they can start exchanging messages. Diamond users, for example, may now sign up for DeSo apps without having to reveal any identifying information because of MetaMask integration. Not only are all messages uncensorable, but since DeSo is a layer-1 blockchain, it is decentralized.