Restructuring In The Air

SushiSwap to restructure, MakerDAO community split over "Endgame", DEC raises money to compete with Uber, Lyft, good reads, mesha updates and more

Oct 31, 2022

Hi there! 👋

Welcome to the mesha tribe: a weekly newsletter by mesha that brings you the latest updates on funding, DAO news and governance to help you take your project #ToTheMoon🚀

In this edition, we discuss:

· The treasury changes of top 5 DAOs

· Latest in web3 deals

· News hot from the web

· Good reads

· Updates from mesha

Subscribe to the mesha tribe for a weekly dose of best industry practices, management tactics, and growth hacks.

Top DAOs By AUM

Four Deals Of The Week

· DEC Bags $9M to Compete With Uber, Lyft

The Decentralized Engineering Corporation (DEC), behind the ride-sharing app Teleport, has bagged seed funding of $9M to compete with Web2 ride-sharing apps such as Uber and Lyft. DEC will use the funds to grow Teleport, which is built on Solana.

· Origami Receives $6.2M Funding From Bloomberg Beta

Origami, a company that helps launch and run DAOs, has raised $6.2M in funding from Bloomberg Beta. It will use the capital to enhance its software platform, infrastructure and DAO playbook.

· Notebook Labs Gets $3.3M in Seed Funding led by Bain Capital

Notebook Labs, a Web3 startup that aspires to verify the identities of crypto users without compromising privacy, has raised $3.3M in a seed funding round led by Bain Capital Crypto.

· Synota Raises $3M in Seed Round Led by Ego Death Capital

Synota, a protocol that aims to bring energy payments to Bitcoin’s Lightning Network, has raised $3M in a seed round led by Ego Death Capital. The capital will go towards the commercialization of Synota’s software.

📰What’s Going On In The New Web?📰

· MakerDAO Community Split in Two Over “Endgame” Proposal

You know MakerDAO – the unofficial central bank of the DeFi world. Guess what? Its co-founder Rune Christensen proposed that the DAO split into smaller factions, called MetaDAOs, and have a new vault that will generate revenue for the protocol. A majority of voters were on board this “Endgame” plan.

But the community is now polarized – one section called the MetaDAOists are in favour of the split, while another section, Constitutionalists are opposed. Both have their reasons. MetaDAOists believe the split will help make the protocol resilient to blacklisting. Constitutionalists believe the final vote was actually rigged and is bad for the protocol.

So what? This is the project’s largest restructuring in history. Supporters believe that breaking it up into smaller factions will make it more efficient. Critics believe that it will not be possible for the DAOs to maintain autonomy.

· SushiSwap Approves Restructuring Into 3 Firms for DAOs

The SushiSwap community has voted a 100% to legally restructure the protocol.

A foundation registered in Cayman Island will oversee the DAO and the exchange. It will be responsible for maintaining treasury reserves, approving grants and looking after admin functions. A Panama-based foundation will be responsible to develop the Sushi protocol. Another Panama-based firm will help develop the front-end of the platform.

Why does it matter? SushiSwap is one of the few DAOs with a “head chef” calling the shots. The restructuring could help make it more decentralized.

· Google Launches Blockchain Node Service for Ethereum

You know blockchain and Web3 are catching on when Google enters the arena. Google is launching a cloud-based blockchain node service for Ethereum.

Google said the node engine will be a “fully managed node-hosting service that can minimize the need for node operations”. This means that Google will be responsible for monitoring node activity and restarting them during outages.

With tech giants like Google and Meta entering the Web3 world, there’s a sense of comfort that this is a phenomenon that is here to stay.