Data has revealed that $9.5bn is held in DAO treasuries across all networks, with Ethereum (ETH) holding $8.2bn and Solana holding $1.3bn
The data comes from a Tel-Aviv-based data aggregator and analytics website, DeepDAO, which launched in February 2020 and lists more than 4,832 organisations.
The number of Decentralized Autonomous Organizations (DAOs) has been steadily rising, especially after ConstitutionDAO raised $45m in ETH last year in a failed attempt to buy a limited edition copy of the US Constitution.
DAOs primarily were known to exist on the second-largest cryptocurrency, Ethereum. However, the appeal of DAOs has caught on with other blockchain competitors such as Solana.
A DAO is a group of crypto wallets controlled by organizations and individuals through code on a blockchain. It provides management of assets, votes on community matters, builds protocols and is managed by the members only (not via any government organization). A recent tweet from the DeepDAO account spoke about its recent move listing Solana DAOs, it read:
“We are delighted to announce our first listing of @solana DAOs on http://DeepDAO.io. The @solana‘s DAO framework provides governance, treasury, and discussions fully on-chain. 2 of the new DAOs enter into our top 5: @mangomarkets at #3 and @UXDProtocol at #4”
DeepDAO founder and CEO Eyal Eithcowich has faith in the Solana DAO ecosystem with the view that even though it is much smaller than Ethereum's, it is diverse and believes it is full of opportunity.
Just like Ethereum, Solana utilizes smart contracts, builds Defi apps and provides the necessary tools to manage DAOs.
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