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- According to DeepDAO, AUM listed on various platforms increased by $15.7 Billion, where participants increased from 13K to 1.6 Million
- However, the total AUM has decreased by 28.1% in the past 30 days
- DAOs facilitate true decentralization, giving communities access to create change.
The world of cryptocurrencies has witnessed many tangents of either new regulations or tax plans while seeing the trend of NFTs & meme currencies into practice of consolidated investments. Among other things it also saw the rise of Decentralized Autonomous Organizations (DAOs) as the main purpose of such innovation was to truly give the power & access to participants or the members of the community in a decentralized format.
Recently, data from DeepDAO, a DAO stats platform revealed that the total Assets Under Management (AUM) listed on various platforms saw a surge while managing $380million assets in Jan 2021 to discovering an extremely high altitude of $16 Billion in mid september, an increase of $15.7 Billion.
However things did take a downturn, post september, as total AUM has decreased by at least 28.1% since its high water marks of 16 Billion to currently AUM of $11.5 Billion as of mid-Dec while most of the crash came in the previous month along with the bearishness surrounded in the cryptocurrencies market.
However, according to the data, the user participation in regards to DAOs has only increased during the whole duration of 2021, while ranging from 13K in early Jan to 1.6Million by mid-december. A phenomenal increase of 130X.
Furthermore, DeepDAO also listed the top decentralized exchanges that contributed the most towards the growth where the decentralized exchange Uniswap (DEX), the decentralized finance staking platform Lido finance & the general purpose BitDAO were some of the top exchanges ranked by DeepDAO.
The craze of DAO began, after the enthusiasts caught wind of ConstitutionDAO, where $47 billion was raised through the issue of PEOPLEs token to purchase the original copy of the US Constitution, while the mission wasn’t successful, the copy was brought by a hedge fund CEO, the experiment is considered one the largest in the realms of cryptocurrencies. The raised amount was later refunded through the same tokens which also is considered the crux of the matter.
Since then DAO tokens are expected to play a huge role, especially when it comes to decentralized social media platforms where true access & power is given to the members of the community to make changes in the protocol or the interface by purchasing or earning such tokens in future.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
