Interest in decentralized autonomous organizations, better known as DAOs, has seen a sharp increase since the rise and fall of ConstitutionDAO, a group that raised $45 million in ETH last year in a failed attempt to buy a limited edition copy of the U.S. Constitution.
And while DAOs still primarily exist on Ethereum, the network that powers the second-largest cryptocurrency by market cap, they’re beginning to spring up on competing blockchains—namely Solana.
According to DAO analytics site DeepDAO, there is currently $9.5 billion held in DAO treasuries across all networks, with $1.3 billion held by DAOs built on Solana alone, and the remainder ($8.2 billion) on Ethereum. DeepDAO expanded its dataset to include communities on Solana earlier this week. “The DAO ecosystem is spreading to other chains, and it’s our mission to model the entire ecosystem, not just the Ethereum one,” Eithcowich told Decrypt.
Launched in February 2020, Tel Aviv-based DeepDAO is a data aggregator and analytics site for DAOs, currently listing over 4,832 organizations. DeepDAO founder and CEO Eyal Eithcowich says the Solana DAO ecosystem, while smaller than Ethereum’s, is diverse, with decentralized organizations increasingly spinning up on the network.
Solana, like Ethereum, utilizes smart contracts—the self-executing computer code that makes it possible to create NFTs (like those Bored Ape cartoon images), build DeFi apps, and assemble the tools necessary to structure and manage DAOs.
A DAO is essentially an online community that uses Web3 tools to organize and spread control of the…