DeFi Alliance, a crypto-focused startup-accelerator is evolving into a decentralized autonomous organization (DAO) focused on Web3 projects following a $50 million raise.

According to an official <a href="https://www.defialliance.co/news/announcing-alliance-dao" target="_blank" rel="nofollow noopener">announcement</a> on Thursday, DeFi Alliance rebranded itself 'AllianceDAO' with support from over 300 backers from top crypto leaders such as <a href="https://www.cryptoknowmics.com/news/gamestop-now-live-on-gemini-backed-flexa-payments-network/">Gemini</a> co-founders Cameron and Tyler Winklevoss, OxMaki from Sushi’s founding team, Crypto.com co-founder Bobby Bao, <a href="https://www.cryptoknowmics.com/news/nft-platform-opensea-valued-at-13-3b-in-latest-funding-round/">OpenSea</a> CEO Devin Finzer, Terra founder Do Kwon, and Libra co-creator Morgan Beller.

The reason for the rebrand includes growing the Web3 ecosystem to over one billion users. The DAO also intends to provide governance, recruiting, liquidity, marketing, advisory, or other potential startup support services in the near future.

Commenting on the development, Dane Lund, the <a href="https://www.cryptoknowmics.com/news/fantom-maker-announces-the-closing-of-its-1-8m-private-rounds-led-by-dao-maker-and-halvings-capital/">DAO</a>'s head architect, said:
<blockquote><em>"We will be building the infrastructure for an ecosystem that encourages the best Web3 founders to receive accelerator services and then remain as mentors to later founders. We also aim to attract other DAO Contributors (builders, subject matter experts, and service providers) to join to provide support for Web3 founders."</em>

<em>"By creating a DAO, we are able to distribute the work of supporting founders even further and permit contributors to have a more direct stake in the outcome of their efforts, which incentivizes high-quality contribution,"</em> Lund said.</blockquote>
Initially launched in April 2020 as the Chicago DeFi Alliance, the organization has included in its accelerator program 0x, dYdX, Kyber Network, IDEX, Olympus DAO, Sushiswap, and Synthetix.

In the coming months, Alliance DAO will release documentation to explain how the DAO will operate, its governance structure, and its services.

DeFi Alliance Goes Full DAO After $50M Raise

DeFi alliance is evolving into a decentralized autonomous organization (DAO) focused on Web3 projects

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

DeFi Alliance Goes Full DAO After $50M Raise

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