Open DeFi DAO partners with IOSG Ventures to foster a multi-chain DeFi ecosystem
In early March, Open DeFi established a global launchpad in collaboration with its member network, to nurture early-stage projects building the future of decentralized finance. The 13 projects who were accepted into this pilot program, had the opportunity to collaborate with established DeFi protocols, research groups, security firms, academia and industry leaders.
Early on, we noticed all of these projects have massive potential and executional prowess, yet nearly all required more than just traditional capital. Today, in the rapid development of the DeFi market, we have seen that there are many outstanding developers in this industry with similar stories of mismatched resources or funding.
These founders require not only a boost in liquidity, but ecosystem and community support at an early stage to stand out amongst the competition. Open DeFi DAO aims to be this trusted (or trustless) partner for founders & developers and bridge the gap.
In order to accomplish the mission of our DAO, we have partnered with IOSG Ventures, one of the most passionate VCs in the crypto market to collaborate and share resources to propel early-stage protocols into liquid, chain-agnostic, and well-recognized DeFi powerhouses.
To kick off our partnership, Open DeFi will join IOSGs new “Kickstarter” program, an initiative that shares the same values and mission as our DAO. The program will provide mentorship & capital to early stage developers in the Web 3.0 ecosystem. Joining forces with leaders in the space such as DeFi Alliance, NEAR, Synthetix, 1inch Network and more, the kickstarter program will provide comprehensive support for outstanding early-stage development entrepreneurs. This includes technology development, product building, community building, talent introduction, etc.
Open DeFi will assist in incubation activities for the Kickstarter program and help propel our DAOs incubated projects to get funding from DeFi investors like IOSG Ventures. Teams that pass the Kickstarter screening will receive $10,000 to $100,000 in funding support! In exchange, the Kickstarter program will provide a new funnel for DApps and early-stage projects to enter our DAO.
In the meantime, if you are a developer looking to join forces with us early you can check out our newly-announced bounty with $15K in prizes at our Open DeFi hackathon! In this open bounty, we are interested in helping fund new innovations that are currently missing in cross-chain infrastructure. The bounty is an open-submission for any chain agnostic application, but we would love to see our communities of hackers and founders aim to solve the following challenges faced by cross-chain DeFi projects:
- Efficient cross-chain asset transfers and function calls
- Cross-chain liquidity provision and yield aggregator
- Innovative cross-chain swap solution
- Cross-chain arbitrage
- Tools to improve web3 user experience for multi-chain/cross-chain apps
- Multi-chain platforms that allow developers to fast develop and deploy multi-chain apps
- Security risk detection and management for DeFi applications
- User-friendly governance tools
At our upcoming DAO-day livestream on the 28th of May, OpenZeppelin, Open DeFi, and IOSG Ventures will see demos and judge all submissions to find the winner! All submissions will also be considered for further incubation services through the Open DeFi DAO as well as funding support from the IOSG Kickstarter program.
Together, through several long-term initiatives such as Kickstarter and our hackathon, IOSG Ventures and Open DeFi DAO will create programs that help developers and projects create products and truly focus on adding value to the Web3.0 ecosystem & its users. With these two initiatives and others to come, we will help foster a multi-chain ecosystem and incubate projects on different public chains.
Founded in 2017, IOSG Ventures is a research and community-driven firm focused on open finance, Web3.0 and cross-chain ecology. IOSG Fund Ⅰ portfolio covers more than 100+ projects, including Layer 1s (NEAR Polkadot, Cosmos, Conflux), DeFi (1 inch, Synthetix, UMA) and middlewares protocol (Celer, Raiden, Reach). IOSG has been actively involved in various developer & DAO communities, investing in potential founding teams. IOSG always believes in long-term partnerships and works closely with their portfolio to advise and support them along their journey of entrepreneurship.
About Open DeFi
Open DeFi DAO is a permissionless incubation DAO, formed to launch the breakthrough DeFi projects of tomorrow and generate long-term value by building and launching early-stage financial protocols, applications, tools, and infrastructure that support Open DeFi’s vision of a cross-chain DeFi ecosystem. The DAO will support and launch projects across all layer one ecosystems and explore DeFi markets surrounding new digital asset classes, including NFTs, data tokens and more. The goal is to develop a truly integrated multi-chain DeFi ecosystem that will open up liquid markets and establish a new operating system for finance.
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