MetaCartel Ventures – the first for-profit investment DAO – has officially launched on Etherum mainnet.
👑 Venture DAO is live on mainnet. RISE.https://t.co/mGK1zgTUka
— METACARTEL VENTURES (@VENTURE_DAO) February 14, 2020
Built using Moloch v2 smart contracts, MCV brings a suite of new additions to the widely popular Moloch framework.
In tandem with the launch of the Grimoire, MetaCartel Ventures (also known as Ventures DAO) introduces a legally compliant framework for shareholders to make profit-focused investments including equity and token positions in early-stage startups.
Why Moloch v2?
“Moloch v2 is an upgraded version of MolochDAO that allows the DAO to acquire and spend multiple different tokens, instead of just one. It introduces the Guild Kick proposal type which allows members to forcibly remove another member (their assets are refunded in full). It also allows for issuing non-voting shares in the form of Loot. Finally, v2 fixes the “unsafe approval” issue raised in the original Nomic Labs audit.”
Moloch v2 extends MolochDAO’s operations from grant-giving to investing in an unlimited number of assets. New use-cases included:
- Specifying a tribute token and a payment token, which can be any whitelisted ERC20.
- Payouts in stablecoins to skip share issuance and pay external contractors without awarding membership shares.
- OTC token swaps with the guild bank.
Similarly, two new proposal types were introduced, both of which follow the same voting mechanics as standard proposals (no quorum, simple majority rules), including:
- Whitelisting new tokens to be eligible as tribute
- Removing DAO members via Guild Kick.
Why Should I Care?
For those who have been keeping up on the rise of DAOs, Moloch and MetaCartel have been leading the charge on deploying grants to a wide number of Ethereum-based initiatives.
From Ethereum development to consumer-facing applications, nearly $500k in capital has been deployed to nearly 100 initiatives over the course of the last year. What’s important to note here is that many of these applicants are now gearing up for formal seed rounds to the tune of six-figures.
With the introduction of MCV, projects which have received grant funding can now receive follow on investments in tandem with signalling and community support from some of the most focused individuals in the space.
Furthermore, MCV has put a significant amount of time into the legal side of MCV – mainly with the focus of allowing non-accredited investors to participate in the DAO.
Ameen Soleimani, summoner of Moloch and co-summoner of MCV, notes:
“Community-driven investment funds like MCV are going to turn the tables on traditional vehicles by aggregating signal and talent at previously unprecedented levels. Despite being less than a year old, the MetaCartel community has been surprisingly successful at finding and supporting the most promising projects in Ethereum. I see no reason to believe that MCV won’t be the first money into basically everything interesting from here on out.”
Pet3rpan, a co-summoner of MCV, echos this sentiment with his words of wisdom:
“Let’s get it”
What to Expect
In the coming weeks, MCV will begin accepting tributes from select members.
During the initial summoning, MCV will support a select number of tokens including:
It’s likely that it will take a couple of months for non-accredited investors to be able to start actively participating (seeing as the DAO must first raise $5M in capital) so we recommend keeping up with the official Twitter here.
Cooper is focused on building compelling blockchain products. He currently works as the managing director at Fitzner Blockchain Consulting and is a contributor to DAOs like MetaCartel and Moloch. He is an active member of the Ethereum community and has a strong interest in for-profit businesses such as The Block Crypto and Messari.