Here Are 5 DAOs That Are Using The Bear Market To Keep Building
The crypto bear market has driven down prices of all major crypto assets in recent months. However, every industry development is an opportunity waiting to be explored. For example, some decentralized autonomous organizations, or DAOs, used this time well to keep building and expanding their user base.
A Crypto Bear Market Isn't All Bad
When looking at the prices of BTC and ETH, one would be inclined to think the cryptocurrency industry has hit a proverbial standstill. Market values have decreased spectacularly, and the long-expected rebound has yet to materialize. Thankfully, this industry has much more than the market prices of crypto assets. Innovation occurs behind the scenes around the clock, regardless of how much one might pay for a bitcoin.
In fact, the bearish spell is a golden opportunity for companies, projects, and teams looking to grow their user base. As there is no immediate sentiment to focus on price momentum, crypto enthusiasts will often be more susceptible to interesting and innovative ideas. The best way to bring together a community through innovation is by forming a DAO. It enables global participation and decision-making without one party controlling the project's future outlook.
This crypto winter has seen numerous DAO-oriented projects use their time well to increase their industry position. Although they pursue very different goals, interest in DAOs continues to grow every quarter.
UpLift DAO
The purpose of UpLift DAO is to provide access to a permissionless and decentralized launchpad. As a result, users can explore opportunities to launch, accelerate, and incubate projects active in the decentralized finance (DeFi), blockchain gaming and metaverse industries. Opting for this approach ensures long-term commitment from people with a genuine interest in new projects that transcends financial gain. Moreover, its DAO model creates a community of people with similar mindsets, users who can help projects gain recognition and traction, and enables a multi-chain future where cross-chain solutions are the norm rather than the exception.
Through UpLift DAO, anyone can participate in the presale of innovative crypto-related projects. Additionally, all decisions regarding UpLift are made by its DAO members staking the LIFT token. To date, UpLift DAO has helped projects raise over $1 million dollars, organized DAO voting, and grew the number of token stakers and Total Value Locked. Moreover, the team remains committed to building, regardless of overarching market conditions.
EarthFund DAO
Making the world a better place through decentralization seemed impossible a few years ago, but EarthFund DAO shows things can be done differently. While the project isn't changing the world itself, it provides the necessary tools to help people have a better voice and say in their future. Moreover, DAO members can create new causes to make the world a better place, vote on other proposals, help project founders launch a DAO, and enable crypto donations to ensure all contributions make the biggest impact possible.
Despite the ongoing bear market, EarthFund launched its product to decentralize crowdfunding - and successfully saw the community grow exponentially - and welcomed its first cause. The Chopra Foundation launched a campaign for mental health and wellbeing, raising over $116,000 through EarthFund. Moreover, people backing the cause become part of this project's own DAO, allowing them to weigh in on crucial decisions and updates.
MakerDAO
Most people will know MakerDAo as a decentralized finance-oriented decentralized autonomous organization. While DeFi has seen its backlash due to the ongoing bearish crypto market conditions, MakerDAO continues to push ahead. A recent protocol proposal would help bridge the gap to traditional finance by bringing a real-world bank into its ecosystem. That opportunity would give the bank an option to borrow against its assets through decentralized finance.
Contrary to expectations, the community is largely in favor of this option. Oer 87% of voters see merit in the MakerDAO x HVBank (Huntington Valley Bank) collaboration. Moreover, the opportunity to bring real-world assets into the DeFi fold shows there is still tremendous interest in what decentralized finance brings to the table. As MakerDAO operates as a DAO, its MKR holders will continue to weigh in on this idea, and it will only go ahead with their explicit approval.
BitDAO
The BitDAO project is the decentralized autonomous organization with the largest crypto treasury. However, the project is about much more and may soon get its native Layer-1 infrastructure. A proposal was submitted to BitDAO members via Bybit CEO Ben Zhou to create a new blockchain to ring investment opportunities across various Web3 verticals to the community.
It would expand BitDAO's presence and appeal, as the project currently focuses on gaming, Ethereum scaling, blockchain education, and art curation today. Exploring new horizons will enhance the DAO's appeal and unlock new opportunities. The community is welcome to comment and vote on the proposal in true DAO fashion. The overall response seems mainly positive, although there are still various details to work out. Despite the bearish market, it is a bold path that signifies the opportunities in this industry under any given circumstance.
Decentraland
Decentraland is one of the biggest gateways to the metaverse and virtual land. The project has gained success within the cryptocurrency industry but is now expanding its reach to the real world. Santander, a global bank, recently announced it would host an award ceremony in Decentraland. The ceremony pertains to the Santander X Global Challenge | Blockchain venture, where six winners will be chosen.
Hosting such an event will bring more mainstream attention to the Decentraland Metaverse. In turn, that benefits the Decentraland DAO, as there will be new opportunities and proposals to vote on. The Decentraland DAO community has been busy lately with various key decisions, including the recent approval of bringing BabyDoge wearables to Decentraland and issuing a $1 million grant in $MANA tokens to Decentral Games.
Closing Thoughts
Decentralized Autonomous Organizations are a hive mind or people with similar ideas, expectations, outlooks, hopes, dreams, and aspirations. Those facets of life are not tied to bullish crypto momentum but can occur at any time.
A bear market in cryptocurrency land does not mean innovation and exchanging of ideas grind to a halt. If anything, it often has the opposite effect, making the DAO concept more appealing and valuable.