Squads has raised $5 Million to facilitate DAOs on Solana.
Ryisan C. Feb.24, 2022
During our last article on Squads we spoke on the ease of which making DAOs are handled on the platform. Squads created a simple way for users to create their own DAOs.
Squads has annuonced the launch of the mainnet at the Solana Hacker House event in Moscow. The Squads group also revealed that $5 Million in funding had been acquired through a funding round that was lead by Multicoin Capital and also participated by Jump Capital, Delphi Digital, Collab+Currency, SEedClub Ventures, Volt Capital and a few more venture capitalists.
Squads provides the building blocks for Solana based DAOs on the blockchain and allows the DAOs to function beyond the simple talk that occurs on a Discord server. Squads is focused on creating a method for teams to cooperate efficiently in the web3 space.
Squads has many tools that will help DAOs world efficiently- a multi-sig wallet, a vault, DeFi protocol integrations, and token-less proposals. The multi-sig wallet is used by requiring multiple signatures for validations and transactions to occur. The DeFi protocol integrations are meant to make swapping crypto easier thus making decisons and payment for those decisions easier to handle as well. All of these tools means that Squads is gearing up to provide a one-stop-shop for all users’ DAO needs. Squads allows decentralized collaboration that is also very transparent.
As we stated in our earlier article, there are other DAO on Solana such as GRAPE is another widely adopted and used protocol on the blockchain but there isn’t the same amount of simplicity as Squads. Grape focuses mostly on Discord and tools for the communities whereas Squads handles more of the complex governance and management of group funds.
The $5 million in funds will be used to continue the growth of Squads and build more tools to increase the infrastructure of the project by building their team and creating more tools for users to use. The Squads team also plans to use the funds to work closely with other projects to custom create other DAOs