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Bitget Token Bitget Token (BGB) $4.48 ↓ -1.50%
Pepe Pepe (PEPE) $0.00 ↓ -5.05%
Aave Aave (AAVE) $289.53 ↑ 0.23%
Cronos Cronos (CRO) $0.13 ↑ 0.82%
Bittensor Bittensor (TAO) $408.48 ↓ -3.34%
Ethena Ethena (ENA) $0.57 ↑ 13.72%
Ethereum Classic Ethereum Classic (ETC) $22.02 ↓ -2.51%
Pi Pi (PI) $0.44 ↓ -1.64%
NEAR Protocol NEAR Protocol (NEAR) $2.71 ↓ -0.86%
Ondo Ondo (ONDO) $1.01 ↓ -2.21%
Aptos Aptos (APT) $4.64 ↓ -1.06%
Internet Computer Internet Computer (ICP) $5.45 ↓ -2.38%
OKB OKB (OKB) $47.75 ↓ -0.65%
Bonk Bonk (BONK) $0.00 ↓ -7.75%
Kaspa Kaspa (KAS) $0.10 ↓ -1.90%
Mantle Mantle (MNT) $0.75 ↓ -0.84%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.23 ↓ -0.71%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↓ -8.82%
Algorand Algorand (ALGO) $0.26 ↓ -3.10%
Arbitrum Arbitrum (ARB) $0.43 ↓ -1.53%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↑ 0.05%
VeChain VeChain (VET) $0.02 ↓ -1.08%
GateToken GateToken (GT) $17.45 ↓ -0.49%
Render Render (RENDER) $4.02 ↓ -1.75%
Worldcoin Worldcoin (WLD) $1.11 ↓ -3.57%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $9.75 ↓ -1.69%
Sky Sky (SKY) $0.09 ↑ 5.76%
Sei Sei (SEI) $0.32 ↓ -0.08%
Cosmos Cosmos (ATOM) $4.58 ↓ -2.44%
Filecoin Filecoin (FIL) $2.56 ↓ -1.96%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.71 ↓ -3.04%
SPX6900 SPX6900 (SPX) $1.72 ↓ -2.13%
Jupiter Jupiter (JUP) $0.53 ↓ -3.31%
Flare Flare (FLR) $0.02 ↓ -4.42%
KuCoin Token KuCoin Token (KCS) $12.05 ↓ -0.51%
Story Story (IP) $5.19 ↓ -4.49%
First Digital USD First Digital USD (FDUSD) $1.00 ↑ 0.01%
Quant Quant (QNT) $119.48 ↓ -1.05%
Curve DAO Token Curve DAO Token (CRV) $1.05 ↑ 5.04%
XDC Network XDC Network (XDC) $0.09 ↑ 1.72%
Celestia Celestia (TIA) $1.87 ↑ 1.85%
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Four Four (FORM) $3.37 ↓ -5.22%
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Optimism Optimism (OP) $0.70 ↓ -0.62%
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dogwifhat dogwifhat (WIF) $1.03 ↓ -3.89%
Ethereum Name Service Ethereum Name Service (ENS) $27.56 ↓ -3.48%
The Graph The Graph (GRT) $0.10 ↓ -2.42%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.51 ↓ -4.79%
Kaia Kaia (KAIA) $0.16 ↓ -2.00%
Lido DAO Lido DAO (LDO) $1.07 ↓ -2.22%
PAX Gold PAX Gold (PAXG) $3,347.34 ↓ -0.98%
Sonic Sonic (S) $0.33 ↓ -2.74%
Conflux Conflux (CFX) $0.18 ↑ 0.43%
Tezos Tezos (XTZ) $0.87 ↓ -7.19%
Pump.fun Pump.fun (PUMP) $0.00 ↓ -14.71%
PancakeSwap PancakeSwap (CAKE) $2.63 ↑ 0.26%
Vaulta Vaulta (A) $0.56 ↓ -4.79%
Theta Network Theta Network (THETA) $0.85 ↓ -1.98%
Nexo Nexo (NEXO) $1.31 ↓ -0.87%
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Home Cryptocurrency

VC Paradigm Invests in MetaDAO as Prediction Markets Boom

Milton Shikuku by Milton Shikuku
4 August 2024
in Cryptocurrency, News
Reading Time: 3 mins read
0
VC Paradigm Invests in MetaDAO

VC Paradigm Invests in MetaDAO

MetaDAO, an innovative governance experiment based on the Solana blockchain, has garnered massive attention and funding from venture capital firm VC Paradigm. This months-old project aims to leverage prediction markets to determine event outcomes, a concept that has captivated the interest of many investors. VC Paradigm recently led a successful funding round, raising $2.2 million for MetaDAO, which focuses on establishing governance structures that utilize market mechanisms rather than traditional voting.

VC Paradigm
VC Paradigm

Table of Contents

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  • The Rise of Prediction Markets
    • YOU MAY BE INTERESTED
    • Pi Network’s Future Unveiled: Price Predictions and Key Milestones Ahead
    • Institutions Now Hold Over 10% of Bitcoin Supply as Demand Outpaces Mining
  • Market Enthusiasm and Fundraising Success
  • VC Paradigm’s Significant Stake in MetaDAO
  • Collaborations and Future Prospects

The Rise of Prediction Markets

The growing popularity of prediction markets has attracted political bettors who are willing to wager hundreds of millions of dollars on expected outcomes in various scenarios, including key political endorsements. For instance, bettors actively speculate on whom Vice President Kamala Harris will select as her running mate in the upcoming elections. MetaDAO aims to expand on this model, presenting a framework where market forces, rather than simple votes, dictate decisions. 

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Market Enthusiasm and Fundraising Success

This governance approach is known as futarchy, and its advocates believe that market participants can arrive at more informed and effective choices compared to conventional decision-making processes typically led by politicians. VC Paradigm, established by Fred Ehrsham, co-founder of the prominent Coinbase crypto exchange, has been an outspoken proponent of prediction markets as a means for businesses to hedge against political risks. 

VC Paradigm
VC Paradigm

As the 2024 elections draw near, the interest in crypto-focused prediction markets has surged. Data from Dune shows that Polymarket, the market leader, has reached an impressive $90 million in open interest, marking a record for contracts that allow bettors to predict significant world events such as political developments. The current enthusiasm surrounding prediction markets has clearly benefited MetaDAO during its fundraising efforts, as highlighted by Proph3t, the pseudonymous founder of MetaDAO. He stated, “If we see Polymarket as a machine, then it made sense to me that we’d want to use a truth machine to make decisions.”

VC Paradigm’s Significant Stake in MetaDAO

In this context, VC Paradigm now holds a considerable stake in MetaDAO, acquiring 3,035 tokens, which makes the firm the single largest holder of META tokens at 14.6% of the total supply. Additionally, around 30 angel investors collaborated in this funding campaign, contributing to a total raise of approximately $2,229,950 for the project.

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MetaDAO’s interpretation of futarchy operates through its native token, META. Within this framework, any proposal that the group seeks to act upon is subjected to a “pass” and “fail” market, allowing traders to speculate on the outcomes using the META token. The determination of whether a proposal succeeds hinges on which market—pass or fail—exhibits a higher token price. For instance, a recent proposal to sell several million dollars’ worth of META tokens for operational costs saw traders favoring the pass market, pushing its price to $435, while the fail market stood at $386, leading to the proposal’s approval.

VC Paradigm
VC Paradigm

In contrast to many self-proclaimed decentralized autonomous organizations (DAOs) in the crypto space that equate token ownership with voting rights, MetaDAO operates under a unique model where anyone with financial resources can directly influence outcomes. The project’s vision has attracted considerable interest within the Solana ecosystem, facilitated by gatherings like the mtnDAO hacker house held in Salt Lake City earlier this February.

Collaborations and Future Prospects

MetaDAO is also collaborating with various other Solana-based initiatives to implement market-based governance systems. One such partner, the trading platform Drift, is incorporating MetaDAO’s technology to decide which projects receive grants in the form of its DRIFT token. Co-founder Cindy Leow emphasized the positive trends observed from their implementation, noting that it has effectively led to the acceptance of one proposal while another was rejected, underscoring the community’s thoughtful approach to governance and budgeting. 

In summary, with backing from prominent investors like VC Paradigm, MetaDAO is poised to challenge traditional governance models, harnessing the power of prediction markets to shape decision-making processes in the crypto world. Stay tuned for more updates on this evolving story on the Turkish NY Radio.

 

Tags: Crypto InvestmentMetaDAOPrediction MarketsVC Paradigm
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Milton Shikuku

Milton Shikuku

Milton is a highly organized reporter passionate about covering and sharing news about the blockchain, digital currencies, ICOs, altcoins, and other related topics in the cryptocurrency space. Milton understands the technicalities of the space, so he writes in a simple, understandable manner for readers from all backgrounds. His writing style has been praised for its clarity and sharp wit as he breaks down complex topics.

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