Decent DAO is a decentralized venture company that develops Web3 projects. Decent DAO is a venture studio, incubator and open-source collective that connects investors with talent.
It is an extension of Decent Labs’ work.
Many projects are coming online in Web3 but lack the technical and financial know-how required to move them to the next stage. Decent Labs today announced the launch Decent DAO, a distributed venture studio for development, to help these projects go from zero to sixty. It has received funding of $10 million from Decent Labs and BlockTower Capital, Cumberland DRW Digital Currency Group, GSR 1kx, Cumberland DRW, Digital Currency Group, GSR and other investors.
Decent Labs was launched in 2017 by Parker McCurley. It aims to support decentralized finance (DeFi), development using Ethereum. Decent Labs worked on products such as Portis, Rawrshak and BRD.
McCurley explains that Decent Labs offers a range of skills including brand design (conceptual and visual and communicatory), product designing (UI/UX, research) and software engineering using React web apps powered by Ethereum smart contracts. This code executes automatically when a given criteria is met.
McCurley stated that Decent Labs started fundraising last year with an intention to raise $7million and scale-up. It initially had little success so it decided to start a few projects internally. McCurley says that after three months, McCurley decided to pivot and go back to the best crypto-savvy funds. These are people who have been in this space for years, such as BlockTower or 1kx. They saw how quickly we had developed and were impressed enough, McCurley adds.
Decent Labs won’t receive the money, but McCurley sees Decent DAO as an incubator, venture studio and open-source collective that will connect talented people to investors who know those who are building Web3.
McCurley states that “we’re at the intersections of many radical changes to business as Web3 matures” and that a DAO is needed that brings together partners who are fully invested in autonomous and equitable access opportunities in the crypto development world.
Decent DAO will select new projects every six months. These will be funded by Decent DAO. Decent DAO core contributors will support Decent DAO. Decent DAO’s core contributors have pledged to share the institutional knowledge they have gained by working with leaders in cryptocurrency industry to support future visionaries of Web3.
McCurley stated, “Ultimately, our studio’s goal is to create onchain technology robust enough to institutions and accessible for anyone with an internet connection that’s 100% free, open, and decentralized.