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Matter Labs, BitDAO Back $200M DAO for zkSync
The DAO will invest in expanding the Ethereum-based zkSync ecosystem.
Matter Labs, the organization behind Ethereum layer 2 scaling protocol zkSync, has announced a $200 million decentralized autonomous organization (DAO) backed by BitDAO, a DAO-directed treasury with a balance of more than $2.6 billion.
- The new zkDAO will use the capital to help expand the zkSync ecosystem through public goods and infrastructure, security frameworks, research and development grants, and investments in other crypto organizations.
- A zero-knowledge rollup launched in 2019, zkSync works to ease the congestion and high fees caused by scalability issues on the main Ethereum blockchain.
- “This proposal will not only benefit the collective Ethereum scaling effort but will provide tremendous value to the BitDAO ecosystem, which continues to act as a leading force across industries as it creates entirely new purpose-built DAOs that also need to scale effectively on-chain,” said Jonathan Allen, head of Mirana Ventures and a BitDAO contributor, in a statement.
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Read more: Andreessen Horowitz Leads $50M Funding Round for Matter Labs
Brandy Betz
Brandy covered crypto-related venture capital deals for CoinDesk. She previously served as the Technology News Editor at Seeking Alpha and covered healthcare stocks for The Motley Fool. She doesn't currently own any substantial amount of crypto.
