1.9M Governance Token Holders Managing $500M: DeepDAO Welcomes the Polkadot Ecosystem

Polkadot, Kusama, and six parachains are now listed on DeepDAO, joining Ethereum, L2s and Solana DAOs in the largest DAO discovery engine

DeepDAO is excited to announce the addition of eight new DAOs, all running as Substrate chains, or parachains. The new blockchain DAOs, headed by Polkadot and Kusama, mark the 3rd major blockchain ecosystem added to our dashboard of almost 5000 organizations running on Ethereum, L2s, and Solana. 

The new Substrate organization's total treasury is close to 500 million USD, with Polkadot leading the way with $408M in its treasury, and Kusama with over $30M. The total number of Substrate proposals aggregated on DeepDAO is over 1700 and the total number of voters is over 8000 

The biggest change is in governance token holders. No less than 1.9 million governance token holders, eligible to vote in a Substrate chain or parachain, were added to our dataset. A number that was just a few dozens in 2019, and last year was still less than a million, is now over 3.5 million, and symbolizes the explosive growth trajectory of crypto DAOs, and the decentralized governance revolution we’re witnessing. 

Here a comparison of key metrics between the three major chain ecosystems: 

Note regarding these numbers: while many of the votes counted here as belonging to Ethereum are on Snapshot and thus off chain, all of the Solana and Substrate votes are on chain.

A full list of the 8 new organizations: 

1. Polkadot is an open-source blockchain platform and cryptocurrency. It is the main force behind the development of Substrate. Their DAO, the PolkaDAO, has 21K members and more than 275 governance decisions. With more than $400M in treasury, it joins DeepDAO as the #5 largest DAO on the platform.

2. Kusama is an experimental network for development teams that offers the option to prepare for deployment on Polkadot. Its DAO has more than 7,5K members and is DeepDAO’s #22 largest treasury with more than $84M.

3. Acala is a decentralized finance network powering the aUSD, a decentralized, multi-collateralized stable coin backed by cross-chain assets, designed to have relative stability to the US Dollar, and Ethereum compatible thanks to Substrate. Treasury of more than $60M, #27 largest on DeepDAO.

4. Darwinia is a trustless multi-chain bridge hub network designed for the next generation of Web3.0 Dapps and games. It provides an entrance to Polkadot for projects that have been deployed on public blockchains such as Ethereum and BSC. Treasury of $9,7M.

5. Crust provides Web3 decentralized storage network for the Metaverse. It supports multiple storage-layer protocols and its technical stack allows data manipulation and computing. Treasury of $8M.

6. Bifrost Bifrost is a web3 derivatives protocol built on Kusama, that provides decentralized cross-chain liquidity for staked assets. Treasury is $6M.

7. Moonriver is part of Moonbeam and is a network providing a permanently incentivized canary network connected to Kusama’s MainNet. Their DAO has 5.5K members and 140 decisions. Treasury of $540K.

8. Hydradx is a cross-chain protocol built with Substrate in the Polkadot Network to enable frictionless liquidity for crypto assets.

The Substrate Governance: Democracy, Council, and an Emergency Response Team 

The Substrate chains and parachains have their own unique, multi-tier governance structure that somewhat mimics the separation of jurisdictions practiced in modern democracies.

There are two major governing bodies: Democracy and Council, and a fast response group called the Technical Committee. The Democracy / Council structure should be familiar to most of us. The larger body is made of the entire coin holders community, which is akin to a country’s citizenry, and the Council with its elected members is similar to the modern government.

The third body comprising the Kusama governance is the Technical Committee, charged with executing emergency fixes and patches. It has only 3 members, and since it needs to act fast proposals created on the Technical Committee are by default approved, unless another member of the committee rejects them. 

Powered by Subsquid: The Substrate organization's data was developed for DeepDAO by Subsquid, a company providing a framework for robust, natively multichain APIs. 

About DeepDAO

DeepDAO is the number one discovery engine for crypto DAOs, and the top tool for aggregating, listing, and analyzing governance. With 5000 listed blockchain DAOs and millions of governance profiles, DeepDAO is a vast network of social and work-related connections in the Web3 space. Top research teams, VCs, and top media institutions rely on DeepDAO data to report on the explosively growing DAO ecosystem. 

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