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BitDAO and Matter Labs Launch $200M Backed zkDAO Project
Last Updated: January 27, 2022
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zkDAO announced its newest project built on the zkSync Ethereum scaling platform, funded with $200M by BitDAO's treasury.
The project was announced after a poll was issued by Matter Labs on the BitDAO treasury. Users were asked if they would be interested in a decentralized autonomous organization. The poll reached almost $200M votes in favor of the new DAO.
zkDAO’s capital will be used to create a layer-2 framework on the Ethereum network. This will allow the network to make faster transactions on the blockchain, alongside a zero-knowledge proof protocol which will allow users to verify their identities without unveiling crucial personal information.
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Head of Mirana Ventures Jonathan Allen, who also backed the BitDAO project, stated:
“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.”
zkSync will be the crucial part of the new ecosystem, ensuring better scalability which will result in less transaction fees.
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