Substrate-based startup Dora Factory has closed its first round of private sales led by HashKey.
NGC Ventures, DFG, SNZ Holdings, AU21 Capital, Axia8 Ventures, Digital Renaissance Foundation, Candaq Fintech Group, Dealean Capital, Cabin VC, LD Capital and DoraHacks Ventures also participated in this round.
Dora Factory is one of the first blockchain projects that aim to build an open infrastructure for decentralized autonomous organizations on Substrate.
“For us, a DAO is not just a coin-voting machine. A DAO is a set of on-chain governance schemes. To achieve this, there needs to be an open infrastructure where DAOs can plug-and-play governance features freely, and that’s what we call a DAO-as-a-Service infrastructure. Substrate offers a unique tool to build an open platform for on-chain governance protocols,” said Eric Zhang, the architect of Dora Factory.
“DAOs are the future of organizations. There are many examples of DAOs we can think of — open-source developer teams, DeFi protocol governance bodies, public chain developer communities, DAO-organized venture capitals, and many more. They all can be or already are DAOs. In the future, many more institutions can be organized as DAOs. For example, nonprofit organizations, crypto artist groups, event organizers, hobbyist groups, decentralized media, etc.,” said Steve Ngok, the oracle of Dora Factory.
Designed to revolutionize how DAOs work, Dora Factory introduced an innovative token economics model that incentivizes developers to build modules on Dora Factory’s parachain and receive fees when DAOs use their pallets.
From TheDAO and Aragon to newly emerged DAO VCs, such as DuckDAO and MetaCartel Ventures, DAOs are evolving fast to satisfy the needs for better governance schemes of various blockchain communities.
“Dora Factory provides a playground where DAOs can be easily created and equipped with cool pallets that serve their crucial needs for governance, fundraise, collaboration, administration and more,” Zhang said.
The whole project is backed by one of the largest and most active blockchain developer communities, DoraHacks. The organization just announced the DoraHacks Global Hackathon Series 2021, hosting hackathons in 15 blockchain developer-centric cities, including Austin, Berlin, Denver, Waterloo, San Francisco, New York and Bengaluru.
Dora Factory’s first batch of key pallets has been developed by HackerLink, DoraHacks’ blockchain developer platform, offering blockchain-based tools, such as quadratic funding, bounty, BUIDL and online hackathons to foster blockchain open-source innovation. Currently, HackerLink is hosting Binance Smart Chain’s first quadratic funding grant of $50,000. More than 60 new projects have already submitted applications for the program in less than 10 days since the grant was announced.
“We hope that DoraHacks and HackerLink’s vibrant global community will help Dora Factory grow a robust developer community to build amazing pallets and provide services and schemes in many fields that DAOs can use,” said Ngok.