Common Protocol was incubated by Commonwealth Labs, the development team of Edgeware, a Polkadot ecological project, and recently completed a $3.2 million financing. Leading investors include Dragonfly and Parafi.
Written by: Karen
Key functions or activities such as governance, crowdfunding, and on-chain query are indispensable in the DeFi field. Today we will introduce an all-in-one aggregation tool-Common Protocol that can monitor and manage multiple DeFi protocols through a simple interface.
What is Common Protocol? What is the background?
Common Protocol was incubated by Commonwealth Labs, the development team of Edgeware, a Polkadot ecological project. It recently completed US$3.2 million in financing. Leading investors include Dragonfly Capital and Parafi Capital. Other participating institutions and investors include Framework Ventures, Hashed, IDEO, and Nascent. Balaji S. Srinivasan, former CTO of Coinbase, etc.
Commonwealth is a multi-chain governance portal website. The main product is an on-chain governance platform. Users can discuss, initiate proposals, vote, etc. on the platform. Common Protocol is building a multi-chain community platform, has integrated multiple projects, and will continue to integrate projects compatible with EVM, Substrate or Cosmos, including AAVE, Opyn, Osmosis, Marlin, Injective Protocol, SportX, Showtime, Terra, Protocols such as Clover Finance, HydraDX, Kylin, Anchor, and Mirror Protocol, among which many of the founders in the candidate integration project are also investors in this round of financing.
In addition, on the Common Protocol platform, in addition to setting up a discussion board for each project’s community, it will also support on-chain functional queries, including support for key token holders’ queries, governance, and public support for new tokens and community activities. Raise and other activities.
What use cases does Common Protocol support?
Dillon Chen, the founder of Common Protocol, stated that the goal of Common Protocol is to become a platform for discussion and governance initiated by the token community.
Common Protocol plans to use the financing to expand the team and accelerate the development of products and protocols. The main functions provided by Common Protocol include providing cross-chain protocol governance and crowdfunding services. The project party can crowdfund for its initial liquidity, development grants, and audit needs. Specifically, there are the following three use cases:
Project investment (Projects): similar to Kickstarter;
Kickstarter is a crowdfunding website platform designed to raise funds for companies with creative solutions. Anyone can donate a specified amount of funds to a project, so that creative people can get the funds they need.
Collective investment (Collectives): AngelList of similar revolving fund;
The concept of rolling funds was initiated by AngelList. Rolling funds refer to funds that are not raised all at once, but are raised separately at different time points through installment issuance or open subscription.
Governance : Discourse, a governance framework that integrates voting functions.
Discourse has become the preferred platform for DeFi-related governance frameworks. Compound, Curve, Uniswap, and almost all other major DeFi projects have Discourse frameworks for their community members to debate the most important issues facing their agreements.
According to Tom Schmidt, partner of Dragonfly Capital, despite the significant increase in assets managed by DAO, the operating system is very complex, opaque, and decentralized. Common Protocol is building next-generation software to manage these communities, which will help Promote DAO fundraising, organization, and expansion activities of any size.
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