DAOstack Token Sale Sells Out in No Time, As it Moves Towards Project Launch

The ICO market has been seeing some lows when the token sales dropped down by large number in April, just as the prices of the top cryptocurrencies bounced back from four-month lows. Several token sales were put on hold in April after ICOs held in March raised less than hoped. However, if the first week of May is anything to go by, the ICO boom is back.

On 8th May, Daostack ICO apparently sold out in 65 seconds, a presale which oversubscribed by 75%, and a private sale which took place over the course of about 6 months. In total, DAOstack received around 45,000 ETH across the three phases, $30M in USD equivalent based on the ETH-USD exchange rate just prior to the token sale.

Daostack, which has been billed as the WordPress of the blockchain, is building a collective governance layer to help decentralized organizations make decisions effectively. The ICO raised $30 million during the pre-sale and main sale.

The huge funds raised by the ICO sales are now reserved for management by the Genesis DAO, a community-managed fund in which anyone will be able to participate by making proposals for the allocation of resources.

Over 2000 purchasers participated from at least 120 countries. As of today, there are over 6000 wallet addresses holding GEN. The roadmap for DAOstack looks something like this:

  • The Genesis DAO, the first organization deployed with the DAO stack, will launch an alpha version this June called ‘Genesis Alpha’. Genesis Alpha will be controlling Alchemy, the first application built on the DAO stack. Alchemy is a decentralized budgeting tool that enables DAO participants to easily create and vote on proposals for funding.
  • Later in 2018, public betas of Genesis and Alchemy will be among DAOstack’s top priorities.
  • DAOstack will also be supporting a number of partner projects to integrate with DAOstack, with a target of at least 6 pilots by the end of the year. Organizations like Gnosis, Sapien, Menlo, Endor, Culture, Datafund, Talao DAO, and Stanford’s Blockchain Collective have already announced plans to utilize or build on the platform.
  • 2019 will see the next major updates to Arc, as well as releases of Alchemy that will feature greater DAO configurability and integration with third-party tools.

More About DAOstack

DAOstack is designed to catalyze the future of collaboration. It’s a platform for decentralized governance that enables collectives to self-organize around shared goals and values, easily and effectively. DAOstack is sometimes called an operating system for collective intelligence, or a WordPress for DAOs.

The platform launches this spring and includes a modular smart contract framework, a friendly JavaScript developer environment, and an intuitive user interface that allows anyone to participate in a decentralized organization without technical knowledge.

Use cases include decentralized companies, applications, funds, and markets that want to make fast and innovative decisions at scale.

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