DAOs may have had an impressive year in 2022 but this was not enough to stop EmpireDAO from shutting down its physical space at the historic 190 Bowery.
From starting the year with an impressive token buyback program to interesting DAO insights from last year, here's a rundown of some of the most interesting stories from across the DAO industry over the past week.
BitDAO okays $100M token buyback program
BitDAO, the second-largest decentralized autonomous organization by treasury size, has approved a proposal to launch a token buyback program. The group will purchase $2 million USDT worth of its native BIT token every day for the next 50 days. The move is intended to prioritize the development of ecosystem products, especially $BIT products. Although more than 65% of the DAO’s fund is currently being held in its native token, the treasury will still have $300 million USDT/USDC and 0.27 million ETH, worth $345 million, after the $BIT purchase.
EmpireDAO succumbs to crypto winter, shuts down physical office
Months after making headlines for opening a physical office at the historic 190 Bowery, EmpireDAO has announced that it will be shutting down the space after failing to raise funds. The once-alleged WeWork of Web3 is one of the latest victims of the ongoing crypto winter. The price of Ether has fallen from $3,000 when EmpireDAO began its lease in March 2022 to around $1,200 today. Meanwhile, this may not be the end for the company as CEO Mike Fraietta revealed that the DAO will explore other locations in Season 2.
The DAO market in 2022
Amid the general downturn in the crypto market, 2022 was an interesting year for DAOs. Notably, there was an impressive growth in the number of new DAOs in Q4, 2022. From the increase in the number of active voters to the preference of DAOs to hold their native tokens, the used blockchain for DAO activities, and general market sentiment, DAO Times compiled a list of six interesting DAO insights from 2022.
ApeCoin devises plan to cut ties with Ape Foundation’s administrator
Weeks after the $APE community rejected a proposal to extend the contract of Cartan Group by another year, the DAO approved a proposal to retain the services of the company for just two months. During this period, ApeCoin DAO will form an interim working group “with a conceptual mandate of operationalizing the DAO.”
- PieDAO has validated the Merkel Tree reward distribution of SLICE tokens to veDOUGH holders for Epoch 15 (December 2022). veDOUGH holders who participated in governance votes will receive 60% of the protocol-generated revenue.
- Paraswap DAO has approved a proposal to deploy PSP on the Optimism Network. As part of the initiative, Paraswap will implement a gas refund program and establish a grants system on Optimism.
- Following a community vote, Dope DAO will prioritize the development of its Turf Apartment Builder in 2023.