March 14th, 2022 - The Algorand Foundation welcomes Prismatic to the Algorand ecosystem as our latest grant recipient. Prismatic has been awarded grant funding to support them as they build out tooling and on-chain treasury management infrastructure for DAOs and other organizations holding digital assets.
Prismatic is the homebase for DAOs on Algorand. DAOs are a way for individuals to coordinate around common goals. Using smart contracts, DAO pool funds are governed on-chain through a trustless proposal system to allocate capital using predefined rules. The platform has three main functions: create a DAO, govern a DAO and manage its treasury. The treasury management capability allows multi-signature wallets to directly interact with DeFi protocols and initiate trades, swaps or provide liquidity. Prismatic contributes to the growth of DAOs on Algorand by building the tools needed to establish and migrate major DAOs to the ecosystem.
“Given the sheer size of treasuries and the risk associated with creating a DAO, it makes a lot of sense to use an audited, proven and tested framework to generate and manage a DAO.”, said Founder and CEO Natalie Salemink. “Standardizing DAO creation also means that we are providing a standardized access point for contributors to join a DAO, making it easier for DAOs to access talent.”
“Prismatic won’t just revolutionize DAO tooling, but also become a financial and DeFi hub through its treasury management infrastructure, allowing users of all kinds to access the best DeFi projects all from one customisable, secure and easy to use location.”, said Meld Ventures co-founder Michael Cotton.
“We welcome Prismatic to the Algorand ecosystem as the homebase for DAOs on Algorand. Prismatic has a strong focus on security and will provide invaluable support for organizations and DAOs through efficient and adaptive solutions across treasury management, governance and DAO community management”. Daniel Oon, Head Defi, Algorand Foundation
For more information on Prismatic.fi please follow them on LinkedIn / Discord. If you are interested in submitting a project for support from the Algorand Foundation Grant program, please apply here.
