The DAO boom: why decentralization will be the main trend of 2023

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The collapse of the FTX crypto exchange, which led to billions in losses and the prosecution of its creator and management, led to another s...

Why decentralization will be the main trend of 2023

The collapse of the FTX crypto exchange, which led to billions in losses and the prosecution of its creator and management, led to another serious problem: the loss of trust in centralized platforms. CEX was meant to be as transparent, safe and user-friendly as possible. But what we see today is that Binance massively blocks users' wallets; Gate often goes offline and users cannot withdraw money from exchange accounts. I'm not talking about the shady machinations in which FTX employees were convicted. All this signals to us that centralization is not always good.

On the contrary, the level of trust in decentralized sites among crypto users is visibly increasing. No single control center, complete transparency and anonymity lead both traders and investors to DEX platforms. According to the analytical resource DeFiLama, to date, the volume of blocked funds in DeFİ protocols has exceeded $47.5 billion, and the main increase occurred just at the time of FTX's bankruptcy.

What does this mean for the market? First, there will be a flow of capital from the CEX to the DEX. We are already seeing this. More and more transactions will be made on decentralized platforms and exchanges.

Secondly, the demand and trust in decentralized launchpads for fund raising will increase. Our team is currently working on the launch of such DEX launchpad with a new form of crowdfunding called DAİDO, as it will combine the principles of DAO and İDO.

Big tech projects will move away from a centralized form of governance in favor of DAOs. The decision-making process on the development of the company, the creation of new functions, and financial distribution will be entrusted entirely to the community, which consists of the holders of the governance tokens. Participants can vote for a particular decision via sending their tokens to the voting pool.

In this regard, the role of NFTs will significantly increase, as they will become an alternative to regular control tokens. The DAO.vc team is now working on issuing such a collection of non-fungible tokens, which will give our holders the right to vote for the adoption of a particular decision.

In other words, the world of cryptocurrencies is moving towards decentralization, and this is generally the right vector, because initially cryptocurrencies were created as a decentralized financial instrument. Of course, along with this, a number of issues related to the security and reliability of storing data, personal information and crypto-assets also arise. And these issues will have to be solved in the next few years.

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Cryptocurrency Magazine - Crypto Market Updates: The DAO boom: why decentralization will be the main trend of 2023
The DAO boom: why decentralization will be the main trend of 2023
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Cryptocurrency Magazine - Crypto Market Updates
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