DaoDao announces plans to support Dogecoin, attempt Twitter takeover

Join us on social networks

DaoDao, a new decentralized autonomous organization (DAO) platform launching in May, has just announced that they will be building functionality to support investments of Dogecoin (DOGE) on any DAO launched on the platform.

This marks a big update from the existing paradigm, in which users can typically only invest in DAOs with Ether (ETH) and also marks a compelling new use case for DOGE tokenholders. At the time of this writing, DaoDao is the first-known DAO platform with plans to offer Dogecoin support and support for other currencies such as ETH, Solana (SOL), Bitcoin (BTC) and fiat.

DaoDao aims to be a new DAO platform that provides DAO founders and members with all of the tools they need to launch and run a DAO in one place. What’s more, since DaDao leverages DeSo Foundation for the social layer, all of the community engagement and governance actually happens on-chain versus centralized apps such as Discord.

One upcoming DAO that the Doge community might be interested in is listed on the daodao.io website and called Takeover DAO.

According to a call with a member of the core DaoDao team, there are plans in the works to launch a DAO that acquires a stake in Twitter and advocates for Twitter to embrace Web3 functionality.

This could range from a number of ideas such as advocating for Twitter to accept social tips in more cryptocurrencies such as Dogecoin or moving the entire Twitter base to an open social protocol such as decentralized social (DeSo).

A few weeks ago, this may have seemed like an absurd idea. However, recent developments have made this appear as a real possibility.

Earlier this week, news broke that Elon had acquired a 9.2% stake in Twitter, making him the single largest shareholder. Later that same day, Elon put out a public poll asking if users would like an edit button.

The current CEO of Twitter, Parag Agrawal, immediately tweeted, warning users that “the consequences of this poll will be important.”

If the Takeover DAO were to launch and raise significant capital from communities such as the DOGE community, Twitter would have a difficult time ignoring proposals from Musk and the DAO.

To stay up-to-date with the latest announcements from DaoDao:

Follow the official Twitter account.
Join the official Discord.

This publication is provided by the client. Cointelegraph does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. Cointelegraph is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

#Press Release