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Common Protocol Raises $3.2M to Streamline DeFi Governance
The project looks to help token investors keep track of governance discussions across multiple blockchains.
Governance startup Common Protocol has closed a $3.2 million funding round led by Dragonfly Capital and ParaFi Capital.
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Other participating investors included Framework, Hashed, IDEO, Nascent and angel investor Balaji Srinivasan.
Common develops interfaces and voting mechanisms for projects in the decentralized finance (DeFi) market. The San Francisco-based firm said Tuesday it will use the funding to build a community for token holders and new hires.
"As active governance participants across DeFi, we've found it hard at times to keep tabs on the ever-expanding number of discussions and proposals across our portfolio,” said ParaFi partner Santiago Santos.
Santos described Common as a governance aggregator that monitors and manages proposals from one simple interface. It joins a crop of DeFi governance startups, including Snapshot, Tally and Boardroom, that are looking to bring transparency to distributed decision-making.
Read more: Tally Raises $1.5M to Boost On-Chain Governance in Compound’s DeFi Ecosystem
"Our goal is to become the place for token communities to launch, discuss and grow in common,” Common Protocol co-founder Dillon Chen said. “To accomplish this, we’re building a multi-chain community platform that any EVM-, Substrate- and Cosmos-compatible protocol or token can use.”
As crypto becomes increasingly multi-chain, Chen says a cross-network governance dashboard will be key for token holders.
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