Llama raises $6M for role-based governance platform

The fullstack app is hoping to move away from “one token one vote” governance and make permissions more precise

article-image

Yatzek Photography/Shutterstock modified by Blockworks

share

A governance and smart contract management solution called Llama has successfully secured a $6 million investment. The funding round was spearheaded by investment firms Founders Fund and Electric Capital.

Llama is a governance application that manages smart contracts and permissions on behalf of protocols. The fundraise comes amid what some perceive as stagnation on the part of DAOs when it comes to innovative approaches to governance. 

Llama told Blockworks that its full stack platform would streamline governance.

“Currently, the space is very fragmented,” Llama co-founder Austin Green said. “There really isn’t one unified place that has the full stack for you to manage roles and permissions.”

DAO governance has been generally rocky of late. A Solana DAO recently lost $230,000 after failing to notice a proposal that drained the treasury. The Nouns DAO saw half of its own treasury exit via a “fork,” and Lido critics have focused on the platform’s DAO as a point of concern for Ethereum’s credible neutrality.

When asked about the frayed reputation of DAOs, Green said that crypto governance hasn’t innovated enough past the “one token, one vote” approach popularized during DeFi’s breakout in 2020. 

To make voting less one size fits all, Llama is working on “decentralization through access control,” Green said, where roles are split between different service providers based on their area of expertise. A grants team, for instance, could vote on decisions relevant to grant allocation, but not on changing lending risk parameters. 

Notably, in a press release announcing its fundraise, Llama didn’t use the term “DAO” at all, opting to focus on “governance” instead.

Llama’s fundraise isn’t the first example of venture capital showing interest in governance.

VCs poured money into DAOs in 2022. Tally, another governance platform, raised $6 million of its own in 2021 in a round led by Blockchain Capital and Placeholder. And last week, Variant Fund’s general partner was the largest voter on a temp check for a Uniswap DAO investment decision.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screenshot 2024-05-23 091855.png

Research

Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.

article-image

Three Democrats joined Republicans Thursday in supporting a bill that would block the Federal Reserve from issuing a retail CBDC

article-image

Plus, Zeta Markets has released a litepaper for the “Zeta X” layer-2 it’s hoping to send to mainnet in early 2025

article-image

From CME Group’s launch of ether futures to congressmen urging the SEC to approve spot funds, a lot has led up the agency’s decision

article-image

Sponsored

As part of the #Breakout2024 plans, Radix has introduced Token Trek

article-image

House members ask Gensler to keep a “consistent and equitable approach” with ether ETF proposals after the agency approved spot bitcoin ETFs in January

article-image

Using old-world instruments to address crypto user experience challenges goes against what this industry set out to do