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MonkeDAO news
About MonkeDAO
Liquid staking on Solana is built around the MonkeDAO daoSOL token, a liquid token variant — similar to mSOL and stSOL — that allows users to passively earn staking rewards without needing to run their own validator infrastructure. daoSOL can also be integrated into Solana DeFi platforms to allow for added DeFi use cases (e.g. additional yield, collateral in lending protocols, etc) while allowing stakers to retain their staking rewards. Once the SOL is staked in DAOPool, MonkeDAO will work to allocate it to smaller validators, run by DAO’s or new ecosystem participants.
What is MonkeDAO?
MonkeDAO is a pioneering initiative within the Solana ecosystem, established as the first decentralized autonomous organization (DAO) to launch its own validator on the Solana blockchain. This endeavor is primarily focused on enhancing the decentralization of the network by supporting various DAOs within the Solana community. It represents a significant step towards fostering a more distributed and participatory network infrastructure.
Launched in 2022, MonkeDAO has introduced a cryptocurrency that opens avenues to engaging Web3 investment opportunities and organizes community events for its members. Membership is currently exclusive to owners of Solana Monkey Business, indicating a targeted approach towards building a community with shared interests in specific NFTs and the broader Solana ecosystem.
A key innovation by MonkeDAO is the introduction of the daoSOL token, a liquid staking solution on the Solana blockchain. This token variant allows holders to earn staking rewards passively, without the need to manage their own validator infrastructure. This is particularly advantageous for users looking to participate in the network's security and consensus mechanisms without the technical complexities involved in running a validator.
Furthermore, daoSOL facilitates integration into Solana's decentralized finance (DeFi) platforms, enabling additional DeFi use cases such as earning extra yield or serving as collateral in lending protocols. This integration not only enhances the utility of daoSOL but also allows stakers to continue accruing their staking rewards, thereby contributing to a more vibrant and interconnected DeFi ecosystem.
MonkeDAO's strategy of allocating staked SOL to smaller validators, operated by other DAOs or new participants in the ecosystem, underscores its commitment to decentralization. By supporting smaller validators, MonkeDAO aids in leveling the playing field, ensuring a more equitable distribution of network influence and rewards.
In summary, MonkeDAO is a multifaceted initiative aimed at strengthening the Solana ecosystem through community engagement, decentralized finance innovation, and support for network decentralization. Its focus on liquid staking and the empowerment of smaller validators showcases a commitment to enhancing the accessibility and efficiency of blockchain technology.
How is MonkeDAO secured?
MonkeDAO implements several layers of security to safeguard its operations and the assets within its ecosystem. The foundation of its security strategy involves a thorough audit process. By subjecting its code and operational protocols to rigorous inspections by independent security experts, MonkeDAO ensures that vulnerabilities are identified and addressed proactively.
In addition to audits, MonkeDAO employs decentralized storage solutions, such as the InterPlanetary File System (IPFS), to enhance the security and resilience of its data storage. This approach mitigates risks associated with centralized data storage, such as single points of failure and susceptibility to attacks.
The use of zk-SNARKs, a form of zero-knowledge proof technology, further strengthens MonkeDAO's security. This technology enables the verification of transactions and other data without revealing any sensitive information, thereby enhancing privacy and security.
MonkeDAO is governed by the Gearbox DAO, which incorporates a reputation system and community voting mechanisms. This governance model ensures that decisions regarding liquidity and other critical aspects of the DAO are made transparently and democratically, with the community's best interests in mind.
The DAO's focus on liquid staking, particularly through its daoSOL token, allows users to earn staking rewards without the need to manage their own validator infrastructure. This not only simplifies the staking process but also distributes staking power more evenly across the network, reducing the risk of centralization.
Furthermore, MonkeDAO's strategy of allocating staked SOL to smaller validators supports the overall security and decentralization of the Solana ecosystem. By empowering new participants and DAO-run validators, MonkeDAO contributes to a more robust and resilient network.
It's important for individuals to conduct their own research and consider the inherent risks before engaging with any cryptocurrency or DAO. MonkeDAO's multifaceted approach to security, combining technological solutions with community governance, exemplifies its commitment to safeguarding its ecosystem and its users' assets.
How will MonkeDAO be used?
MonkeDAO serves as a multifaceted platform within the cryptocurrency ecosystem, primarily focusing on the Solana blockchain. It operates as a decentralized autonomous organization (DAO) that is community-owned and emphasizes the importance of collective decision-making and governance. The organization's activities revolve around two main aspects: fostering a decentralized economy and enhancing the value provided to its members through various projects and partnerships.
The economic model of MonkeDAO is built around the utilization of two tokens, MAHA and ARTH. These tokens are instrumental in creating a stable and decentralized economy. MAHA functions as the governance token, giving holders the power to participate in decision-making processes, while ARTH aims to maintain purchasing power, thereby contributing to economic stability.
In addition to its economic functions, MonkeDAO is deeply integrated into the NFT space, particularly with a focus on the Solana Monkey Business NFT collection. This involvement with NFTs is not just about trading or holding digital assets; it's about creating a community that adds value through collaborative projects and partnerships. This approach helps in leveraging the collective strength of its members to achieve common goals and objectives.
Another innovative aspect of MonkeDAO is its approach to staking on the Solana blockchain through the introduction of the daoSOL token. This liquid staking solution allows members to earn passive staking rewards without the need to manage their own validator infrastructure. It simplifies participation in the Solana network's security and consensus mechanisms, making it accessible to a broader audience. Furthermore, daoSOL can be utilized within Solana's DeFi ecosystem, offering additional use cases such as yielding opportunities and serving as collateral in lending protocols.
MonkeDAO also contributes to the decentralization of the Solana network by allocating staked SOL to smaller validators. This initiative supports new participants and DAO-operated validators, enhancing the network's resilience and decentralization.
In summary, MonkeDAO leverages blockchain technology to create a decentralized economy, foster community engagement through NFTs, and innovate in the staking landscape. Its approach to governance, economic stability, and community-driven projects exemplifies the potential of decentralized organizations in the blockchain era.
What key events have there been for MonkeDAO?
MonkeDAO, a decentralized autonomous organization deeply embedded in the cryptocurrency ecosystem, has experienced several significant developments that underscore its evolving role and influence. A pivotal moment for MonkeDAO was its strategic decision to unify with the SMB team, a move that not only expanded its operational capabilities but also enriched its community engagement and project outreach. This collaboration was further solidified by MonkeDAO's acquisition of the intellectual property rights to the Solana Monkey Business NFT collection, marking a significant milestone in its journey and enhancing its offerings within the NFT space.
In addition to these strategic moves, MonkeDAO has been proactive in fostering community engagement through the promotion of real-life interactions among its members. This approach has helped in building a strong, loyal following, which is crucial for the sustained growth and influence of any decentralized organization. The emphasis on creating tangible, real-world use cases for its projects demonstrates MonkeDAO's commitment to not only advancing its initiatives within the digital realm but also bridging the gap between virtual and physical communities.
Another noteworthy development is the introduction of daoSOL, a liquid staking token on the Solana blockchain. This innovation allows users to earn passive staking rewards without the need to manage their own validator infrastructure, simplifying the staking process and making it more accessible to a broader audience. The integration of daoSOL into Solana's DeFi platforms opens up additional avenues for DeFi use cases, such as enhanced yield opportunities and its utility as collateral in lending protocols, all while allowing stakers to retain their staking rewards. Furthermore, MonkeDAO's initiative to allocate staked SOL to smaller validators supports the decentralization of the Solana network and encourages participation from new ecosystem members and DAO-run validators.
These key events highlight MonkeDAO's active role in the cryptocurrency world, showcasing its dedication to community building, innovation, and the promotion of decentralized finance solutions.
The live MonkeDAO price today is $149.23 USD with a 24-hour trading volume of $1,007.04 USD. We update our DAOSOL to USD price in real-time. MonkeDAO is up 2.14% in the last 24 hours. The current CoinMarketCap ranking is #5654, with a live market cap of not available. The circulating supply is not available and the max. supply is not available.