A Potential Game Changer In DAO Tooling? Ink Finance Raises $4M And Releases Beta Version By Rachael Green, Benzinga
Singapore
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November 10, 2022 08:00 AM Eastern Standard Time
In a landscape filled with decentralized autonomous organization (DAO) tools, Ink Finance ($QUILL) set out to develop a protocol that was easy to use, scalable and flexible enough to serve the daily governance and financial execution needs of both small, loose-knit organizations and large, professionally managed DAOs.
After two rounds of funding this year, Ink Finance says it has raised a total of $4 million from leading institutions in the crypto space. The capital has helped the team complete the open beta version of the DAO financial toolkit. Ink Finance’s goal is to become the gold standard in financial DAO construction and operation. Here's an overview of the key features released in the beta version and what the full INK web app will soon offer.
The Beta Version Of Ink Finance’s No-Code Experience For DAOs
Typically, blockchain-based DAOs have to invest heavily in infrastructure and development to implement a secure and reliable framework for delivering products and services over blockchains. Ink Finance says its web app will be the first tool to effectively close the loop between decision-making and on-chain financial execution by fully integrating organizational governance with on-chain financial execution. Instead of piling multiple DAO tools together, the INK app can automatically execute the results of critical decisions like treasure creations or revenue audits.
The modulated platform creates a no-code framework with which DAOs can easily configure governance, financial functions, products and integrations. These modules make it easy for users to pick the features and functions they want and implement them in a plug-and-play fashion. Not only will that make it easier to create a DAO, it makes the framework flexible and scalable as users can set up new features and functions as they grow.
The open beta version doesn’t have all the features that will be included in the full release, but it includes some of the most critical components of the governance module for creating and operating a DAO including proposals, voting, treasury management and community incentivizing.
Users can create DAOs with voting parameters, set up treasury vaults and treasury managers, manage payroll and one-time payments, audit income revenues, test identity verification protocols and the ability to operate across multiple blockchains.
That multichain functionality is another area where INK stands out. INK’s migration tools make it easy to move an entire operation to a new blockchain without needing to redevelop new infrastructure. Users can also monitor liquidity generation across all blockchains and aggregate it in one main capital book. Similarly, they can consolidate all voting resolutions into the Master DAO. Essentially, INK makes it possible for DAOs to set up their organization once and do business everywhere.
Since going online in July, the beta release of INK is already being put to the test by top-tier DAOs like Mirror World, Polytrade ($TRADE) and Solv Finance ($SOLV). INK also deployed on the Binance Smart Chain network, the largest blockchain in the world with more than 13 million transactions per day, expanding the toolkit’s reach to DAOs all around the globe.
While some of the INK app’s most impressive features are already available for users to test out in the beta version, the full release will add even more advanced features like on-chain-issued non-fungible tokens (NFTs) and other decentralized finance products and cross-chain financial governance. INK plans to gradually release additional modules and features over the coming months, with Community Management functions slated for January 2023 and a fully integrated INK Economy on all deployed testnets by February 2023.
Ink Finance is a DAO governance toolset, enabling all kinds of ecosystems to establish governance economy, manage internal finance, and connect with DeFi investors everywhere, through a no-code user experience. As a Financial SaaS built on blockchain, Ink Finance has the most comprehensive financial engineering tools to support on-chain issuance, settlement, clearing, and analysis of Non-Fungible Financial Products.Ink Finance is backed by heavy weight eco builders such as Republic Crypto and DeFi Alliance, partnered with cutting-edge solution providers such as Humanode, Astra, SolvFinance, Polytrade and deBridge, etc.
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