This spin-off aligns perfectly with GnosisDAO’s broader vision.
By Mayowa Adebajo
Edited by Julia Sakovich
Updated
2 mins read
GnosisDAO, a Decentralized Autonomous Organization (DAO) focused on blockchain prediction markets, has approved the spin-off of its in-house treasury risk manager Karpatkey. This move follows after the spin-off proposal that was submitted to the GnosisDAO community in February.
Now, following a successful on-chain vote, the proposal has been ratified. This means that Karpatkey now has the liberty to operate as a separate DAO with its own governance token KPK.
Since 2021, Karpatkey has been a key part of the GnosisDAO. Within the past three years, it has gained recognition for executing over 7,000 DeFi transactions and managing an impressive $2.6 billion in treasury funds – all without a single report of loss or hack. Its service offerings include treasury and risk management solutions and on-chain financial services. Additionally, it also lends support for DAO business development initiatives.
The shining records and reputation of Karpatkey have also helped the DAO to gain an impressive client list that includes industry giants such as Aave, MakerDAO, ENS, and Uniswap.
As a newly independent DAO, Karpatkey is keen on doing things a little differently. It hopes to expand even beyond traditional Web3 services. To achieve this, the DAO will be focusing on an ambitious project that will see it launch a low-cost, non-custodial, and actively managed open-end fund with the hopes of attracting institutional investors into the DeFi space.
Moreover, the introduction of the KPK token also represents a major shift in power dynamics. That is because holders of this governance token will have a say in the treasury management strategies employed by the Karpatkey DAO.
This spin-off aligns perfectly with GnosisDAO’s broader vision. GnosisDAO has always been keen on bolstering the growth of blockchain applications. In addition to that, the organization also seeks to enhance the Web3 ecosystem. As Coinspeaker reported last July, it introduced new product offerings to aid self-custodial crypto spending.
For what it’s worth, Karpatkey’s spin-off follows a similar one from Safe and CoW Swap. The duo also gained independence from Gnosis to establish their own DAO structure.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
