9 months ago
48 ARTICLE AD
London, United Kingdom, February 22nd, 2024, Chainwire
Optimism, Gitcoin and ENS DAO Adopt Token Streaming Protocol For Grant and Hackathon Payments
Superfluid, the leading asset streaming protocol that brings subscriptions, salaries and rewards to DAOs and crypto-native businesses, today announced a $5.1M strategic round led by Fabric Ventures with participation from Multicoin Capital, IOSG Ventures, Circle Ventures, Safe Foundation, WAGMI Ventures, Eterna Capital, Veris Ventures, Skyland Ventures and Hyperithm. Notable angel investors also include The LAO, Bernardo Bilotta, Alex Van De Sande, Kartik Talwar, and Taavet+Sten. This round brings the company’s total financing to date to $14.1M. The new funds will be used to support Superfluid’s growing developer ecosystem, expand the core team, and launch Distribution Pools.
In addition to raising the new funds, the company also announced Distribution Pools today. Distribution Pools give developers a powerful tool to program one-to-many streams that easily scale to up to millions of recipients in real-time. Developers can program Distribution Pool streams for a variety of use-cases, including dynamic revenue sharing, continuous token rewards, grant payouts, and programmable airdrops.
“Superfluid is off to a hot start in 2024. We’ve been working closely with several DAO leaders to streamline their payment operations to contributors and sub-DAOs, and have several pilots in the works that meaningfully demonstrate the power of Superfluid,” said Francesco Renzi, Co-Founder and CEO of Superfluid. “Fabric is known for its strategic support of innovative blockchain and crypto projects. This funding will be instrumental in advancing Superfluid's mission to accelerate the flow of value around the world.”In December 2023, ENS DAO held an open procurement process and selected Superfluid to distribute $5.4M in developer grants. Optimism also selected Superfluid to distribute 30M OP tokens (approximately $114M USD) of their Retroactive Public Goods Funding (RPGF), which are being distributed to over 500 leading projects and individuals in the web3 industry instantly onboarding them as Superfluid users.
“Superfluid represents a 0-to-1 innovation in money movement. Streaming payments, from salaries, subscriptions, and renting, will revolutionize our financial lives,“ said Anil Hansjee, General Partner, Fabric Ventures. “We’re excited to be a part of this vision and back Fran and the team as they continue to build out Streaming as a new core primitive for DeFi.”Gitcoin’s Allo Protocol, an open-source funding protocol, and Geoweb, a public-good inspired AR metaverse, are leveraging Superfluid Distribution Pools to develop Streaming Quadratic Funding, a new public goods funding mechanism. A paradigm shift from one-off funding to continuous and real-time funding, dynamically allocated over time through the democratizing quadratic functions pioneered by Gitcoin. Funding allocations can now be tied to project progress and change based on the milestones achieved.
"We are glad to see the integration of Superfluid's Distribution Pools into Allo Protocol, enabling continuous and dynamically allocated streaming for high velocity Quadratic Funding," stated Meg Lister, General Manager of Grants Lab, a newly established business unit within Gitcoin. "The Distribution Pools play an essential role in bringing more consistency for grantees, aligning with our efforts to empower communities to leverage web3 technology for funding Public Goods effectively."Following the launch of Distribution Pools, the Superfluid protocol V1 will be feature complete. The company plans to decentralize core protocol governance to the community later this year. To get involved or learn more about Superfluid, users can visit Superfluid's website and follow them on Twitter.
About Superfluid
Founded in 2020, Superfluid is an asset streaming protocol that has the power to describe cash flows and execute them automatically on-chain over time in a non-interactive way. Superfluid streams are programmable, composable and modular. The first cash flow types allow constant streams of value and one-to-many distributions. All streams are settled at the same time, based on block timestamps. No capital is locked up, and all inflows and outflows are netted in real-time, drastically increasing capital efficiency. Learn more about Superfluid at https://www.superfluid.finance.
About Fabric Ventures
Fabric is a venture contributor building and backing the boldest ideas across Web3 and AI, to create a more fair, productive and sustainable economy—an Open Economy. We provide capital and technical support to Founders across the entire lifecycle of their companies. Fabric has a portfolio of 116 global investments across pre-ideation to Series B and beyond with a few of our portfolio deals including: Polkadot, Sorare, NEAR, 1inch and many more.
Disclaimer
This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those anticipated in these statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Superfluid and Fabric Ventures undertake no obligation to update these statements for revisions or changes after the date of this release.
Contact
PR Contractor
Margaret Hyde
Superfluid
[email protected]
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
