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Team managing $900m in DeFi funds mulls new token launch and airdrop

Team managing $900m in DeFi funds mulls new token launch and airdrop
GnosisDAO may soon spin off Karpatkey as its own DAO Credit: Andrés Tapia
  • GnosisDAO is considering creating a separate DAO for Karpatkey, its treasury management arm.
  • The proposed DAO launch would also come with a token and airdrop.
  • Karpatkey tokens will not be available to the public upon launch.

The Gnosis family of projects may soon launch another token.

GnosisDAO is mulling whether to spin out its treasury management team, Karpatkey, into a DAO — and native governance token — of its own.

Karpatkey performs treasury management functions for the DAOs of several major DeFi projects, including liquid staking protocol Lido, lender Aave, and crypto domain provider ENS. The project administers over $900 million in funds from those DeFi project treasuries.

The proposed spint out is according to a governance proposal on the GnosisDAO forum.

The KPK token would have a one million unit supply. Crucially, it wouldn’t be transferable or open to the public upon launch.

“We want to emulate private markets, we will make it public once we have a more mature business,” Karpatkey co-founder Marcelo Ruiz de Olano told DL News. “We want to avoid investors and contributors dumping on day one like we’ve seen multiple times.”

Instead, the proposal calls for a token allocation among early Gnosis DAO investors, team members, and partners.

If the DAO approves the plan, a quarter of the supply will also be used for airdrops and fundraising activities.

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The proposed airdrop will be for holders of GnosisDAO’s governance token GNO.

The KarpatkeyDAO would be the third project incubated from GnosisDAO — the others being DeFi custody and asset manager SafeDAO and user-protective decentralised exchange CowDAO.

The proposal is currently in the temperature check stage, where the community can gauge support for the plan.

This preliminary round will end in a month, and early figures from the poll show 93% support within the community.

If the temperature check passes, the proposal will move to the main vote that will execute the creation of DAO and the KPK token launch, de Olano said.

Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. To share tips or information about stories, please contact him at osato@dlnews.com.