Quick take:
- Metalex has just raised $2.75 million in a funding round that values the startup at $27.5 million.
- Shapiro wants to address the chaos that crypto projects create in their quest to be fully decentralised through DAOs.
- MetaLex is developing what he described as a “business-to-business, crypto software as a services” company that standardises smart contract-based processes for DAOs.
Gabriel Shapiro wants to address the chaos that crypto projects create when they try to achieve full decentralisation. Blockchain technology is touted for its power to decentralise economies, helping distribute wealth and ownership to crypto communities that help drive growth in them.
However, one major question that has always lurked in some of these communities is — whether these projects can claim to be fully decentralised when they are being run as centralised entities.
This is what birthed decentralised autonomous organisations, or DAOs. DAOs allow members to participate in the running of the organisation including voting on key decisions about ecosystem development by using a governance token.
However, as they say, when you have “too many cooks in the kitchen” the outcome is not always a great meal. And that’s what Shapiro wants to fix with Metalex, a “Cybernetic Organisation, or BORG”, that will govern the company’s “approach to participation in research, development, governance, incubation and acceleration of crypto/DeFi/web3 protocols.”
In an Interview with CoinDesk, Shapiro disclosed that his company recently raised $2.75 million at a valuation of $27.5 million.
Described as a cyborg equivalent for legal entities, BORG is a hard-coded construct that will enforce governance rules using smart contracts.
“What makes them kind of unique is the way they mandate smart contract functionality” in their operations,” Shapiro said. “That makes them ‘cybernetic.'”
Metalex plans to launch an operating system for DAOs as part of its mission to help them BORGiy their governance decision processes that include among others, running grantmaking, emergency shutdowns and venture investments made on behalf of the entity, Shapiro said.
According to Shapiro, crypto projects have already started reaching out for whitelisting, including two “blue chip” projects a layer-2 blockchain and a DeFi DAO.
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