Alkemi Deployed on Ethereum as DAO (Decentralized Autonomous Organization)

The Alkemi Network has stated that it has been hosted as a decentralized autonomous organization (DAO) on the Ethereum network, a significant measure forward in its continuous path toward decentralization. The network stated in a blog article that its members are now able to suggest and participate on network governance.

The network launched the ALK utility governance token on the Ethereum mainnet to allow decentralized governance. Each ALK token gives voters one vote. The token is being offered for purchase on Uniswap. As per the data provided by CoinGecko, the ALK token was trading at $0.39 while writing this article.

As per the network’s protocol description, the aggregate protocol deposits are $5.99 million. The aggregate protocol borrows are $3,990, yielding a collateral ratio of 150055.33%. Ethereum accounts for 99.% of deposits, with USDC accounting for the remaining 0.1%.

Alkemi, founded in 2020 by Ben Cooper and Ryan Breen, bills itself as a decentralized liquidity network with the distinct feature of institutional DeFi. Unlike other initiatives, it wishes to integrate centralized finance (CeFi) into DeFi in order to maximize the benefits of both.

It does this by providing compliant bridges from CeFi to DeFi, enabling centralized institutions to utilize DeFi in a trusted-counterparty liquidity environment. LedgerPrime, Quantstamp, and JST Capital are among liquidity providers. ConsenSys, Genesis Block Ventures, Techstars, and Outlier Ventures are also partners in the initiative.

Borrowing and lending are the network’s main products. It also includes an open access liquidity pool with sophisticated reporting and risk management tools, institutional-level reporting, and Web3 and multisig wallet compatibility. Cooper and Breen hope that by establishing Alkemi, they will be able to build a society in which institutions and people may both access flowing money and cohabit more fairly and effectively.