kycDAO
258 posts
@kycdao
Composable compliance framework designed for web3.
End of an Era - @kycdao Over the past two and a half years, kycDAO embarked on a mission to set a new standard for the adoption of blockchain technologies through our composable compliance approach. Our commitment was to build tools that utilize blockchain infrastructure natively rather than replicating the existing, siloed practices found in non-decentralized services. kycDAO aimed to bridge the decentralized finance (DeFi) world with the compliance realities of traditional finance. We believed in a future where the foundations laid by trustless systems could merge with the scale and, more critically, the necessary safeguards that the financial industry must align with to function effectively. We view regulations as a testament to our capacity to build structured societies; without them, systems are prone to anarchy and rampant scams. However, today marks a bittersweet moment as we bid farewell to our community. Our efforts spanned major blockchains and allowed us to forge relationships with hundreds of projects whose teams are committed to integrity. Unfortunately, our revolutionary approach and premature market entry in an ever changing regulatory environment lead to this moment. What We Built: kycDAO: Our vision was straightforward - to create a compliance aggregator linking wallets to compliant off-chain accounts at regulated entities. In essence, you connect your wallet with your bank, CEX, or brokerage account to generate dynamic on-chain proof of your account's validity. Verified Wrappers: We developed a native compliance solution for tokens, creating a derivative asset that only compliant wallets could utilize. This innovation allowed such assets to be traded on any DeFi platform, ensuring compliance by design. Verified Wrappers represented the optimal solution for full regulatory compliance in DeFi based on all criteria, including composability. By embedding compliance directly into assets, we enabled permissionless DeFi protocols to offer fully compliant trading without modifying their infrastructure, thus preventing centralization around compliance teams and maintaining uniform counterparty risk across platforms. Current Market and Compliance Insights: - Major projects have invested significantly in regulatory preparedness, especially in the U.S., the largest market for activity. However, the community's reluctance to experiment with compliance has hindered the industry's ability to develop self-regulatory tools, risking stringent regulatory enforcement. - We accurately predicted the advent of regulations, but the landscape was dramatically altered by significant scandals, delaying the establishment of clear regulatory frameworks until after the forthcoming elections. - The industry's focus on short-term financial gains over technological advancement has overshadowed the potential for long-term, value-driven growth. What Crypto Needs: -- A concerted self-regulatory effort by DeFi projects to harmonize practices. -- Education for users that self-ownership doesn't equate to anonymity, addressing the industry's challenges with fraud. -- Adoption of native compliance solutions, like our framework for asset-level compliance. And most importantly, Thank you! A heartfelt THANK YOU to our team, who shared and tirelessly worked towards our vision, to our investors, whose belief in the potential of compliant, composable finance was unwavering. And most importantly, thank you to those who have championed the idea and supported our project to go forward! What’s Next: - Our team members are moved/moving to new opportunities, contributing their talents to the broader industry. - Our partners have been informed to move on to alternative solutions. - Our investors are not mad. (: - I will keep exploring and learning. If you want to stay in touch, dm me Thank you for your support!
It was totally unexpected that our project #AleSign would have won the competition at @AleoHQ #zkHouse in #SBC Built by Husky Students @brianseong and @HeeJu_K. What is #AleSign? ————————— AleSign is a Contract Signing Service on Aleo that provides: 1. Confidentiality for the signer 2. Persistence storage of the contract file 3. Promise the authenticity of the signers How does it work? ————————— 1. Users upload the file/contract to sign to @ceramicnetwork for persistent Contract file url 2. Each Users would authenticate their ID, information, and more using kyc services like @kycdao and the approval respond will be used as a private parameter in Aleo 3. Sign the contract with User A’s KYCDAO response and contract url 4. User B will sign the contract with User B’s KYCDAO response, contract URL and transaction ID from step 3 5. The final result will be a transaction record with UserA sign record, userB’s signature, and contract included. This was a quick ideathon result but certainly opened up my imagination on what you can do on Aleo blockchain!
The CFTC just won a court case against a DAO and "as members" some founders are now on the hook for $643,542, and the DAO's websites and ops have been ordered to shut down. Let's go into what this means for DAOs going forward 🪡👇 cftc.gov/PressRoom/Pres…
📰 Celo This Week - @MentoProtocol shared MU01 - @kycdao live for web3 compliance and KYC - @CeloOrg🤝@GainForestNow for mangrove conservation pilot - @ImmortalDAO_Fi live on testnet - @impactMarket_ users can auto-buy $PACT with @caskprotocol More 👇 bit.ly/3EFhtYW
Experimental implementations for double-sided @Uniswap v2 and @ArrakisFinance pools, and a KYC’d ERC-4626 implementation via @kycdao. The adapters can be found here: github.com/superform-xyz/…
Experimental implementations for double-sided @Uniswap v2 and @ArrakisFinance pools, and a KYC’d ERC-4626 implementation via @kycdao. The adapters can be found here: github.com/superform-xyz/…
