MakerDao founder Rune Christenen has joined crypto investment firm Dragonfly Capital as a venture partner, Dragonfly announced in a post on Medium on Monday.
MakerDAO was one of the first decentralized autonomous organizations (DAOs) on the Ethereum blockchain. It ranks second among DeFi projects in total value locked (TVL), with $19.3 billion tied up in its smart contracts, according to data site DeFi Llama. DAI, the project’s U.S. dollar-pegged stablecoin, ranks fourth among such tokens, with an $8.5 billion market capitalization, according to CoinGecko.Dragonfly Capital launched in 2018 with $100 million under management. The firm tries to bridge investments in the U.S. and Asia with a focus on cryptocurrencies, new protocols and startups. “Rune has been a pioneer pushing the boundaries of DeFi, DAO governance, and protocol security. We are honored to have him collaborating with us at Dragonfly, advancing the state of the decentralized economy and supporting our ecosystem of entrepreneurs,” wrote Dragonfly Capital Managing Partner Haseeb Qureshi in the announcement blog post.