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The BONK meme coin emerged as a whimsical attempt to inject vitality into the Solana ecosystem following the turmoil caused by FTX's struggles in late 2022. Fast forward one year and both entities have experienced significant growth, transforming BONK into an unexpected player: an investor in a venture fund.
Bonk DAO's Venture Fund Investment Plan
Bonk DAO, consisting of a 12-member council of influential figures within the Solana community who oversee a staggering $124 million worth of BONK tokens, recently voted to allocate $500,000 from its treasury to an early-stage startup fund. This fund aims to support projects that contribute to the development of the Solana blockchain.
According to Coin Desk, the venture fund is being orchestrated by Colosseum, a recently established startup accelerator responsible for organizing hackathons to foster new projects within the Solana ecosystem. Last week, the Solana Foundation entrusted Colosseum with this pivotal role, led by its former head of growth, Matty Taylor.
Due to securities laws, Taylor refrains from divulging further details on Colosseum's fundraising efforts.
Bonk DAO's Evolution and Investment Strategy
BONK DAO was created alongside the inception of the BONK token in 2022. The meme coin's creators allocated over 15% of all BONK to the group for management and allocation to community projects. As a Cayman-based entity, BONK DAO is the largest holder of BONK tokens, possessing over 12% of the meme coin's total supply.
According to Crypto Potato, the council has directed BONK tokens towards hackathon sponsorships, liquidity pools, and DeFi partnerships across the Solana ecosystem over time. However, the decision to invest in Colosseum's venture fund marks the group's inaugural venture capital endeavor, signaling a strategic shift in its investment approach.
The recent vote to allocate funds to the Colosseum received overwhelming support, with eight members voting in favor and none opposing the proposal. The investment aims to support builders in the ecosystem and diversify the DAO treasury by providing early-stage funding to entrepreneurs and projects contributing to Solana's growth.
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