Matter Labs Formed a $200 Million Decentralized Autonomous Organization Backed by BitDAO

TokenInsight news, Matter Labs, the organization behind Ethereum layer 2 scaling protocol zkSync, has announced a $200 million decentralized autonomous organization (DAO) backed by BitDAO. The new zkDAO will use the capital to help expand the zkSync ecosystem through public goods and infrastructure, security frameworks, research and development grants, and investments in other crypto organizations. BitDAO is one of the world's largest repositories of token governance funds, designed to empower the next generation of Web3 organizations. Previously, Matter Labs closed a $50 million funding round led by a16z in November 2021.