TLDR:
- Bonk DAO, the biggest investor in the BONK meme coin, has decided to invest $500,000 from its treasury into a startup fund supporting projects on the Solana blockchain.
- The venture fund is being organized by Colosseum, a startup accelerator known for its hackathons within the Solana ecosystem.
The article discusses Bonk DAO’s decision to allocate $500,000 from its treasury to support projects developing on the Solana blockchain. Bonk DAO, consisting of a 12-member council overseeing $124 million worth of BONK tokens, voted to invest in an early-stage startup fund. This fund is being orchestrated by Colosseum, a startup accelerator that organizes hackathons to foster new projects within the Solana ecosystem. The Solana Foundation has entrusted Colosseum with this role, and Matty Taylor, Colosseum’s former head of growth, is leading the effort.
BONK DAO was created alongside the BONK token in 2022. It is the largest holder of BONK tokens and has directed its allocations towards hackathon sponsorships, liquidity pools, and DeFi partnerships across the Solana ecosystem. However, the decision to invest in Colosseum’s venture fund marks a strategic shift in its investment approach.
The recent vote in favor of allocating funds to the Colosseum venture fund received strong support from the council members. This investment aims to support builders in the Solana ecosystem and diversify the DAO treasury by providing early-stage funding to entrepreneurs and projects contributing to Solana’s growth.
