The New Order Foundation and Outlier Ventures are betting on the rise of a new generation of decentralized finance apps they’ve termed “MetaFi” that play nicely with the convergence of digital and physical worlds, otherwise known as the “metaverse”.
New Order is a novel, permissionless, and community-driven DAO incubator and it sees big potential in the idea of multi-chain-based, machine intelligent DeFi apps that can plug into the metaverse. It’s an idea that’s not without merit – after all, we have already seen NFTs used as collateral to take out multi-million dollar loans. New Order reckons innovators have a lot of ideas already on the table in terms of MetaFi, and its goal is to help foster their development and ensure the best ones succeed.
To that end, it announced today it’s partnering with Outlier Ventures’ web3 accelerator program Base Camp to create what it calls an ecosystem-as-a-service. The plan is to back the best ideas around MetaFi, not only in terms of capital but through a community of like-minded developers and builders.
Outlier Ventures has a strong pedigree in the metaverse, having already raised more than $250 million in funding for an assortment of startups in the space. It invests in projects that share its ideal of DeFi being built atop transparent public blockchains and open data.
New Order Founder Eden Dhaliwal said he’s hopeful of incubating between 30 and 40 projects chosen by the community over the next two years. Funding will come from the DAO’s treasury, motivating the community to lend its expertise to ensure those projects succeed. Ultimately, the plan is to foster a virtuous cycle in which the most successful DeFi projects, based on open blockchains and with full transparency, can generate enough revenue to refill the treasury and help ensure the second generation of DeFi projects get off the ground. Revenue will come via a dApp marketplace in which users can find the latest products.
By combining its transparent development and funding process with Outlier Venture’s expertise in working with early-stage startups, New Order believes it can transform ideas around MetaFi into fully-fledged products while simultaneously fostering a loyal user base.
“With Outlier’s industry-leading Web3 accelerator and New Order’s DeFi ecosystem, our DeFi Base Camp will launch exciting projects that will bring new DeFi products and user experiences to Web3 communities, CeFi, metaverses and more,” Dhaliwal said.
New Order, which recently raised $4 million to launch its community-backed incubator, said it has already incubated its first three projects and will officially announce them later this month.