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Decentralized finance (DeFi) relies on decentralized autonomous organizations (DAO) for effective operations and decision-making. These DAOs foster a truly decentralized approach to governance by giving stakeholders a say in the ecosystem's growth and direction. BitDAO and MakerDAO are currently among the biggest DAOs in the cryptocurrency market, having found success in utilizing a community-driven governance model to ensure stability and transparency in their operations.
Another DeFi DAO project that’s quickly gaining traction and worth noting is MarsDAO. Let's take a closer look at this up-and-coming project that’s poised to make its mark in DeFi.
Key Takeaways:
MarsDAO is a rapidly evolving DeFi DAO project that utilizes a community-driven governance model and features a deflationary MDAO token.
MDAO is MarsDAO's community token. It serves as a utility token, giving its holders access to its various investment instruments, which include Auto.farm, MDAO Telegram Wallet and MDAO Maker.