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10/1/2022, 1:35:57 AM

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SquidDao price is unchanged in the past week.

The current price is $1,541.120823 per SQUID. The new price represents a new all time high of $1,541.120823.


What Is Squid DAO (SQUID)?

Squid DAO (SQUID) is a protocol that accumulates Ethereum in its treasury and aims to provide complete authority to its community.

The value of the platform’s token, SQUID, derives its value from ETH. The Squid DAO protocol stacks ETH in a non-dilutive manner, meaning the community still controls the fees, system, and revenue through Squid NFTs and governance mechanisms. Accordingly, the Squid treasury backs each SQUID with Ethereum-denominated assets (e.g., ETH), providing the token with an underlying valuation that should not fall below. Moreover, Squid serves as a decentralized autonomous organization or DAO-governed, which means that all community members may vote in the protocol’s governance and future development.

Further, the protocol draws inspiration from the Olympus DAO and Nouns DAO, which are reserve currency protocols, similar to Squid DAO. In a broader sense, these reserve-backed currency protocols imply that the issuing currency/token price is backed by a reserve, also known as the treasury. This backing intends to further assure protocol users that the value of the token they have acquired will not go below a baseline value. 

According to the official documents, the protocol intends to benefit from having an Ethereum treasury in DeFi in two ways. Trading in reliable yield-bearing techniques initially and subsequently developing a mutually beneficial partnership and collaborations throughout the DeFi market.

Furthermore, the protocol states the token SQUID backed by ETH has an underlying value of at least one ETH. At the same time, the token aims to achieve a better valuation by accumulating revenue-generating assets and market determiners in the Squid treasury.

In addition, the Squid treasury controls the token liquidity. As a result, the DAO seeks to benefit from trading fees that the treasury earns. Besides, the DAO seeks to provide security to the users for managing their holdings and accessing liquidity from the Squid protocol.

History of Squid DAO (SQUID)

On October 20, 2021, Squid DAO was founded by an anonymous group of DeFi veterans who shared a common mission and principles in their admiration for Ethereum and the potential for integrating two innovative platforms.

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What is the current price of SquidDao?

The price of 1 SquidDao currently costs $1,541.12.

What other assets are similar to SquidDao?

Assets that have a similar market cap to SquidDao include Ethereum 2, Ethereum, Tether, and many others. To see a full list, see our comparable market cap assets.

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