Rari Capital votes to become the first DAO to dedicate 1% of yearly revenue to charitable causes, made possible on the Endaoment platform
Endaoment, the first philanthropic institution built entirely on the Ethereum blockchain, has announced its first continual giving partnership with Rari Capital, a distributed autonomous organization (DAO) and a suite of DeFi products aimed at reaching retail and institutional customers. Through this partnership, Rari will propose a vote to its community to contribute one percent of its annual revenue to social impact causes, facilitated by Endaoment and The Giving Block. This collaboration would designate Rari as the first Endaoment partner to commit to continuous contributions and the first DAO to fulfill The Crypto Giving Pledge.
The notion of donating an annual percentage of revenue to charity was coined by Bill and Melinda Gates and Warren Buffett as the Giving Pledge in 2010, which started off as a movement encouraging high net worth individuals to fulfill their philanthropic responsibilities. This idea was introduced to the cryptocurrency industry as The Crypto Giving Pledge in March of 2021 by The Giving Block, an organization dedicated to helping nonprofits accept cryptocurrency donations. With the goal of making crypto the most charitable industry in the world, The Giving Block’s Crypto Giving Pledge encourages digital asset investors to pledge at least one percent of their holdings and cryptocurrency companies to contribute one percent of their revenue towards philanthropic causes. Endaoment similarly recognizes the capital gains occurring in the crypto industry – in April of this year the cryptocurrency market capitalization reached an all-time high surpassing $2 trillion – and advocates for a portion of those profits to be responsibility donated to social impact causes.
“It’s important for the DeFi industry to dedicate a portion of its proceeds to social impact in a way that honors its values of transparency and efficiency,” said Endaoment President and CEO, Robbie Heeger. “Rari is the first to set that standard of giving back for the entire ecosystem and Endaoment is here to make it possible and encourage other protocols in the DeFi space to do the same.”
Rari Capital DAO members are set to vote today on the acceptance of The Crypto Giving Pledge. Should the community approve the proposal, Endaoment will facilitate Rari Capital’s donations on a monthly basis, making Rari Capital Endaoment’s first continued giving partner. Rari is also the first DAO to join The Giving Block’s Founder’s Circle, a star-studded group of influential organizations and individuals who will help to establish and grow the pledge.
“As a DAO we value decentralization above all else and are excited to have our community vote on this pledge,” said Jack Lipstone, co-founder and core contributor to the Rari Capital DAO. “We chose Endaoment as the facilitator of these donations because they provide the structure necessary to make truly decentralized, community-based decisions on how donations should be allocated.”
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Endaoment, the first fully on-chain nonprofit, uniquely powers cryptocurrency donations to over 1.5 million registered 501(c)(3) nonprofit organizations in the United States. Donations on the Endaoment platform are received through either Community Funds or Donor Advised Funds (DAFs), which task benefiting communities or donors with recommending the organizations best fit to receive grants. Once the Rari community has voted, Endaoment will facilitate contributions as recurring monthly gifts to the Rari Capital Foundation on Endaoment, equivalent to one percent of annual revenue, and vote monthly on the charities they wish to support.