In retrospect, it was inevitable: A team of blockchain developers has replaced GitHub with a decentralized system for collaborating on open source software. There’s even a decentralized finance (DeFi) twist.
Announced Thursday, Radicle, a fully decentralized code repository, has raised $12 million in funding, integrated its peer-to-peer network with Ethereum and launched the RAD governance token.
The funding round was led by NFX and Galaxy, with participation from Placeholder, Electric Capital and ParaFi Capital; Naval Ravikant, Balaji Srinivasan and Meltem Demirors were also involved. Notably, it’s the first crypto investment from NFX since Libra co-creator Morgan Beller left Facebook and joined the VC firm in September 2020.
The growing army of “Web 3.0” builders are mismatched with centralized platforms like Microsoft-owned GitHub, said Eleftherios Diakomichalis, co-founder of Radicle. The needs of these communities are better served by decentralized autonomous organizations (DAOs) controlling their code repositories, rather than hierarchical platforms with one admin in control, he said.
“We think about Radicle as infrastructure for decentralized communities,” Diakomichalis said in an interview. “When it comes to value, these communities are very used to interacting with value flows; think about things like DeFi protocols on Ethereum. So we are bringing these two worlds closer together – the code collaboration world with the world of DAOs – and this new financial infrastructure is being built on Ethereum.”
NFX’s Beller said the existing