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Galleon DAO

A structured-products methodologist DAO in the Set Protocol ecosystem, governed by its own token, Doubloon. Andrew founded it in 2021. It stopped building in 2023.

An engraved galleon at sea beneath a compass rose

$1MSeed, Feb 2022

$20M+TVL at peak

3Products shipped

2021–23Operating years

What it shipped

ETHMAXY

ETH Max Yield Index

The first recursively leveraged ETH staking product: stETH looped through Aave V2, wrapped as a single composable ERC-20. Built with Beverage Finance.

BYE

Basis Yield ETH

One of the first tokenised delta-neutral basis trades, running on Optimism through Perpetual Protocol V2.

SOLUNAVAX

Narrative index

Multichain exposure through perpetual markets. Deprecated after the LUNA collapse took one of its three legs.

Galleon designed the strategies and built everything around them: the dapp, the contract suite, the analytics and Dune dashboards, the token list, and the deployment pipeline. Products were owned and steered by the community through Doubloon ($DBL), capped at 100 million supply.

In March 2023 the team decided to stop developing structured products and stood the full-time crew down. The reasons were ordinary and compounding: a seed raised weeks before the market turned, UK regulatory exposure, better-capitalised competitors, and LUNA and FTX detonating either side of the runway.

Open, unmaintained, and worth reading.

Ten repositories stay public in the GalleonDAO organisation — contracts, dapp, analytics, dashboards. None of it is maintained, and none of it should be treated as live financial software.

The GalleonDAO archive Galleon Labs today