Fries DAO Has Raised $5.4M to Buy Fast Food Restaurants

Fries DAO Raises $5.4 Million

Fries DAO has raised more than $5.4 million over the week ending on February 20 and has given out FRIES tokens to those who participated. The tokens don't grant any ownership of the restaurants or give holders any share of profits but will be used to vote on proposals with regards to how they operate.

Starting this week, token holders can stake their FRIES to receive KCHUP tokens, which can then be used to purchase NFTs that include utility perks like free burgers.

The DAO plans to 'negotiate with franchise owners and brands to buy well-known fast food stores using the Fries DAO community treasury.' For this, the DAO is planning to buy at least one fast-food restaurant in the first year. If this doesn't happen, the funds raised will be returned to the community without any expenses.

Fries DAO Could Buy a Subway Branch

According to the community’s Discord server, the first restaurant the DAO has planned on acquiring is a branch of Subway and has even asked token holders to review the financial details ahead of a potential vote on the purchase.

The former president of Domino’s Pizza, Kory Spiroff, is an advisor to the project. The community also includes several people with experience in the fast-food industry.