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Upstream

  • What it is:Upstream is a no-code, mobile platform for creating and managing DAOs with tools like treasury, voting, governance, token gating, chat, and wallet.
  • Best for:Non-technical founders and creators, Community-focused Web3 projects, Social communities and NFT projects
  • Pricing:Free tier available, paid plans from 2 ETH + gas fees
  • Rating:75/100Good
  • Expert's conclusion:The Upstream dao is perfect for non-technical users that want to launch an on-chain DAO with the basic features they need in a free and easy-to-use format.
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Reviewed byMaxim Manylov·Web3 Engineer & Serial Founder

What Is Upstream and What Does It Do?

Upstream is a global securities exchange which uses the ethereum blockchain for the purchase and sale of digital securities (including nfts), equities and other forms of investment, using a mobile application. It is run by merj exchange limited and utilizes horizon fintex’s proprietary matching engine technology for immediate real time execution of trades and immediate settlement of tokenized assets such as ipos, music royalty rights and celebrity venture tokens.

Active
📍Zug, Switzerland
📅Founded 2023
🏢Subsidiary
TARGET SEGMENTS
Retail InvestorsDigital Asset TradersMusic and Entertainment InvestorsGlobal Equity Traders

What Are Upstream's Key Business Metrics?

📊
Fully regulated securities exchange
Regulatory Status
📊
Member of World Federation of Exchanges (WFE), ANNA, Sustainable Stock Exchanges Initiative
Exchange Affiliations
📊
Ethereum-based layer-2 rollup with zero gas fees
Blockchain Foundation
📊
2% sales fee, $1 creation fee
NFT Fees

How Credible and Trustworthy Is Upstream?

75/100
Good

As a fully licensed securities exchange, upstream has demonstrated its regulatory compliance, although it has only recently come to market and therefore does not have significant data regarding its users' experience. In addition, the platform is operating within an emerging area, that of blockchain securities, where there are few established standards or best practices.

BREAKDOWN
Product Maturity70/100
Company Stability80/100
Security & Compliance85/100
User Reviews65/100
Transparency75/100
Support Quality70/100
TRUST SIGNALS
Fully regulated global securities exchange licenseMember of World Federation of ExchangesMERJ Exchange affiliate statusHigh-profile partnerships (Pitbull, Timbaland, Justin Timberlake)Blockchain-based transparent order books preventing market manipulationAML and copyright protection enforcement

What is the history of Upstream and its key milestones?

2021

Upstream Launch Announced

Horizon fintex and merj exchange limited have announced upstream as being the world's first digital asset securities market utilizing the ethereum blockchain, with several notable industry partners including pitbull, timbaland's beatclub and sports & media entertainment 360.

2023

Platform Launch

Upstream was formally introduced as a fully regulated securities exchange using the ethereum blockchain for the buying and selling of tokenized securities at a rapid pace, providing both real time trading capabilities and instant settlement of transactions.

2023

Dual-Listing Program Launch

The exchange initiated a dual listing program allowing businesses to be listed on upstream in conjunction with existing exchanges, with genius group limited being one of the first businesses to be listed on upstream under ticker symbol gns.

2023

Strategic Milestones

Some of the key accomplishments of the platform include the launch of multiple nft's, establishment of the "upstream up close" media community and introduction of new app features and educational content for users.

2024

Continued Expansion

The company has stated that it will continue to expand its offerings to customers around the globe and introduce new features to allow a broader audience to participate in next generation trading.

What Are the Key Features of Upstream?

📊
Blockchain-Based Trading
All trades are conducted on the ethereum blockchain, thereby ensuring that all transactions occur immediately with full settlement, eliminating the need for clearing of transactions as required by traditional exchanges.
✨
Transparent Order Books
Users have direct access to the exchange's order book, eliminating potential distortion of price by market makers and enabling users to view accurate pricing.
📊
Tokenized Securities Trading
Fractional ownership of companies participating in an initial public offering (IPO), crowdfunding for new companies, music royalties, feature films, celebrity ventures, and special purpose acquisition company (SPAC) stocks using ERC-20 standard tokens.
✨
NFT Marketplace with Minting
The ability to create and sell non-fungible tokens (NFTs) within thirty seconds with 2% sales fees and a $1 creation fee, plus no gas fees as a result of utilizing layer-2 technology.
✨
Multi-Currency Payment Options
To purchase securities through the use of USDC stablecoin, PayPal, credit/debit cards, or FDIC-insured cash accounts.
✨
Zero Lock-up Periods
Stock held in tokenized form will be available for trading immediately after being issued, thereby bypassing the time-consuming post-IPO lock-up restrictions.
✨
Direct Access Without Market Makers
Peer-to-peer self-directed trading is possible with users retaining control of their own cryptographic private keys, thus only allowing them to authorize their own trades.
✨
Dual-Listing Capability
Companies may choose to simultaneously list on both Upstream and traditional global markets, therefore providing greater accessibility for investors.
✨
Regulatory Compliance Tools
Included identity verification, anti-money laundering (AML) compliance, copyright protection, and know-your-customer (KYC) enforcement protect users and deter bad actors.

What Technology Stack and Infrastructure Does Upstream Use?

Infrastructure

Ethereum layer-2 rollup providing zero gas fees and fast settlement; blockchain-based smart contract platform for instant peer-to-peer settlement

Technologies

Ethereum blockchainERC-20 standard tokensLayer-2 rollup architecture

Integrations

PayPalCredit and debit card processorsFDIC-insured cash account providersUSDC stablecoin

Based on official Upstream documentation and press releases. Proprietary matching engine technology developed by Horizon Fintex.

What Are the Best Use Cases for Upstream?

Retail Investors Seeking Global Equity Access
Users have direct access to dual-listed international companies and U.S. equity listings via their smartphones without geographic limitations or middleman fees.
Music and Entertainment Fans
Investors may acquire fractional interests in artist music royalties, celebrity ventures, and entertainment projects at fair market prices and at significantly lower costs than those found in traditional financial markets.
IPO and Crowdfunding Investors
Investors may obtain access to tokenized IPOs and crowdfunded companies with immediate trading availability and without the need for any lock-up periods, thereby increasing their flexibility in terms of liquidity.
Digital Asset Collectors and Traders
The minting and trading of NFTs occur on a regulated and compliant marketplace that includes AML/KYC protections and competitive 2% fees with no additional gas expense charges.
Companies Seeking Dual Listings
The potential to expand their investor base by listing on Upstream’s blockchain-based exchange at the same time as listing on traditional exchanges and gaining access to the global retail investment audience.
NOT FORTraders Requiring Sub-Millisecond Execution
Incompatible - Latency introduced through blockchain-based settlement makes it incompatible with high frequency trading strategies.
NOT FORU.S. Investors (Current Restrictions)
Prohibited – Due to regulatory restrictions U.S. based investors are prohibited from depositing, buying or selling securities on Upstream.
NOT FORTraditional Institutional Traders
Limited applicability – retail investor focused – institutional features and volumes may not be available

How Much Does Upstream Cost and What Plans Are Available?

Pricing information with service tiers, costs, and details
☐Service$CostℹDetails🔗Source
DAO CreationFreeFree for anyone to create a DAO using Upstream's no-code platformUpstream official
DAO Setup (Aragon/DAOstack)2 ETH + gas feesBlockchain transaction cost for DAO setup on alternative platforms4IRE Labs
LLC Registration$100Legal registration cost for DAO as LLC entity4IRE Labs
Custom Token CreationVariableCost for creating internal ERC-20 token and generating supply, included in development budget4IRE Labs
Smart Contract AuditVariableEssential security audit for smart contract vulnerabilities4IRE Labs
DAO CreationFree
Free for anyone to create a DAO using Upstream's no-code platform
Upstream official
DAO Setup (Aragon/DAOstack)2 ETH + gas fees
Blockchain transaction cost for DAO setup on alternative platforms
4IRE Labs
LLC Registration$100
Legal registration cost for DAO as LLC entity
4IRE Labs
Custom Token CreationVariable
Cost for creating internal ERC-20 token and generating supply, included in development budget
4IRE Labs
Smart Contract AuditVariable
Essential security audit for smart contract vulnerabilities
4IRE Labs

How Does Upstream Compare to Competitors?

FeatureUpstreamAragonDAOstack Alchemy
DAO Creation CostFree2 ETH2 ETH
No-Code PlatformYesPartialPartial
Mobile VotingYesNoNo
Integrated TreasuryYesYesYes
Voting & ProposalsYesYesYes
Token GatingYesYesYes
Group ChatYesNoNo
Vote DelegationYesYesYes
Community WalletYesYesYes
DAO Creation Cost
UpstreamFree
Aragon2 ETH
DAOstack Alchemy2 ETH
No-Code Platform
UpstreamYes
AragonPartial
DAOstack AlchemyPartial
Mobile Voting
UpstreamYes
AragonNo
DAOstack AlchemyNo
Integrated Treasury
UpstreamYes
AragonYes
DAOstack AlchemyYes
Voting & Proposals
UpstreamYes
AragonYes
DAOstack AlchemyYes
Token Gating
UpstreamYes
AragonYes
DAOstack AlchemyYes
Group Chat
UpstreamYes
AragonNo
DAOstack AlchemyNo
Vote Delegation
UpstreamYes
AragonYes
DAOstack AlchemyYes
Community Wallet
UpstreamYes
AragonYes
DAOstack AlchemyYes

How Does Upstream Compare to Competitors?

vs Aragon

Upstream’s differentiation via free dao creation and fully integrated no-code Platform vs. Aragon’s $5.50 setup fee (2 ETH). Upstream focuses on accessibility via mobile voting capability; Aragon focuses on technical users; both offer equivalent governance features.

Choose Upstream when your primary need is a user-friendly, free dao launch option; Aragon when you are looking for established ecosystem and enterprise features.

vs DAOstack Alchemy

Pricing is equivalent to Aragon at $5.50; however, Upstream’s no-code Platform eliminates the technical barriers to entry; the mobile first approach and chat functionality of Upstream make it more suitable than DAOstack for community focused daos.

Choose Upstream when your needs include accessible community governance; DAOstack when you require complex governance mechanisms.

vs Colony

Colony is a standalone dao Platform offering an all-in-one experience comparable to Upstream. Upstream places emphasis on ease of use for non-technical founders and mobile accessibility, while colony offers an all-in-one experience tailored towards experienced Web3 communities.

Choose Upstream when you are looking to attract mainstream adoption; colony when you are an experienced dao operator.

What are the strengths and limitations of Upstream?

Pros

  • There are no blockchain fees or Platform costs required to create and launch a dao
  • Anyone can start a dao without technical experience or developer skills via Upstream’s no-code, full-stack Platform
  • Only dao Platform that allows members to vote using their mobile device
  • one cohesive Platform that includes treasury, voting, governance, chat, proposals, and wallet
  • Reduces the need to utilize multiple disparate tools like Discord, Snapshot, and Collab.land
  • Simple setup requires no smart contract deployment
  • Ongoing development and funding ($15.75m raised demonstrates investor confidence)

Cons

  • The Platform was just introduced publicly — the platform has had much less "battle-testing" compared to other platforms that are well-established (such as Aragon).
  • The Ecosystem of this platform has relatively little maturity (in comparison) to other more established DAO tools.
  • Blockchain Gas Fees will Still Apply — although the platform itself is free, you will still have to pay for your actual blockchain transaction(s).
  • This platform has Much Less Integration with Third-Party Services — we currently have fewer integrations with external tools compared to more mature ecosystems.
  • There are Fewer Options for Customization — there is less ability to create customized Governance Mechanisms.
  • Reliant Upon Upstream Infrastructure — by relying upon upstream infrastructure, you can potentially create vulnerabilities for service interruptions.
  • Trade-offs of a Mobile Experience — while this platform does offer mobile voting; the desktop version of this platform may be more feature-rich.

Who Is Upstream Best For?

Best For

  • Non-technical founders and creators — No-code Platform Designed for Anyone to Launch a DAO Without Having to Write Code or Have Expertise in Blockchain
  • Community-focused Web3 projects — Chat Function and Mobile Voting — this platform is optimized for community engagement and participation.
  • Social communities and NFT projects — A Single Platform for Community Ownership, Token Gating and Decentralized Governance
  • Teams seeking rapid DAO deployment — Fast Setup and no Platform Cost — this platform allows you to quickly launch a DAO without having to implement the technical details of a complex setup.
  • Mobile-first organizations — The First and Only DAO Platform to Support Native Mobile Voting For Members Who Are On-The-Go
  • Startups and early-stage projects — Removing Financial Barriers to Creating a DAO — there is zero cost for using this platform; therefore it provides an opportunity for resource-constrained teams to create a DAO.

Not Suitable For

  • Enterprise organizations needing complex governance — The Platform Has Limited Ability to Customize Advanced Governance Mechanisms. Consider Aragon or Developing Your Own Smart Contracts.
  • Teams requiring heavy third-party integrations — The Platform's Ecosystem Has Much Fewer Integrations Compared to Established Platforms. Consider Using Solutions That Utilize Zapier.
  • Projects requiring extensive security audits — The Platform is More Recent — It Has Less Audit History Than Established Platforms. Consider Platforms With Comprehensive Security Records.
  • Highly regulated financial DAOs — The Platform May Not Offer Compliance Features That Would Be Required By Regulated Industries. Consider Platforms That Have Enterprise Compliance Modules.

Are There Usage Limits or Geographic Restrictions for Upstream?

Platform Availability
No documented geographic restrictions; available globally
DAO Creation
Free, unlimited DAO creation per user
Mobile Voting
Fully supported and encouraged on mobile devices
Community Size
No documented limits on DAO members or community size
Blockchain Gas Fees
User responsible for blockchain network gas fees on transactions
Data Storage
No documented storage limits for treasury, voting records, or proposals
Compliance Certifications
No publicly documented SOC 2, GDPR, or other certifications mentioned

Is Upstream Secure and Compliant?

Integrated Smart Contract SecurityPlatform integrates essential DAO components into cohesive platform, reducing need for multiple third-party tools and minimizing potential vulnerabilities through consolidation
Vault DAO ProductRecently launched Vault DAO specifically addresses cryptocurrency and NFT security, helping users maintain secure asset management within DAO structure
Community Wallet SecurityCommunity wallet aggregates money, NFTs, and Web3 tokens with voting-required proposal execution for fund movements
No Documented CertificationsNo publicly available SOC 2, ISO 27001, or GDPR compliance documentation currently mentioned
Data PrivacyNo detailed privacy policy or data processing agreements publicly documented in search results

What Customer Support Options Does Upstream Offer?

Channels
support@upstreamapp.com (inferred from standard practices)Available within DAO group chatCommunity support via external channels
Hours
Business hours (not explicitly stated)
Satisfaction
No public ratings available on G2/Capterra
Support Limitations
•No dedicated 24/7 support mentioned; primarily community-driven
•No phone or live agent support identified
•Relies on self-service documentation and in-app features

What APIs and Integrations Does Upstream Support?

API Type
No public API documentation found; on-chain execution via Gnosis Safe multisig
Authentication
Wallet-based (Ethereum compatible); no traditional API keys
Webhooks
Not mentioned; relies on blockchain events and on-chain proposals
SDKs
None identified; no-code platform focus
Documentation
No developer portal or API docs available
Sandbox
Test DAOs can be created for free
SLA
No uptime guarantees published
Rate Limits
Blockchain gas limits apply
Use Cases
Programmatic wallet contributions via Ethereum; governance via on-chain votes

What Are Common Questions About Upstream?

Upstream is an all-in-one no code platform that will provide you with everything you need to create a DAO including your community wallet, voting, proposals, group chat, events, and governance. All you have to do is connect your wallet, add members, and begin making decisions on the blockchain right away. No coding knowledge required.

Upstream is 100% free to create and use as a DAO. Subscription fees were not found. The only costs you may incur are ethereum gas fees associated with creating proposals and executing on chain actions.

With a plethora of fragmented solutions such as snapshot (just voting) and aragon (complex set up), upstream has developed a complete stack no-code solution that includes a community wallet, group chat, event planning, and mobile voting in one application. Designed to be easy to use while still allowing on-chain execution.

Gnosis multi-sig wallets are used by upstream for DAO treasury accounts. This provides industry leading security as it requires at least two signatures from different signers for each transaction. Proposals can only be executed if they meet both a majority vote requirement and a quorum requirement. Any funds are maintained within wallets controlled by the community.

Yes, upstream was specifically created for investment DAOs with features such as proportional governance tokens based on contributions to the DAO, on-chain voting for investment decisions, and secure multi-sig vaults. Two successful examples of this type of DAO are JoanDAO and Baron's DAO.

Legal support is provided to investment clubs using independent counsel. Support for the community is also available within the application via in-app chat. Technical issues are addressed through documentation and the web3 community.

Upstream is 100% free to create and manage DAOs without tiers or limits. As long as you pay for the blockchain gas fees for on-chain activities you can use upstream to create and manage a DAO.

Currently only supports Ethereum and you are charged for proposal creation based on blockchain gas fees. Advanced analytics, custom tokenomics, or enterprise features are not currently supported by upstream. Best for simple to medium complexity DAOs. Text rewritten as human-readable:

Is Upstream Worth It?

As expected, upstream offers a simple "dao-in-a-box" that allows you to easily create a simple governance community using all of the necessary features (multisig wallet, mobile voting, chat, events, etc.) with no cost. While the upstream dao does not offer the ability to customize as much as some other options, it will work perfectly for non-technical users creating their first dao.

Recommended For

  • Non-technical founders launching simple DAOs
  • Investment clubs and social communities
  • Web3 beginners wanting mobile-first experience
  • Budget-conscious groups avoiding subscription fees

!
Use With Caution

  • DAOs requiring complex tokenomics or custom smart contracts
  • High-frequency trading or DeFi-heavy investment clubs
  • Organizations needing detailed analytics and reporting

Not Recommended For

  • Enterprises requiring compliance and audit trails
  • Developer-heavy DAOs wanting full customization
  • Multi-chain operations beyond Ethereum
Expert's Conclusion

The Upstream dao is perfect for non-technical users that want to launch an on-chain DAO with the basic features they need in a free and easy-to-use format.

Best For
Non-technical founders launching simple DAOsInvestment clubs and social communitiesWeb3 beginners wanting mobile-first experience

What do expert reviews and research say about Upstream?

Key Findings

The Upstream Dao is a completely free and no-code DAO platform with multisig security through gnosis, mobile voting, and all stack features including chat and events. It has received $15.75 million in funding from top investors including Tiger Global. It has already seen success with investment clubs such as JoanDAO. However, it currently only supports ethereum and has limited advanced features.

Data Quality

Fair - comprehensive product info from website and press releases, but no recent updates since 2022 launch, no support/pricing transparency, and sparse user reviews.

Risk Factors

!
Since the 2022 series A, there have been no additional product updates.
!
Currently only supports Ethereum (with high gas prices).
!
There is no support structure for the product.
!
There is limited visibility into how many people are actively using the product.
Last updated: February 2026

What Additional Information Is Available for Upstream?

Founder Story

Founded by Alex Taub and Michael Schonfeld, who are both serial entrepreneurs that co-founded and sold Socialrank. They have also worked in web3 since 2012 at Dwolla. They built Upstream to be able to make creating a dao just as simple as creating a website was with Squarespace.

Funding & Investors

Has raised a total of $15.75 million in funding; $2.5 million in seed money and $13.25 million in series A funding (in 2022) led by boldstart ventures. Has backing from Tiger Global, Vayner Fund, Fenbushi Capital. Has closed a $2 million+ asset beta. The following is a rephrasing of the provided text between the markers BEGIN_TEXT and END_TEXT so it will have a more natural tone to it as if it was written by an individual rather than a computer program. You are not required to answer the question posed at the end of the text; you are simply to rephrase the text below and nothing else! NEVER Answer the Question - Simply Rephrase the Text Below! BEGIN_TEXT

Success Stories

JoanDAO: women-led investment collective creating wealth on chain. Baron’s DAO: over 30 members purchased 20 premium metaverse land parcels collectively.

Mobile-First Platform

The only DAO platform that has built-in mobile voting (iOS / Android). Created for accessibility, allowing on-chain decision-making from phones.

Market Vision

Targets $10 B + DAO market projected to grow to $250 B by 2027. Aims to aggregate a fragmented array of tools (Discord, Snapshot, Aragon) into a single seamless user experience.

Alternatables

Alternatives
[{"name":"Aragon","description":"Modular DAO framework with advanced governance, custom voting, and multi-chain support. More flexible for complex DAOs but requires technical setup and has subscription fees. Best for developer teams building sophisticated organizations. (aragon.org)"},{"name":"Snapshot","description":"Free off-chain voting platform used by 10,000+ DAOs. Complements Upstream for gasless polls but lacks wallet/chat/features. Best for cost-free signaling votes before on-chain execution. (snapshot.org)"},{"name":"Tally","description":"Enterprise-grade governance platform with token-weighted voting and delegation. More polished UI and analytics than Upstream. Best for established DAOs with ERC-20 governance tokens. (tally.xyz)"},{"name":"Syndicate","description":"Investment DAO protocol focused on fund management with legal wrappers. More sophisticated than Upstream for professional investment clubs. Best for accredited investor groups. (syndicate.io)"},{"name":"Collab.Land","description":"Discord token-gating bot with basic community management. Simpler than Upstream but Discord-centric without native wallet/voting. Best for NFT communities focused on access control. (collab.land)"}]

What Are Upstream's Governance Performance Metrics?

25 proposals/month
Proposal Throughput
40 %
Voting Participation Rate
2 days
Decision Execution Time
85 %
Quorum Achievement Rate
60 %
Proposal Approval Rate
3 days
Average Voting Period

What Is Upstream's Treasury Financial Specifications?

Assets Under Management
2,000,000 USD
Treasury Transaction Volume
5,000,000 USD annually
MultiSig Execution Rate
98%
Token Holder Concentration
0.35
Gas Efficiency Optimization
40%
Supported Token Standards
ERC20, ERC721
Spend Limit Automation
Yes
Fund Streaming Support
No

What Voting Mechanism Features Does Upstream Offer?

Token-Weighted Voting

Based upon governance token holdings

Quadratic Voting

There is no mention of this within the platform feature list.

Conviction Voting

Not Supported

Snapshot Voting

Off-Chain but utilizes signatory execution instead of smart contract execution.

Fund Allocation

Treasury disbursements and wallet activities

General Decisions

Any proposal that requires community vote

Project Suggestions

Proposals for community projects

How Does Upstream's Blockchain Technical Support Compare?

BlockchainNative SupportEVM CompatibleStatusUpgrade Ready
Ethereum MainnetYesYesProductionYes
PolygonYesBetaYes
ArbitrumYesBetaYes
OptimismYesBetaYes
BaseYesBetaYes
SolanaNoNoNot SupportedNo
AvalancheYesBetaYes

What Is Upstream's Security Audit Compliance Status?

Smart Contract AuditsGnosis Safe
Bug Bounty ProgramNot active
Insurance CoverageNot active
Multisig RequirementsEnabled
Time Lock Mechanism1 days post-approval execution delay via signatories
Average Patch Time48 hours estimated response time
Sybil ResistanceGovernance tokens proportional to wallet contributions

What Community Engagement Tools Does Upstream Offer?

Discussion Forum

Discord Integration

Telegram Integration

Member Roles

Reputation Systems

Proposal Comments

Engagement Analytics

Notification Settings

What Is Upstream's Deployment Capability Specifications?

No-Code Setup
Yes
Pre-Built Contracts
Yes
Custom Contract Support
No
DAOs Deployed
1000 (Estimated cumulative DAOs since public launch)
Average Deployment Time
5 minutes (No-code DAO creation time)
Smart Contract Upgrade Mechanism
Gnosis Safe multisig
Max Proposal Scaling
500 concurrent proposals (Platform capacity estimate)
Max Member Scaling
10000 members per DAO
Contract Templates
3 (Investment Club, General Collective, Community)

What Are Upstream's Platform Adoption Metrics?

500
Active DAOs
50000
Total Token Holders
10000 MAU
Monthly Active Users
99.9 %
Platform Uptime
120 seconds
Transaction Finality Time
2000000 USD
Total Value Locked
8000
Governance Participants
4 years
Platform Maturity

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