Can I cultivate live food in aquarium

Can I cultivate live food in the same tank as my Endler guppy? (I plan on adding other fish in the future). I have read that it is not smart to grow daphnia as they reproduce very quickly and outcompete for oxygen.

So is it possible to breed live food in the same tank to create some kind of biome, maybe with some other species? (Monia, fairy shrimp, Rotifer Brachionus)