Hi everyone, as part of the transparent processes around the authoritative DAO launch and the API3 ethos in general, I wanted to gauge interest on a rundown of API3 DAO’s legal wrapper, and how the bylaws strive to harmonize some of the DAO’s coded governance and other aims with real-world structuring.
As you can likely tell, the immense amount of off-chain work and business development with API providers and other entities like the Open Bank Project in part necessitates the DAO’s ‘wrapping’ in a traditional legal entity, the API3 Foundation. As part of the DAO’s launch, a special resolution and related bylaws were passed to more accurately adapt the legal entity to reflect the DAO’s non-hierarchical structure, including expressly designating those who stake API3 tokens in the designated API3 DAO governance contract as beneficiaries of the Foundation, and the hardwired direction of DAO Resolutions on the Foundation.
I’d like to share the details on the foregoing with all of you stakers and governance participants. So, for those stakers interested in learning more on the particulars of the Foundation structure, I’d invite you to respond with topics or questions you’d like me to address (though I cannot promise I can or will answer all responses). Right now, I intend to host a video call running through the overall structure of the Foundation and motivations for using a Cayman limited foundation, examining the bylaws, and how stakers fit into the picture, with an ultimate view to having the DAO ‘ratify’ the bylaws onchain. I’ll plan on allowing a week for everyone’s feedback.