DAOs have continued to stay winning in the face of the crypto winter. Notably, the Marshall Islands has passed legislation to formally recognized decentralized autonomous organizations. Meanwhile, ApeCoin DAO has welcomed three new members to join its Special Council.
Here's a rundown of some of the most interesting stories from across the DAO industry over the past week.
Three new members join ApeCoin’s Special Council
ApeCoin DAO has elected three new members to join its Special Council after voting ended on Thursday morning. The three new members, BoredApeG, Veratheape, and Gerry received 27.65%, 26.36%, and 24.13% of the Snapshot votes, respectively. They will resume their tenure on January 1, 2023, providing oversight of the ApeCoin Foundation administrators. Meanwhile, each member of the council will be paid $20,833 worth of $Ape monthly.
Marshall Islands moves to recognize DAOs as limited liability companies
In what could be best described as a major win for the DAO industry, the Republic of Marshall Islands has become the first country to grant formal legality to DAOs. Through its “Decentralized Autonomous Organizations Act 2022,” DAOs will be legally recognized as limited liability companies (LLCs). However, DAOs that wish to enjoy this privilege must incorporate “DAO LLC” into their titles. In addition to allowing legal entities in the region to adopt DAO structures and governance tools, the new legislation recognizes the internal workings of decentralized organizations, such as tokenization, governance principles, voting processes, and smart contracts.
CityDAO welcomes the idea of buying income-generating property
Commerce is an important component of all cities. It is arguably the engine that drives economic prosperity. The same could be said of CityDAO, a DAO that began as an experiment to buy a small piece of land in Wyoming. The group is currently mulling over the idea of purchasing an income-generating property for the DAO. CEO Scott Fitsimones believes the current pullback in the real estate market offers a perfect buying opportunity.
Ren DAO to set up legal for Ren 2.0
Ren DAO has initiated discussions about setting up the Ren Foundation, a legal entity for Ren 2.0. The foundation will be the custodian of the treasury and also manage the DAO’s grants program. So far, the DAO is considering setting up a non-profit foundation in either Swiss or the Cayman Islands or going the special purpose trust route, similar to dYdX’s Guernsey Purpose Special Trust. Comparatively, the Swiss option will cost about $100,000 while the special purpose trust was labeled faster and cheaper.
- Merit Circle DAO is going to release a collection of wearable merchandise in Q1 2023. 650 members of the DAO will receive free claimable NFTs that can be used to redeem the merch. The distribution of the NFTs will be in two phases – the first phase to certain community members and the second raffle phase.
- Hop DAO has passed a proposal to launch a trial grants program with approximately $100,000.