Summary: I’m proposing a Voting Power of Attorney to be implemented by the TrueFi Foundation in order to more effectively connect the TrueFi DAO to the TrueFi Foundation. This proposal is intended to launch the first part of Step 3: Off-Chain Governance, as originally outinled in TrueFi’s blog. The second part of Step 3: Governing Board, will be following shortly to elect a new slate of Directors for the TrueFi Foundation.
Background & Rationale:
On June 7th, 2022 the TrueFi Foundation was incorporated to manage the TrueFi protocol’s (the “Protocol”) legal, tax, and regulatory obligations, as well as own the Protocol’s intellectual property. The day-to-day operations of the Foundation are managed by its Board of Directors (the “Directors”) who have been serving in an interim capacity since the Foundation’s incorporation. As a BVI company limited by guarantee with shares, the Foundation is ultimately controlled by the Foundation’s members (“Members”). The Members hold various powers, one of which is the power to elect and remove the Foundation’s directors.
In order to more effectively connect the TrueFi DAO to the Foundation, this proposal seeks to adopt a Voting Power of Attorney (the ”POA”) that the Foundation’s Members will implement. This POA will delegate the Member’s voting power to a “DAO Manager.” This DAO Manager will be obligated to implement any Snapshot proposals passed by the TrueFi community.
For example, if a TrueFi Snapshot proposal passes and elects three new Directors then the DAO Manager, through the POA, would formally use the Member’s voting rights to vote for these individuals to become the new Directors of the Foundation.
While this proposed POA does not achieve the DAO’s original goal of making each TRU token holder a formal “member” of the Foundation, I believe this is a practical step in the right direction towards granting token holders a voice in how the Foundation is managed.
A draft of the POA will be posted in the “governance” channel for review.
Snapshot Voting Details: If this proposal receives positive feedback, a Snapshot vote will be posted here to conduct the official off-chain voting process to approve the POA.