Summary
As TrueFi continues its transition, there is a critical need to strengthen the Foundation’s Board of Directors. Given the evolving scope of the Foundation’s responsibilities and the necessity for strong governance, we propose grandfathering the current Board of Directors in addition to three new Board members for an extension till 30th Sept 2025, with a simple extension till 31st Dec 2025 through a forum proposal.
If you believe you may be a good candidate to hold one of these three seats, please review this proposal and submit a platform statement before Monday, September 9th.
Background & Rationale
Ferengi, Nathan Vandy, and Masahide Hoshi (collectively, the “Directors”) have been serving as directors of the TrueFi Foundation (the “Foundation”) since 2024. With Masahide stepping down, it is important to elect additional directors to join the current Board members for an extended 1-year term to support the transition.
During this process, the current Board will also share its vision for how the next year will develop and the budget required to achieve these goals. This will provide clarity on the Foundation’s direction with TrueFi and its stakeholders and service providers to ensure that the newly expanded Board is aligned with these strategic objectives.
Election Process & Voting Details
If you are interested in becoming a director of the Foundation, please submit a platform statement explaining (i) how you’d contribute to the Foundation, the TrueFi Protocol, and the TrueFi community, (ii) what new ideas you will bring to TrueFi, (iii) why you’re a good candidate to hold one of the three (3) board seats through this next term.
Candidate Qualifications
We propose that candidates for the new Board positions meet the following criteria:
- Crypto Experience: Candidates should have minimum three years and a proven track record in crypto, with specific reference to DeFi, and a deep understanding of both traditional and decentralized financial systems.
- Legal and Regulatory Expertise: Given the Foundation’s critical role in navigating legal and compliance issues, candidates with backgrounds or understandings of crypto law, traditional finance law, or regulatory compliance are highly desirable.
- Operational and Business Acumen: The Board will benefit from members with strong operational, governance, or business development backgrounds, particularly those experienced in scaling organizations or managing complex projects.
- Commitment to Decentralization: Candidates should be committed to the principles of decentralization and demonstrate a clear vision for the future of TrueFi within the broader DeFi and RWA ecosystem.
Compensation and commitment:
Majority of Board members will not have a direct operational role, but for those that do, the compensation structure includes two components:
- A monthly retainer of $2,000 for basic responsibilities, covering up to 4 hours of work per week (paid in stables or TRU)
- Beyond the basic retainer, additional work and operational duties will be billed at a rate of $200 per hour
Process for Selection
The proposed process for selecting the new Board members is as follows:
- Call for Nominations: Candidates will have two weeks to provide platform statements up until Monday, September 9th, allowing community members and external stakeholders to nominate candidates who meet the qualifications outlined above.
- Format: Platform statements should be submitted to the TrueFi Forum with the following title: [Board Candidate] FirstName LastName’s Platform Statement
- Community Feedback: 72 hours for the TrueFi community to give feedback on the shortlisted candidates, ensuring transparency and inclusiveness in the selection process.
- Tally Vote: Based on their alignment with theTrueFi’s vision and community sentiment, On Wednesday, September 11th, the current Board will put forward a Tally vote with the selected names of individuals who submitted platform statements.
- Final Appointment: The final selection of the new Board members will be made by the current Board, taking into account community feedback, legal compliance onboarding process and the strategic needs of the Foundation.
During this period, the current Board will present its vision for the next year, including a detailed budget outlining the resources needed to achieve TrueFi’s strategic objectives. This will provide a clear framework for the incoming Board members to build upon.
Conclusion
Expanding the TrueFi Foundation Board is a necessary step to strengthen governance and ensure the Foundation can effectively manage its expanded responsibilities. By adding three new Board members, we will enhance the diversity, expertise, and decision-making capacity of the Board, positioning TrueFi for continued growth and success.
We invite the community to support this proposal and participate actively in the nomination and selection process.
