Idle DAO incorporation in the Marshall Islands


Treasury League


A proposal to incorporate the Idle DAO in the Marshall Islands using MIDAO.



The research to incorporate the Idle DAO has been an argument of discussion

We want to thank @Salome and @David_M_Kerr in particular for their analyses and the community for the useful insights.

Finally, we came up with a solution that should help our DAO have a formal legal wrapper without adding too many legal burdens. The selected solution aims to incorporate the DAO in the Marshall Islands with a not-for-profit structure supported by the MIDAO.


Incorporating Idle DAO with MiDAO will benefit the community under multiple aspects:

  1. Limited Liability
    Incorporating the DAO is the best way to shield contributors and token holders from legal risks. This ensures every DAO member can keep his assets and future earnings even if the DAO is sued or under a legal crisis.
  2. Corporate Personhood
    Incorporating the DAO will give our organization the possibility to act as an individual entity, enter into traditional agreements and own assets.
    If our DAO needs to open a bank account to manage fiat currencies, it’s impossible unless we establish corporate personhood. And, if Leagues sign contracts and interact with third-party companies outside of the blockchain, the contracts don’t hold up under the law without corporate personhood.
  3. Tax Entity
    Idle DAO does not have a tax entity making it more difficult to manage taxes for the DAO and its contributors. A MIDAO DAO LLC will protect IDLE token holders with respect to any DAO-related tax burden.

Additional benefits include

  • No trustees, directors, officers, or managers with extra liability or responsibility
  • All documents and records can be kept on the blockchain
  • Most members can remain anonymous
  • Governance by smart contract is allowed by law


The cost associated with this proposal is expected to be a one-time payment of $20,000 used to pay MIDAO, legal advisors and the costs associated with the initial entity filing. This amount will cover budgeted expenses until January 2025.

Next steps

We are going to leave this thread open for comments regarding this proposal, and soon, if there are no objections, we will open the temperature check.


Temperature check voting

The voting phase to incorporate the Idle DAO in the Marshall Islands starts now :ballot_box:

  • For - Agree with the incorporation of Idle DAO in the Marshall Islands
  • Against - Disagree with the incorporation of Idle DAO in the Marshall Islands
  • Discuss more - Discuss more the Idle DAO incorporation

:arrow_right: Poll for $IDLE holders: HERE
:arrow_right: Poll for $IDLE stakers (stkIDLE holders): HERE

:alarm_clock: Polls will close on 2023-05-01T17:10:00Z

The final $IDLE voting weights will be calculated using the approved calculator.

Looking to delegate your vote on Snapshot? Follow the official Snapshot guide.

Let your vote count! :writing_hand:


Temperature check results

Temperature Check passed :white_check_mark:

Leagues can continue the process of incorporation outlined and will share updates in this proposal thread.


The incorporation is completed!

All the legal documents will be available in our documentation.