Idle DAO LLC: Operating agreement


A proposal to discuss the Operating Agreement of the Idle DAO LLC.



After the positive feedback received from our community regarding the intention of incorporating the Idle DAO in the Marshall Islands

We have kept working with legal advisors and today we can present a step forward in the incorporation of our DAO: the Operating Agreement of Idle DAO LLC.

Operating agreement

The Operating Agreement of Idle DAO LLC, which can be read fully here, is composed by twelve articles as follows:

  1. Organization
  2. Purposes and powers
  3. Members
  4. Right and duties of members
  5. Algorithmic management
  6. Accounting and records
  7. Contributions and capital accounts
  8. Dissociation of a member
  9. Admission of additional members
  10. Dissolution
  11. Amendment
  12. Miscellaneous provisions

The document contains also two appendices that summarize

Following the Marshall Islands legislation, we will need to pick a Beneficiary Owner that will sign this operating agreement and be the first point of contact with the local officers. Leagues sponsor @Biaf to take this responsibility given his long and positive experience as a DAO core contributor.

Next steps

We encourage the community to thoroughly read the Operating Agreement document and share any feedback on this. If there wonโ€™t be any requests for adjustments or changes, we will start the usual off-chain voting process.


Temperature check voting

The voting phase for accepting the Operating agreement of the future Idle DAO LLC starts now :ballot_box:

  • For - Agree with the Operating agreement of the Idle DAO LLC
  • Against - Disagree with the Operating agreement of the Idle DAO LLC
  • Discuss more - Discuss more the Operating agreement of the Idle DAO LLC

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

:alarm_clock: Polls will close on 2023-05-27T18:00:00Z

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 will continue the process of incorporation with MIDAO and @Biaf will become the beneficiary representative of Idle DAO LLC.