1/ Tremendous congratulations to the @TownsProtocol team!
And a new chapter begins.
The Towns Lodge DUNA is live. Here is a quick thread on what it does and doesn’t do.
2/ Token Governance: Towns Lodge covers all @TownsProtocol token-based governance. Ultimately, it is the tokenholders, via Towns Lodge (i.e., the DUNA or the DAO), who control the Treasury.
From the outset, this gives the members a powerful voice.
3/ Additional functionality of token-based governance will phase in over the coming months, with members increasingly having more say. As that happens, Towns Lodge’s homepage () will become a one-stop destination for members to access community information and participate.townslodge.com
4/ Real-World Activity: Real-world impact means real-world obligations. Towns Lodge provides limited authorization to a @Cowrie subsidiary called “Administrator Services” to provide real-world administrative services to the DUNA. No managerial discretion, no opaque hierarchies.
5/ Org Structure: While the DUNA is a great option for US only structures, it’s flexible enough to be paired with foreign entities. Here, the Towns Lodge DUNA was slotted into existing planning for utilization of a Swiss Association. This adds some complexity, but also some utility.
6/ The Swiss Association operates with a board of directors and is responsible for making protocol upgrades and operating the grants program. However, unlike with most foreign foundation structures, the Swiss Association is ultimately accountable to the members of Towns Lodge, as governance controls funding decisions.
The Swiss Association begins with funding through next year; from there, Towns Lodge decides.
7/ Ultimately, Towns Lodge provides meaningful/necessary protections to DAO members, and through its Rules Committee and Administrator Services, it comes fully equipped to meet its compliance obligations on day one.
8/ The existence of the Towns Lodge DUNA is the result of a great deal of legislative efforts inside the United States to make America the “crypto capital of the world” – but especially the efforts of the Wyoming State Legislature to develop a functional home for decentralized governance token projects.
whitehouse.gov/crypto/
9/ These policies have opened the door for service providers to assist in the efforts for a functional U.S. entity structure.
Tremendous appreciation to @Anchorage, @meow and @AgoraGovernance to offer digital asset custody, banking and governance services to Towns Lodge, respectively.
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