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FxDAO's monthly update (June 2023)

· 3 min read

The first legally incorporated DAO on Soroban: It's the end of the month and the biggest news is that we are officially the first legally incorporated DAO in the Soroban network, this is a big step for us because it gives legal recognition to the project and in some way, it proves that we are not joking, the goal is set and we are doing what is needed to reach it.

We already mentioned the reasons why we decided to go from the incorporation route instead of doing an unincorporated DAO like many projects do, if you haven't read it you can do so here.

Governance Contracts

This month we have been working on the protocol's governance contract, this contract will be the "Admin" of all of the other contracts and will be the one in charge of updating their settings and upgrading their logic. By doing this we make sure that almost everything is done by the community, so even small changes like "The debt issuance fee should go from 0.5% to 0.75%" will need to be approved by the community because only the governance contract will be able to do it, all of the contracts are created in a way that only one entity is in charge and in this case, it's the governance contract.

Does this mean that every change will be a slow process? well… Yes. After the contracts are public, the only way to do changes will be through the governance contract and that means that a proposal and voting process will be required, this means that we need to wait until the contracts are the most completed possible before we go from test to production.

We believe the governance contract should be fully working by the end of next month, with the governance contract done (which includes the governance token distribution logic) we can say the protocol is completed and is ready for a launch… Does that mean that we will launch the protocol next month? Well, the protocol has been public for months in Futurenet already, but yes we are almost ready for Soroban's launch and we are sure we will be able to deploy to Soroban once the Soroban network is ready.

What's for next month?

Every week our protocol is a little more completed and each month we have new development and stuff to share with you, subscribe to our newsletter if you want to be the first to know about our new articles😃