Establishment of the Hydranet Foundation

Proposal: Establishment of the Hydranet Foundation Proposal ID: 23 Proposed by: Hydranet Multi-signature Date: September 27th, 2023

Summary: This proposal seeks the DAO's approval to establish the "Hydranet Foundation," a legally incorporated entity that will serve as a legal wrapper for the DAO, ensuring compliance, transparency, and structured governance. -Location: Cayman Islands

Details: Purpose of the Hydranet Foundation: -Legal Compliance: The foundation will ensure that the DAO operates within the legal frameworks of its jurisdiction, mitigating potential regulatory risks. -Structured Governance: The foundation will provide a structured governance model, ensuring decisions are made in the community's best interest. -Transparency: With a legal entity in place, there will be clear accountability, ensuring transparency in operations and financial matters.

Benefits of a Legally Incorporated Model: -Evolutionary Step: Establishing a foundation isn't just a change; it's an evolution towards a more structured and compliant model. -Legal Wrapper for DAO: The foundation will act as a protective layer, ensuring that the DAO's operations are compliant with legal standards. -Enhanced Credibility: A legally recognized entity will enhance the credibility and trustworthiness of the DAO in the eyes of partners, regulators, and the broader community.

Operational Aspects: -Foundation Structure: The foundation will have its board composed of multi-sigs and Dev-co leadership, which will be responsible for decision-making in line with the DAO's principles. -Financial Management: The foundation (Multi-sig) will manage the funds, ensuring they are used judiciously and aligned with the DAO's objectives. -Regular Reporting: The foundation will update the DAO regularly, ensuring transparency and accountability.

Estimated Costs: -Initial Setup: The estimated cost for establishing the Hydranet Foundation is approximately 20,000 USDC from treasury -Yearly Operational Fees: The estimated annual foundation maintenance fees are around 4,000 USDC from treasury

Action Items: -Review the proposal in detail. -Engage in discussions to understand the implications and benefits of establishing the Hydranet Foundation and the associated costs. Cast your vote.

Voting Period: September 27th, 2023 @ 1400 UTC to October 2nd, 2023 @ 1400 UTC

We urge all DAO members to participate in this pivotal decision, ensuring our community's long-term success and sustainability.