Establishment of Silo Labs Foundation

You are voting on two matters:

• Silo Labs Foundation serving as the legal entity wrapping SiloDAO (Legal Wrapper);
• Silo Labs retaining Distributed Coders Inc. as an independent contractor.

Proposal The Core Team has been working with legal teams from Debevoise & Plimpton and Walkers on creating a legal structure for the SiloDAO. Following their legal advice, we are happy to announce that we have formed a legal foundation called Silo Labs. 
Silo Labs will serve as the legal entity of SiloDAO only if token holders approve the action as we explain in this proposal.

What is The Silo Labs? The Silo Labs is a “Foundation Company Limited By Guarantee” incorporated in the Cayman Islands. Silo Labs is recognized under existing laws to represent SiloDAO and the interests of SILO holders. It affords the DAO and token holders legal benefits.

Retaining Distributed Coders Inc. The Core Team currently operates under the umbrella of a legal entity called Distributed Coders Inc. It is the entity that has developed the Silo Lending protocol V1 and will work on developing future versions as instructed by the DAO. The entity also maintains the Silo lending protocol (User Interface). To formalize the relations between the DAO and the Core Team, we propose that the SiloDAO, represented by Silo Labs, enter into an agreement with the core team where the latter serves as an independent contractor to the DAO to perform certain services relating to or in connection with the Silo lending protocol and the User Interface (www.silo.finance).

Resources Silo Labs legal documents: https://drive.google.com/drive/folders/1XYaCQG8pkG_BrXMgb8o25WsHundh6iFb