FXDAO announces it is the first legally incorporated DAO on the Soroban network, providing legal recognition to the project. They are developing a governance contract to manage all other protocol contracts, ensuring community approval for changes. The protocol is nearing completion and ready for deployment on Soroban once the network launches.
FXDAO has achieved a milestone by becoming the first legally incorporated DAO on Soroban, as evidenced by their corporate charter certificate, which grants legal recognition and demonstrates serious commitment to their goals. They explain their choice to incorporate rather than remain unincorporated, linking to a prior article for details. The team has been focused on the governance contract, which will act as the sole admin for all other contracts, handling updates, settings, and upgrades through community-governed proposals and voting. This design ensures even minor changes, like adjusting debt issuance fees, require community approval, though it will slow the process post-launch. Contracts are currently in testing on Futurenet, with the governance contract, including token distribution logic, expected to be fully operational by month's end. Once complete, the protocol will be ready for Soroban mainnet deployment upon the network's readiness. Future updates will continue weekly, with a newsletter for subscribers.
