Abracadabra DAO has unveiled a proposal for a legal framework to transition from a decentralized to a more centralized structure.
The team behind DeFi tokens Magic Internet Money and Spell has proposed a centralized legal structure for Abracadabra DAO.
Abracadabra’s project lead said there was a need for a certain level of centralized legal structure to protect intellectual property rights and manage server expenses, with crucial decisions still governed by Spell token holders.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.
The proposal suggests appointing a trustee or attorney specializing in intellectual property rights to safeguard the DAO's trademarks and manage server expenses, with crucial decisions still governed by Spell token holders, according to a forumCurrently, the Abracadabra protocol relies on community members privately funding essential services like hosting and domains, the post said.
Magic Internet Money is a USD-pegged stablecoin backed by yield-bearing crypto assets with a market cap of around
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Centralization Comes to DeFi as Group Behind MIM, SPELL Tokens Mull Legal ShakeupAs centralized practices creep into DeFi, the builders of the Magic Internet Money $MIM and $SPELL tokens are pitching a traditional legal structure to supplant the DAO overseeing a stablecoin worth about $700 million. realDannyNelson reports
Read more »
Ethereum community proposes new standard to mitigate DeFi hacksA group of Ethereum community members has proposed ERC 7265 that would enable DeFi protocols to integrate 'circuit breaker' to mitigate hacks.
Read more »
Azuki DAO Formed To Sue Azuki Founder Targeted by Hackers, Lost 35 ETH | CoinMarketCapCryptoNews: A group of unhappy Azuki NFT holders formed the Azuki DAO and demanded a refund of over $38 million from Azuki creator Chiru Labs for 'scamming' holders. 👁
Read more »
Crypto Custodian Cobo Argus Scores $100M in Value Locked One Week After Going LiveArgus V2 supports all open-source DeFi protocols and lets traders utilize DeFi bots to automatically monetize farming rewards, compounding and token swapping.
Read more »
Aave Holders Vote on Proposal for DeFi Protocol to Convert 1,600 Ether Into wstETH and rETH.AaveAave token holders are voting on whether the treasury should convert 1,600 ether (ETH) into wstETH and rETH. The token has risen by 7.24% in the past 24 hours. Reporting by oknightcrypto.
Read more »
Cardano (ADA) DeFi Outlook More Bullish Than Ever, Here's WhyCardano sees sustained interest in its DeFi sector, and here's the impact
Read more »