Governance

1. Offline DAO

The Offline DAO functions as a DAO entity, consisting of articles of association, operating agreements, and smart contracts. The smart contracts bound by articles of association and operating agreements reference the smart contracts of the Online DAO. The members of the Offline DAO include sEL holders(voters), executives, and a representative. Here, sEL holders are akin to shareholders in the stock market, and executives and the representative are obligated to follow the decisions of sEL holders.

2. Online DAO

The Online DAO is composed of sEL holders and serves as the entity where all substantial decision-making, including RWA issuance, takes place. The Offline DAO is the organization that reflects these decisions in the real world.

3. Participants

1) sEL Holders (Voters)

• Eligibility: Users who stake EL and receive sEL (voting rights) (giving them the same amount of sEL as the EL they staked)

• Roles:

  • Vote on the approval of new RWA issuances

  • Propose and vote on the creation of new types of RWA

  • Propose and vote on RWA policy decisions

  • Vote on the determination of the RWA assessment labor fee

  • Audit and confirm errors in the data of approved RWAs

• Rewards (Assessment Labor Fee): When an RWA reaches maturity without default, 50% of the assessment fee paid by the real-world asset owner for that case is distributed to the sEL holders who participated in the assessment. The assessment fee can be stored in stablecoin form per the governance request of the Online DAO.

• Remarks: Different quorum and approval rates may apply for each agenda.

2) Executives and Representative

• Eligibility: A user selected by a vote among sEL holders

• Roles: Execute document work such as ownership contracts for real-world assets based on the decisions of the Online DAO

• Remarks: We will implement an election process through subsequent voting at a later date.