We, the Tokenholders of MC DAO, have adopted this Constitution, establishing a framework for how MC DAO is governed and specifying what governance actions are legitimate for MC DAO to take and encode into its smart contracts. Being a framework implies that decisions made by Tokenholders through MIPs will continue to constitute an important part of how MC DAO is governed.

The Constitution aims to:

  • Set out a common vision, values and set of principles for MC DAO.

  • Formalize a structured, robust and decentralized governance system where no central authority is in control and where authority within the MC DAO ecosystem is defined.

  • Empower Tokenholders with certain rights with regards to MC DAO and its smart contract systems, including providing them with a voice in whether and how to change features of mutable and upgradable smart contract systems.

  • Incentivize participation in governance and to align incentives within MC DAO.

  • Allow for continued delegation of powers and for community members to organize themselves into contributor teams in accordance with MC DAO’s vision, values and principles.

  • Enable certain decisions to be taken based on information and expertise and in an efficient manner that allows MC DAO to grow at the desired pace, whilst maintaining security for MC DAO and the Tokenholders.

  • Establish a governance system minimizing the need for day-to-day collective governance and introduce clearer mechanisms for checks and balances, including accountability.

  • Provide transparency as to how MC DAO is governed and to connect Tokenholders to MC DAO’s developments and other activities through a more direct, united and transparent mechanism.

  • Enable MC DAO to remain sufficiently decentralized, autonomous and efficient when engaging in all of its activities, including off-chain activities.

The Constitution is adopted by the Tokenholders for the benefit of MC DAO and can only be changed by the Tokenholders as further set out herein.

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