Only Fire Eyes DAO cast more votes against the proposal than Van de Sande did.
After decoding the executable, Van de Sande said the DAO effectively disappears from the endowment's direct control chain once it sits behind the Foundation's multisig.
The DAO retains the right to appoint or remove Foundation directors, plus control over protocol upgrades and fees — its main remaining checks on the Foundation.
Backers said a $65 million treasury needs staffed, accountable management rather than a rotating delegate multisig, which is why the structure passed anyway.
Whether the Foundation's spending and reporting over the coming months address the custody concerns Van de Sande raised.
Read More →