YFI, Curve, and Lido communities have successively voted to fund LeXpunK DAO with $1 million to counter the regulatory risks faced by DeFi
"Builder-First Legal Radicalism DAO"Author: Gu Yu
As DeFi faces increasingly high regulatory risks, the YFI, Curve, and Lido communities have successively initiated votes to fund the DeFi legal advocacy organization LeXpunK DAO with $1 million worth of cryptocurrency. Currently, both the YFI and Curve communities have voted to pass the proposal with a 100% approval rate, while the Lido community's voting will end in more than 10 hours, and it also currently has a 100% approval rate.
At the same time as receiving funding, LeXpunK DAO will also grant its non-transferable L3X tokens to projects or voters that support the organization, such as airdropping 5% of the total L3X supply to YFI holders who voted in favor of the proposal and airdropping 5% of the total L3X supply to Lido DAO.
It is understood that LeXpunK DAO was initiated by the LeXpunK Army, dedicated to legal advocacy for builder-centric DeFi communities and protecting the decentralized finance ecosystem from legal threats. It describes itself as a "builder-first legal activist DAO," managed by builders from the contributing community and practicing lawyers from the LeXpunK Army, implemented through Moloch DAO, Gnosis multisig, or other DAOs.
YFI founder Andre Cronje is one of the main supporters of the organization and one of the primary authors of its voting proposal. At the end of July, he stated on Twitter: "I urge anyone serious about policy and lobbying to support LeXpunK DAO, and I will personally invest my time and resources."
According to the proposal, the organization primarily addresses recent DeFi regulatory issues. As U.S. regulatory officials have repeatedly stated the need to bring certain DeFi projects or tokens under strict regulatory oversight, the organization hopes to protect the open, transparent, and decentralized values of DeFi through legal advocacy work.
When discussing why the YFI and the other two project communities took the lead in funding, a member of LeXpunK DAO told the media that they have "natural synergies" and that "DAOs are best kept among a small group of highly aligned contributors" to ensure that the organization can start quickly rather than "getting bogged down in first principles debates." More DAOs will join this initiative in the future.
