About

stayDAO will be a 501(c)3 organization governed by members of the DAO using Web3 tools/dapps and a shared treasury wallet. stayDAO will initially work with existing organizations that address housing issues with the goal of eventually evolving into a stand alone Web3 nonprofit organization directly helping underhoused and unhoused people through stayDAO’s own initiatives.

Treasury

The initial treasury will be funded by 20% of the proceeds from sales of Stay Open’s Membership NFT (Stay Pass) and ongoing donations from Stay Open equal to 3% of all room booking revenue. stayDAO will also accept donations and sell governance tokens for ETH 0.01. You do not need to be a Stay Pass holder to participate in stayDAO.

Formation

The founding team has created a stayDAO Discord, a starting purpose, and a mechanism to initially fund stayDAO through a portion of Stay Open NFT sales. Once the ETH equivalent of US$100,000 is in the stayDAO shared wallet, a law firm will be retained to establish stayDAO as a 501(c)3 DAO.

If US$100,000 is not reached by 12/31/22, Stay Open will donate all proceeds in the stayDAO treasury to a nonprofit that helps unhoused people.

Governance

Each Stay Open NFT holder will be issued one stayDAO governance token. Additional governance tokens will be available to purchase for ETH 0.01. Once the threshold of ETH = US$100,000 is reached and stayDAO has organized into a 501(3)c DAO, the founding team will establish a Snapshot shared treasury wallet for the remaining balance to be autonomously governed by stayDAO.