Several questions in the main thread relate to the governance of the Community Trust and protections against potential rug pulls. It’s important to us to provide as much transparency as we can. The tl;dr is that the Community Trust will be fully governed by token holders, and in fact will be legally required to do so.
Once established, and assuming this proposal passes, the Community Trust would gain control of the equity created after triggering the conversion option in the convertible loan agreement.
The Community Trust will be governed by HOPR token holders. In the aftermath of the Arbitrum issues, it’s reasonable to ask what this means, and how much control token holders will actually have.
It’s important to note that, unlike Arbitrum, the Community Trust setup is designed to enshrine token governance from the start and maximize autonomy. The trust will be a purpose trust, and its stated purpose will be to follow the instructions given by the new HOPR governance platform with respect to the assets the Trust controls (such as the equity if this proposal passes).
There will need to be manual human management (we don’t have a fully on-chain setup, and not all proposals can be fully on-chain anyway), but they will have no ability to make proposals. Insofar as they could deviate from the instructions of token holders (e.g., by refusing to act on instructions), they are strongly legally incentivized not to, since this would contravene the stated purpose of the trust and would leave them open to legal action.
The entity is still being established and the new governance upgrades still being refined, but I hope this goes some way to answering the questions.