The Pyth DAO LLC, is legally structured as “a non-profit DAO LLC formed under the laws of the Republic of Marshall Islands, formed to serve the Pyth DAO LLC” (of which the OPERATING AGREEMENT OF PYTH DAO LLC is available here).
The Pyth DAO LLC is algorithmically managed, such that actions taken by the Pyth DAO via the governance contract on the Solana Blockchain are deemed to be actions of the Pyth DAO LLC.
The legal entity enables the Pyth DAO LLC to hold the treasury and pay Pyth DAO related costs and expenses, protect Pyth DAO members from unlimited liability, and allow Pyth DAO members to take part in governance by providing a clear framework in respect of the rights and duties of Pyth tokenholders that hold PYTH Tokens.
The Pyth DAO LLC, among other capabilities, enables Pyth DAO members to take part in the governance of the Pyth Network by providing a framework in respect to the rights and duties of PYTH Token holders.
Individuals or entities who stake PYTH Tokens in the staking program will become members of the Pyth DAO LLC.
Pyth Improvement Proposals (PIPs) are the primary methods to introduce, discuss, and implement changes to the Pyth DAO Constitution, governance, and the oracle network’s operations.
Ideation and discussion of PIPs are expected to take place within the official governance forum here and in Pyth’s Discord.
For more details please refer to the Pyth DAO Constitution.