The Sushi DAO has unanimously approved a proposal to establish three legal entities in Cayman Island and Panama to manage Protocol operations.
Development activities on SushiSwap are managed by community DAOs and project teams.However, new approval Three legal entities will emerge to carry out the protocol.
Sushi’s new legal structure includes a Cayman Island-based DAO foundation, a Panama foundation and a Panamanian corporation. The purpose of legal structures is to provide flexibility and mitigate legal risks that may evolve in the future.
The Cayman Island Foundation has a Governance Council that governs the sushi operations. Responsible for issues related to grant distribution, treasury management, proposal facilitation and on-chain voting.
The Panamanian Foundation will manage protocol development services related to Sushi’s smart contract, and the Panamanian Corporation will oversee the development of Sushiswap’s front-end layer.
The three legal entities enter into service agreements with service providers to help develop the protocol.
After approval, the SushiSwap team will create 3 new organizations in 4 weeks.
A new dawn for sushi
Recent developments in the sushi ecosystem show that the protocol is actively building despite the crypto winter.
Earlier in October, SushiDAO appointed blockchain consultant and former EONS CEO Jared Gray as its new Sushi Head Chief. Upon arrival, Gray donated approximately $250,000 to help grow the ecosystem.
Private asset management firm GoldenTree has identified Sushi as a DeFi product with long-term potential leading to a $5.3 million investment.
“Sushi is what DeFi is all about. Iterate and innovate without artificial barriers to competition,” said GoldenTree.
