Sushi DAO has recently unanimously approved a proposal to establish three legal entities in Cayman Island and Panama to manage the protocol’s operation.
The project team and the community DAO of SushiSwap are in charge of overseeing development efforts. The protocol will be handled by three new legal companies as a result of the new approval.
A Cayman Island-based DAO foundation, a Panamanian foundation, and a Panamanian entity will all be part of Sushi’s new legal framework. The legal framework was designed to provide flexibility and to lessen potential future legal concerns.
A governance board will oversee the management of Sushi for the Cayman Island foundation. It will be in charge of managing the budget, approving proposals, issuing funds, and on-chain voting.
While the Panamian Corporation will be in charge of managing the development of Sushiswap’s frontend layer, the Panamanian Foundation will supervise protocol development services connected to the smart contract of Sushi.
The three legal bodies will establish service contracts with the companies that will create the protocol on their behalf.
The SushiSwap team has four weeks to set up the three new companies after clearance.
Recent changes in the Sushi ecosystem proves that, in spite of the crypto winter, the development of the protocol shows no sign of slowing down.
The SushiDAO hired former EONS CEO and blockchain specialist Jared Grey as the new Sushi Head Chief at the beginning of October. Upon his arrival, Grey gave the ecosystem’s expansion about $250,000 in support.
