SushiSwap DAO members voted overwhelmingly in favor of a proposal aimed at legal restructuring of the DAO, the decentralized exchange SushiSwap [SUSHI] Confirmed in tweet On October 26.
ℹ️ Legal Structure of Sushi – Results of the implementation proposal are in!
With 11 million votes (100%) in favor, this proposal was approved 🎉
🔗 https://t.co/BTX2Ka8X0D https://t.co/T4XilL22Mi
SushiSwap October 26 2022
The DAO submitted the proposal on September 22 to request community support to implement the legal restructuring advised by the Legal Counsel. It has previously contracted with the law firm Fenwick & West LLP to advise on the regulation of a standardized structure for DAO and its products.
As in the proposal,
“The purpose of the structure and framework of the entity is to provide maximum flexibility for sushi to continue in whatever direction the DAO or management takes while mitigating risk.”
Sushi Swap Going Forward
As agreed by community members, the legal restructuring will see the formation of three SushiSwap ecosystem entities. They include the Cayman Islands Foundation, a Panamanian Foundation, and a Panamanian Foundation.
Under the proposal, the Cayman Islands Foundation, also known as theThe DAO Corporation will be formed to control SushiDao’s affairs in real life.
The DAO will have a Board of Directors with powers to “manage the on-chain sushi governance process and facilitate off-chain activities.”
In addition, they will also have the authority to administer treasury, manage grants, and facilitate proposals and votes on SushiDAO.
In addition, a Panamanian foundation will be created. This institution will be responsible for overseeing the existing sushi protocol, “including smart contracts related to AMM/order book, Kashi and staking.”
It will also have the authority to enter into a series of contractual relationships with third parties in order to grow Sushi DEX.
The third entity to be formed will be A Panama company to be incorporated as A wholly owned subsidiary of the Panama Corporation. It only controls the GUI (front end) layer of the sushi protocol.
According to the proposal, these different modules will be merged within four weeks of the proposal being approved.
The past few days have been marked by growth in the cryptocurrency market. According to CoinGecko data, the global cryptocurrency market capitalization has increased by 5% in the past seven days. Not being excluded from the price hike, the price of the SUSHI token has also gone up 17% in the past week. At the time of writing, the token is trading at $1.69 per data from CoinMarketCap.