SushiSwap Developer Forms Three Legal Entities, This Is The Function!

SushiSwap developers launched a new initiative. (Photo; Doc. Cryptocin)

JAKARTA The Sushi Decentralized Autonomous Organization (DAO) has approved a proposal to establish its legal entities in the Cayman Islands and Panama. This is intended to regulate all matters relating to protocol.

For information, SushiSwap's decentralized exchange development activity (DEX) is managed by the DAO community and the project team. However, the new approval will see three legal entities emerge to implement the protocol.

Sushi's new legal structure will include the DaO foundation based in Cayman Island, the Panamanian foundation, and the Panamanian company. The aim of this legal structure is to provide flexibility and reduce legal risks that may develop in the future.

The Cayman Island Foundation will have a governance board that manages Sushi operations. The board will take responsibility for issues related to grant distribution, manage treasury, facilitate proposals and on-chain voting.

The Panamanian Foundation will manage protocol development services related to Sushi smart contracts, while Panamian Corporation will oversee the development of Sushiswap frontend layers.

The three legal entities will hold service agreements with service providers that will help develop the protocol. After approval, the SushiSwap team has four weeks to form three new entities.

Recent developments in the Sushi ecosystem show that this protocol is actively developing even though the crypto market has entered a bearish phase in recent months.

In early October, SushiDAO appointed blockchain consultant and former CEO of EONS Jared Gray as the new Sushi Chief. Arriving there, Gray donated about $250,000 to help with ecosystem growth. Private asset management company GoldenTree identified Sushi as DeFi product with long-term potential leading to investments of 5.3 million US dollars.

"Sushi is about what DeFi means: doing iterations and innovating, without any artificial obstacles to competing," GoldenTree said, quoted by CryptoSlate.