The people who make decentralized exchange possible In order to avoid future risks, SushiSwap has proposed that the decentralized autonomous organization SushiDAO create an association or foundation.
The idea, titled “Sushi Legal Structure,” was submitted on the SushiSwap forum on March 20. Its goal is to provide current token holders and contributors with a legal layer to the current DAO.
The establishment of a foundation or other similarly structured entity will offer legal clarity regarding the project’s rights and obligations for all parties involved. It would also limit token holders’ liability and create a framework for the DAO’s administrative issues to be managed.
The suggestion was presented by community member ‘Tangle,’ who stated that a variety of nations were being considered for founding a DAO company, but Switzerland was leading the way due to its favorable Swiss Association law.
The SushiSwap ecosystem, like most DeFi initiatives, is now administered by a DAO, which keeps it decentralized to some level. A foundation or association would provide the organization with an official legal element, which could include some type of centralization.
The one-time setup cost was projected to be between $85,000 and $100,000, with recurrent charges of $10,000. The plan also stated that determining foundation members, creating them, working on token distribution and transfer, and crafting association articles would be the first steps in its development.
The response was overwhelmingly positive, with the majority of responders stating that this idea is moving the procedure in the correct direction. “Sushi is currently at a crossroads, and the path we follow from here will determine whether we become a top-tier project or not,” community member ‘pegbit’ remarked.
Related Posts – Ferrari joins the NFT universe through a collaboration with a Swiss…
