Sushi DAO has reportedly made an announcement about the approval of a legal restructuring. Sushi DAO is a major autonomous organization that is decentralized in nature.
Sushi DAO has garnered a tremendous amount of recognition for the launch of SushiSwap, which is one of the largest cryptocurrency exchanges.
Legal Structuring Approved on Oct. 26
The officials at Sushi DAO announced that it was on October 26, when the legal restructuring was approved and announced.
Following the approval, Sushi DAO would proceed with the launch of three new entities based on the decentralized network. This way, the network is aiming to introduce more flexibility in its operations.
The Three New Entities
Now that the proposal has been granted with 100% votes, the creation of the three networks will be ensured.
These three networks include the Panamanian Corporation, the Panamanian Foundation, and the FAO Foundation. Each approved network would be implemented to serve a different purpose.
Functions of the Entities
The purpose of the Panamanian Corporation would be to operate the interface layer of the user graphics. It would act as the protocol’s front end that the users would interact with.
Then there is the Panamanian Foundation which is responsible for the administration of the Sushi protocol, which is already in state existence.
The Panamanian Foundation would also deal with staking, Kashi, order book, and smart contracts of any of the AMMs.
Finally, there is the DAO Foundation which will be responsible for the administration of voting, facilitating proposals, on-chain governance processes, grants, and treasury.
Implementation of the Entity Structure
The officials at Sushi DAO have confirmed that the implementation of the entity structure would take time before it is completed. To be precise, the implementation is expected to take somewhere around four weeks.
Sushi officials have confirmed that the purpose of the framework and the entity structure is to offer as much flexibility as possible.
With a great amount of flexibility in order, Sushi would be able to direct its focus in any direction it deems necessary. However, the direction would mainly be based on governance or DAO.
The reason behind the Move
The reason why Sushi has made a move is to ensure that it is able to transform itself in the way the regulators want the major cryptocurrency firms to operate.
The European Union and the United States have been working on bringing the most effective, and efficient regulatory frameworks for the crypto sector.
Sushi DAO is known for being one of the most developing protocols within the crypto sector. Therefore, its attempt would be to become as convenient and regulated to adjust itself in the industry as possible.
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