Aave Labs submitted an ARFC proposal centred on establishing an ownerless Aave Foundation in the Cayman Islands.
According to Aave Labs, the foundation will hold, protect and license intellectual property such as the Aave trademark, key domains and protocol code.
The proposal represents Phase 1. It covers only foundation registration and the appointment of independent directors, supervisors and an executive director. The decentralised autonomous organisation (DAO) will bear the costs of registration, legal work and establishment.
There will be no separate operating budget. Aave Labs and DAO service providers cannot appoint or serve as directors or supervisors.
Under the proposal, governance powers such as protocol listings, parameter adjustments, budget planning and selecting service providers will remain with the Aave DAO. Transfers of intellectual property rights for trademarks, domains and code to the foundation will be subject to governance review on a case-by-case basis. The foundation will disclose its held assets, operating costs and related legal actions quarterly.
Chi-gyu Hwang
delight@d-today.co.kr