Aave Labs Proposes Ownerless Foundation in Cayman Islands

Aave Labs has submitted a proposal to establish an ownerless Aave Foundation in the Cayman Islands. The foundation will be responsible for holding, protecting, and licensing the Aave trademark, key domains, and protocol code.

The proposal, known as Phase 1, covers the registration of the foundation and the appointment of independent directors, supervisors, and an executive director.

According to Aave Labs, the Aave DAO will bear the costs of registration, legal work, and establishment. There will be no separate operating budget, and Aave Labs and DAO service providers cannot appoint or serve as directors or supervisors.

The proposal also states that governance powers, such as protocol listings, parameter adjustments, budget planning, and selecting service providers, will remain with the Aave DAO.