According to Foresight News, the Aave community released the "Aave Foundation Phase 1" proposal. The proposal includes the establishment of a non-member foundation company in the Cayman Islands to hold and protect the Aave trademark and related intellectual property rights for the Aave Agreement. The first phase only covers company registration, appointment of the first independent director and independent supervisor; arrangements for the transfer of trademarks, domain names and code base intellectual property rights will be proposed separately in subsequent phases.
After initial appointment, directors can only be appointed and removed by the AIP. Aave Labs and service providers do not have the right to appoint or remove, and cannot be appointed. The foundation does not participate in the governance of asset listings, parameters, budgets, etc., and does not have voting or veto rights. The DAO reserves the right to consent to charter amendments, core intellectual property disposals, mergers and reorganizations, and asset transfers after liquidation, and can instruct liquidation and remaining asset transfers through the AIP. This time, no regular budget will be applied for, and only reasonable expenses such as registration, legal, qualified secretaries, directors, and appointment of independent supervisors will be covered. Aave Labs does not take a cut of the setup money.