727 FinanceOdaily Planet Daily News Aave Labs previously disclosed that it had submitted an ARFC proposal to the governance forum and proposed the establishment of a non-membership foundation Aave Foundation in the Cayman Islands. In response to community issues, it responded through FAQ that all matters such as protocol framework revisions are still decided by the Decentralized Autonomous Organization (DAO) through the existing process. The Aave Foundation has asset ownership, but has no discretion over protocol decisions. The protocol itself is still managed by the DAO through token holders, and no shareholder overrides Aave. On top of the ecosystem, and the same restrictions apply to all service providers hired by the DAO, matters such as checklists, parameters, budgets, supplier cooperation, and framework revisions.
In addition, the DAO may, through the AIP, replace directors at any time, or direct the dissolution of the Foundation and determine the use of its remaining assets, including transferring them to successor entities, subject to the fiduciary and statutory obligations of the directors and applicable law.