Gearbox Protocol Establishes The Gearbox Foundation To Promote Development

Key Points:

• The decentralized leverage protocol Gearbox Protocol has established a foundation company, Gearbox Foundation, in the Cayman Islands.
• The purpose and objects of the foundation are: to promote, support and facilitate the growth and development of the Gearbox blockchain protocol.
• DAObox acts as the manager of the Foundation. The engagement term is two years expiring on February 2, 2025. The Foundation recognises resolutions adopted by the DAO via voting.

A foundation corporation called Gearbox Foundation has been founded in the Cayman Islands as part of the decentralized leverage mechanism Gearbox Protocol.

The foundation’s goals are to support and finance various research and development activities, venues, and projects related to the Gearbox blockchain protocol, associated technologies, and their underlying software; promote, support, and facilitate the growth and development of the Gearbox blockchain protocol, as well as solutions and applications associated with, built on, or interacting with the Gearbox blockchain protocol.

The Foundation is led by DAObox in this capacity. The two-year engagement will end on February 2, 2025. As a corporate director, DAObox is in charge of managing the Foundation’s daily operations and exercising discretion in carrying out its obligations within the confines of the GEAR DAO‘s mandate and any applicable restrictions.

Resolutions approved by the DAO by voting are recognized by the Foundation. According to the Foundation, Snapshot is the initial voting venue; however, DAO has the right to modify it at any moment by passing a DAO Resolution on the previous voting venue. This implies that the resolution must first be approved on Snapshot in order to, for instance, substitute another voting venue for Snapshot.

Certain reserved subjects cannot be handled by managerial entities of the Foundation unless they have been authorized by a DAO Resolution. The DAO may select a representative to act on its behalf in its relationship with the Foundation, including interacting with and delivering directions, by passing a DAO Resolution.

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