> For the complete documentation index, see [llms.txt](https://docs.zircofi.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.zircofi.com/compliance/corporate-structure.md).

# Corporate structure

## Two entities, one protocol

| Entity                               | Role                                                                                                                                                       |
| ------------------------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **ZircoFi Foundation**               | Holds protocol governance and the immutable contracts. Controls the timelocked parameter multisig and the guardian until the governance module takes over. |
| **ZircoFi Labs** (operating company) | Builds and runs the platform, the quote service, the indexer and the keeper software. Employs the team. Holds the licence where one is required.           |

## Why they are separate

* The contracts are immutable and non-custodial. Placing them under a foundation keeps protocol governance separate from the commercial incentives of the company that builds around it.
* The operating company is the entity that faces users through a front-end and is licensed where required. Keeping it distinct limits the regulatory surface of the protocol itself.
* If the operating company ceased, the venue would continue: the vaults quote from on-chain state, withdrawals are unconditional, and anyone can run the quote service, keeper, indexer and front-end from the open-source code. What would degrade is convenience and the pace of new listings, not the market.

## Governance path

1. **Today:** parameter changes go through a timelocked multisig held by the foundation, with every proposal published with a rationale.
2. **Next:** a governance module takes over parameter control. It preserves the properties that matter: the timelock, the public rationale, no fund access, no ability to gate withdrawals, and no ability to touch an individual fill.

There is no protocol token, and the governance module is not a route to introducing one. See [Parameter governance](/transparency/governance.md).


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