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

# Corporate structure

What sits legally behind the protocol, and which company runs the platform.

## One protocol, two entities

| Entity                              | Role                                                                                                                                                                 |
| ----------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Icaria Foundation**               | Custodian of the immutable contracts and of protocol governance. Holds the timelocked parameter multisig and the guardian until the governance module inherits them. |
| **Icaria Labs** (operating company) | Builds and runs the platform, the quote service, the indexer and the keeper software. Employs the team. Carries whatever licence is required.                        |

## The reason for keeping them apart

* Immutability and non-custody are properties of the contracts, and putting them inside a foundation keeps protocol governance clear of the commercial pressures on the company building around it.
* Users are faced by the operating company through a front-end, and licences sit with it where they are needed. Keeping it separate narrows what the protocol itself has to answer for.
* Should the operating company stop existing, the venue would not. Vaults would keep quoting off on-chain state, withdrawals would stay unconditional, and open-source code means anyone can run the quote service, keeper, indexer and front-end. Convenience and the pace of new listings would take the hit; the market itself would not.

## Governance path

1. **Today:** a timelocked multisig held by the foundation moves parameters, and every proposal goes out with its reasoning attached.
2. **Next:** a governance module takes over parameter control. What must survive that handover does: the timelock, the public rationale, no reach into funds, no ability to gate withdrawals, and no way to touch any individual fill.


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