OMEGA token
Governance
Who can change what, how much, and how much warning everyone gets. Governance can adjust settings within hard limits, and can never touch your funds.
#Who governs
At launch, governance is a 3-of-5 multisig: three of five keyholders must sign. It holds a single governance token, from a closed one-off policy, and whoever spends that token speaks for governance.
#What governance can do
- Announce new settings with a start time. They apply from then on, and anyone can apply them once that time has passed.
- Cancel an announced change that certainly hasn't started yet.
- Unpause borrowing, and name a new watchdog.
- Trigger emergency shutdown, a permanent stop to new borrowing.
#What governance can't do
- Move anyone's funds, or change any contract.
- Set anything outside the hard limits written into the contracts.
- Change a setting without notice (except lowering the ceiling).
- Change a loan's current 90-day term.
- Cut price sources below one oracle and three sources in all.
- Take running costs out of revenue.
#The watchdog
A separate watchdog key can pause new borrowing in an emergency, and nothing else. It can't unpause, change settings or move anything.
#Notice periods
| Change | Notice |
|---|---|
| Lowering the ceiling | None |
| The borrow fee, raising the ceiling, most settings | 48 hours |
| Price sources, stake pools, revenue shares, the smallest loan, lowering the liquidation level, raising the bonus | 7 days |
| Adding or reopening a loan product | 30 days |
#Upgrades
The contracts are immutable. A new version is deployed alongside the old one, and users choose whether to move. Nobody can be moved without their own signature.