🔑Access Control

Roles & Privileges

There are a few roles to be aware of in the system. Each role has a set of privileges that are associated with it.

Admin - Timelock Controller

The TimelockController smart contract acts as the administrator role in the protocol. It implements a governance mechanism called a timelock, which delays the execution of transactions to allow for evaluation of their potential impact before proceeding. The contract has two distinct roles: the proposer, one who submits transactions and the executor, who executes them after the timelock period expires. The executor is a multisig contract, which means it requires multiple signatures from different signers. The number of signatures required for a transaction to be executed is defined in the multisig contract, and it's currently 3 out of 5 (2 signers are team members, and 3 are respected members of the DeFi community), providing a secure and transparent method of controlling execution. The timelock period is 24 hours, enabling quick and flexible decision-making by the protocol's administrators.

The Protocol Owner multisig will sign new transactions on Tuesdays. More information here: https://app.exact.ly/activity

Pauser

The pauser role is responsible for temporarily suspending certain operations in emergencies. The pausable operations are deposit, borrow, repay and liquidate. The same multisig may pause these operations to protect the system and its users in an emergency. However, the withdraw function will remain active, allowing users to access and withdraw their funds anytime.

Upgradeable Contracts

The following contracts are upgradeable and can be changed by the TimelockController:

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