Governance
Currently, the MUX protocol governance process involves forum proposals and community discussions. Any proposed modifications to the protocol will be openly discussed on the forum, and the dev contributors will execute each proposal under the premise of shared opinions. The executions will be transparent, and the MUX dev contributors will notify the community through various channels before the implementation occurs. Except for an emergency protocol pause that prevents security incidents, all protocol modifications will only take effect after a 48-hour timelock; the delay would give community members a time window to take needed actions.
After the protocol reaches a self-sufficient state (supported by POL), veMUX voting will be added to the governance process. The voting process will initiate when the community comes to a rough consensus on a proposal.
The decentralization of protocol governance needs to be phased due to development prioritization. Upon protocol launch, the highest priority is to ensure positive performances and efficient adaptation to the ever-changing market. Leading the governance allows the MUX dev contributors to implement constant improvements faster, further helping the protocol build a steady POL foundation. When the protocol reaches a broad user base and can stably provide optimized experiences for all trades, elevating the degree of decentralization will be the new priority. Voting will be progressively introduced to the governance process, starting from major protocol updates polling, then expanding to comprehensive protocol modifications. In future phases, trust will be minimized as veMUX holders are onboard to govern and shape the protocol into a better state.
MUX Protocol Governance Scope
MUX DAO multi-sig currently governs the MUX protocol smart contracts, and the scope includes general operation, maintenance and emergency actions.
The governance involves two types of permission: time lock required and non-required. For general operation actions, time locks are required; all the proposed changes will only take effect after a 48-hour time lock. Maintenance actions won't affect protocol core features, so that they won't need a time lock. Emergency actions can take effect immediately and won't require time locks; these actions can potentially occur during security incidents or other events that can severely damage LPs and traders.
Please check the detailed list below for all general operation, maintenance and emergency actions.
General Operation
LiquidityPool
Upgrade this smart contract
Transfer / Renounce owner (the TimeLock smart contract)
Add new type of assets to the pool
Set underlying asset symbol string
Set underlying asset initial margin rate
Set underlying asset maintenance margin rate
Set underlying asset open / close fee rate
Set underlying asset minimum profit limit
Set liquidity asset weight
Set base funding rate
Set dynamic funding rate
Set the address of on-chain oracle
Set fee rate for adding / removing liquidity
Set gas rebate rate
Set the dampener range of the stablecoin's price
Set funding payment collection time interval
Set who can execute emergency functions (who can skip the TimeLock)
Delegate ARB voting power in the LiquidityPool to MUX Protocol
OrderBook
Upgrade this smart contract
Transfer / Renounce owner (the TimeLock smart contract)
Add rebalancer
Remove rebalancer
Set add / remove liquidity lock time
Set order overtime limit
Set who can execute emergency functions (who can skip the TimeLock)
LiquidityManager
Upgrade this smart contract
Transfer / Renounce owner (the TimeLock smart contract)
Set vault smart contract address
Set pool smart contract address
Set handler (broker)
Configure slippage for adding liquidity on DEXes
Pause DEX mining mining interface adapter
Add / remove universal plug-in smart contract (bridging, etc）
Transfer owner (the TimeLock smart contract)
Renounce owner (the TimeLock smart contract)
Set maintainer address (maintainer can execute assets bridging)
Set allowed assets for bridging along with their targeted networks
Bridge assets using cBridge
Directly withdraw assets (for manual bridging)
Directly withdraw assets and assign targeted receiver (for manual bridging)
NativeUnwrapper
Set ETH unwrap smart contract whitelist
Transfer / Renounce owner (the TimeLock smart contract)
TimeLock
Upgrade this smart contract
Manage pre-minted mux tokens
Transfer / Renounce owner (the DAO multi-sign)
Set proposers
Set executors
Vault
Upgrade this smart contract
Transfer / Renounce maintainer (the DAO multi-sign)
Maintenance
Vault
Collect and distribute protocol fees
LiquidityManager
Transfer liquidity tokens among blockchains through whitelisted bridges
LiquidityPool
Set MUXLP token price protection range
Emergency
LiquidityPool
Enable / disable trading of specific assets
Enable / disable using specific assets as underlying assets
Enable / disable using specific assets for opening positions
Enable / disable using specific assets for shorting
Enable / disable taking profits with stablecoin when trading specific assets
Enable / disable specific assets to be considered as stablecoin
Enable / disable using specific assets for adding liquidity
Set trading price spread
Set underlying asset maximum open interest cap
OrderBook
Pause fill position & liquidity orders (the orders to pause during broker maintenance)
Add broker
Remove broker
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