2 governors, one acting as owner of the sovryn contracts, the other one as admin.
admin can change contract settings (e.g. interest rates, fees)
owner can transfer funds from the vault and change contract logic
admin has 5% quorum (minimum participation) and requires a simple majority (>50%).
owner has 20% quorum and requires a super majority (>70%)
governance guardian can veto proposals
Pausing the protocol or staking contract may be necessary in an emergency to protect the assets and contracts of users. This could become necessary if a vulnerability is discovered or a hack is identified in progress or after the fact. In addition, the ability to change the address of the pause feature could become necessary if for some reason too many signers became unable to access their keys or if signers colluded in bad faith. Therefore, the system allows for the following pauses:
plan for future: let anyone with sufficient voting power perform these actions. when doing so, the person’s SOV (and delegated SOV) are subject to potential slashing -> make sure people do not veto or pause if it’s not a real emergency.
Total initial supply: 100M SOV. Created on deployment and distributed according to the initial allocation. Owner governor can mint new tokens if required.
Adoption fund, ecosystem funds: pools that vest over 5 years, where the bitocracy can vote on how to spend them. bitocracy can also change the vesting schedule. bitocracy can send all tokens (also locked ones) to a new contract if required.
Development fund: like the adoption funds, but with the difference that a team multisig has access to all unlocked tokens.
Founders and early investors allocations undergo a vesting period.
Founders have a cliff of 6 month and a duration of 30 months.
For investors, it varies (depends on the round).
The difference between founder and investor vesting is that the founders vesting can be ended by the team multisig, whereas the investor vesting cannot be changed by anyone.
Some funds of the development pool have already been allocated to team members for recent work. same rules as for founders.