On chain voting

On-chain governance is based on the Open Zeppelin Governor contract, which allows for on-chain voting similar to Compound’s Governor Alpha & Bravo.

The voting power of each account in the Auxo governance setup is determined by the balance of the Active Rewards Vault (ARV). ARV is a non-transferable token which implements ERC20Votes extension and keeps track of historical balances.

The Auxo Governor implements the following parameters:

Voting Delay: 13140 blocks (~= 44 hours) The delay between a proposal being created and it being able to be voted on, in blocks

Voting Period: 50000 blocks (~= 7days) The duration of a vote in blocks

Proposal Threshold: 10000 ARV Minimum amount of ARV that must be delegated to a wallet before it can create a new proposal. Users can either self delegate or pool voting power by delegating to a representative.

Quorum: 5% Minimum percentage of total ARV tokens that must participate in a vote for it to be considered valid.

Timelock

The governance setup implements GovernorTimelockControl that binds the execution process to an instance of TimelockController. Practically speaking, this adds a delay to all successful proposals in addition to the voting duration.

The Timelock implements the following parameters:

Timelock Delay: 1 days Delay between vote passing and ability to execute through timelock controller.

Timelock Admin: 0x6458A23B020f489651f2777Bd849ddEd34DfCcd2 Admin can circumvent gov delays on the timelock, useful in post-deploy operations.

Timelock Executor: 0x0000000000000000000000000000000000000000 (Anyone) Who can call execute() on the timelock controller