Tokens and Governance
Governance Process
Proposals, voting, delegation, 8-day timelock, and guardian powers.
Governance Flow
All protocol changes follow a structured governance process with mandatory delays.
Proposal
Any FORAGE holder with at least 1% of total supply (1M FORAGE) can submit a proposal. Proposals specify the exact on-chain actions to execute.
Voting Period
Approximately 5-day voting period. Minimum 4% quorum (4M FORAGE) required for the vote to be valid. FORAGE holders vote for or against.
Timelock
If the proposal passes, it enters an 8-day mandatory timelock. The queued action is publicly visible on-chain with a countdown timer.
Execution
After the timelock expires, the proposal can be executed by anyone. The on-chain action runs exactly as specified in the proposal.
Total time from proposal to execution: approximately 13 days.
Timelock
The TimelockController enforces an 8-day minimum delay (691,200 seconds) on all governance actions. This includes:
- Contract upgrades
- Parameter changes (revenue splits, cooldowns, caps)
- Treasury spending
- Any other on-chain governance action
The timelock gives depositors time to exit before any change takes effect. The full exit path (~8 days) is shorter than the governance cycle (~13 days).
Delegation
FORAGE holders can delegate their voting power to another address. This allows:
- Passive holders to have their votes counted through a delegate
- Team tokens in the DelegatingVestingWallet to participate in governance during vesting
Guardian Powers
Guardians have three narrowly scoped emergency powers:
- Pause/unpause individual contracts immediately
- Cancel active governance proposals before execution
- Batch pause/unpause across multiple contracts
Guardians cannot:
- Move funds
- Change economic parameters
- Execute upgrades
- Take any other action
Guardian permissions are set at deployment and can only be changed through governance. The protocol has published a sunset timeline where guardian powers are progressively reduced as governance matures.
What Can Governance Change?
| Parameter | Changeable | Process |
|---|---|---|
| Revenue split (50/20/30) | Yes | Governance vote + 8-day timelock |
| Cooldown periods | Yes | Governance vote + 8-day timelock |
| Redemption caps | Yes | Governance vote + 8-day timelock |
| Tier yield allocations | Yes | Governance vote + 8-day timelock |
| Treasury spending | Yes | Governance vote + 8-day timelock |
| Contract upgrades | Yes | Governance vote + 8-day timelock |
| Guardian pause/unpause | Immediate | Guardian only |