SIP-0046: Accepting ownership of Sovryn contracts

You can find below a link to the draft SIP-0046: Accepting ownership of Sovryn contracts:

https://github.com/DistributedCollective/SIPS/pull/46

Happy to answer any questions or take feedback here.

what does “accepting ownership of sovryn contracts” means?

Just to make sure, did you read the proposal? Because I think this question is answered clearly in the proposal, and I don’t want to repeat what is already in the proposal, but if you read it and it’s still not clear, I can try to rephrase what is already in the proposal to be more clear about what that means.

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okay, after clicking more buttons I saw it.

Motivation

Currently, all upgradeable Sovryn smart contracts, with the exception of Staking and FeeSharingProxy, are owned by the Exchequer Multisig (not to be confused with the Exchequer Committee). This ownership role gives the Exchequer Multisig the power to upgrade any of these smart contracts instantly, that is, with no time lock or advance notice. Similarly, the Exchequer Multisig currently also holds all administrator roles on Sovryn smart contracts, giving the Exchequer Multisig the ability to instantly change the modifiable parameters of these contracts.

This mode of operation has worked well enough for the project during its early stages, allowing the core team to respond quickly to issues, but as total value locked has increased, so too has the risk of maintaining this status quo.

Proposed change

To mitigate risks to Exchequer Multisig keyholders and to the Sovryn protocol and its users, we propose transferring ownership and administration of all Sovryn contracts currently owned by the Exchequer Multisig to either the GovernorOwner or GovernorAdmin contract, as specified in the table in the Description section above. This will put the contracts under the control of SOV stakers, increasing the decentralization and censorship resistance of these contracts. After the governor roles are transferred to SOV stakers, all proposed smart contract upgrades and parameter changes will have to go through a 24-hour voting period and up to 48-hour timelock, giving Sovryn stakers and users up to 72 hours to react to any changes they might disagree with.

Approval of this SIP will only result in a change in the administrator role in the AMM contracts. No SIP is needed to approve the transfer of governance roles in the rest of the contracts. However to ensure alignment with and readiness from SOV stakers, we are also asking in this proposal for SOV stakers to signal their willingness to accept governance responsibilities in all of the other smart contracts too.

Is there a practical difference between GovernorOwner and GovernorAdmin? The SIP makes it seem that either way is fine.

Yes. Different support and quorum thresholds, and different time lock periods. You can read the specifics here: https://wiki.sovryn.app/en/governance/about-sovryn-governance