GovernorBravoDelegate

GovernorBravoDelegate

Venus Governance latest on chain governance includes several new features including variable proposal routes and fine grained pause control. Variable routes for proposals allows for governance paramaters such as voting threshold and timelocks to be customized based on the risk level and impact of the proposal. Added granularity to the pause control mechanism allows governance to pause individual actions on specific markets, which reduces impact on the protocol as a whole. This is particularly useful when applied to isolated pools.

The goal of Governance is to increase governance efficiency, while mitigating and eliminating malicious or erroneous proposals.

Details

Governance has 3 main contracts: GovernanceBravoDelegate, XVSVault, XVS token.

  • XVS token is the protocol token used for protocol users to cast their vote on submitted proposals.

  • XVSVault is the main staking contract for XVS. Users first stake their XVS in the vault and receive voting power proportional to their staked tokens that they can use to vote on proposals. Users also can choose to delegate their voting power to other users.

Governor Bravo

GovernanceBravoDelegate is main Venus Governance contract. Users interact with it to:

  • Submit new proposal

  • Vote on a proposal

  • Cancel a proposal

  • Queue a proposal for execution with a timelock executor contract.

GovernanceBravoDelegate uses the XVSVault to get restrict certain actions based on a user's voting power. The governance rules it inforces are:

  • A user's voting power must be greater than the proposalThreshold to submit a proposal

  • If a user's voting power drops below certain amount, anyone can cancel the the proposal. The governance guardian and proposal creator can also cancel a proposal at anytime before it is queued for execution.

Venus Improvement Proposal

Venus Governance allows for Venus Improvement Proposals (VIPs) to be categorized based on their impact and risk levels. This allows for optimizing proposals execution to allow for things such as expediting interest rate changes and quickly updating risk parameters, while moving slower on other types of proposals that can prevent a larger risk to the protocol and are not urgent. There are three different types of VIPs with different proposal paramters:

  • NORMAL

  • FASTTRACK

  • CRITICAL

When initializing the GovernorBravo contract, the parameters for the three routes are set. The parameters are:

  • votingDelay: The delay in blocks between submitting a proposal and when voting begins

  • votingPeriod: The number of blocks where voting will be open

  • proposalThreshold: The number of votes required in order submit a proposal

There is also a separate timelock executor contract for each route, which is used to dispatch the VIP for execution, giving even more control over the flow of each type of VIP.

Voting

After a VIP is proposed, voting is opened after the votingDelay has passed. For example, if votingDelay = 0, then voting will begin in the next block after the proposal has been submitted. After the delay, the proposal state is ACTIVE and users can cast their vote for, against, or abstain, weighted by their total voting power (tokens + delegated voting power). Abstaining from a voting allows for a vote to be cast and optionally include a comment, without the incrementing for or against vote count. The total voting power for the user is obtained by calling XVSVault's getPriorVotes.

GovernorBravoDelegate also accepts EIP-712 signatures for voting on proposals via the external function castVoteBySig.

Delegating

A users voting power includes the amount of staked XVS the have staked as well as the votes delegate to them. Delegating is the process of a user loaning their voting power to another, so that the latter has the combined voting power of both users. This is an important feature because it allows for a user to let another user who they trust propose or vote in their place.

The delegation of votes happens through the XVSVault contract by calling the delegate or delegateBySig functions. These same functions can revert vote delegation by calling the same function with a value of 0.

Solidity API

initialize

Used to initialize the contract during delegator contructor

function initialize(address xvsVault_, struct GovernorBravoDelegateStorageV2.ProposalConfig[] proposalConfigs_, contract TimelockInterface[] timelocks, address guardian_) public

Parameters

NameTypeDescription

xvsVault_

address

The address of the XvsVault

proposalConfigs_

struct GovernorBravoDelegateStorageV2.ProposalConfig[]

Governance configs for each governance route

timelocks

contract TimelockInterface[]

Timelock addresses for each governance route

guardian_

address

propose

Function used to propose a new proposal. Sender must have delegates above the proposal threshold. targets, values, signatures, and calldatas must be of equal length

function propose(address[] targets, uint256[] values, string[] signatures, bytes[] calldatas, string description, enum GovernorBravoDelegateStorageV2.ProposalType proposalType) public returns (uint256)

Parameters

NameTypeDescription

targets

address[]

Target addresses for proposal calls

values

uint256[]

BNB values for proposal calls

signatures

string[]

Function signatures for proposal calls

calldatas

bytes[]

Calldatas for proposal calls

description

string

String description of the proposal

proposalType

enum GovernorBravoDelegateStorageV2.ProposalType

the type of the proposal (e.g NORMAL, FASTTRACK, CRITICAL)

Return Values

NameTypeDescription

[0]

uint256

Proposal id of new proposal

queue

Queues a proposal of state succeeded

function queue(uint256 proposalId) external

Parameters

NameTypeDescription

proposalId

uint256

The id of the proposal to queue

execute

Executes a queued proposal if eta has passed

function execute(uint256 proposalId) external

Parameters

NameTypeDescription

proposalId

uint256

The id of the proposal to execute

cancel

Cancels a proposal only if sender is the proposer, or proposer delegates dropped below proposal threshold

function cancel(uint256 proposalId) external

Parameters

NameTypeDescription

proposalId

uint256

The id of the proposal to cancel

getActions

Gets actions of a proposal

function getActions(uint256 proposalId) external view returns (address[] targets, uint256[] values, string[] signatures, bytes[] calldatas)

Parameters

NameTypeDescription

proposalId

uint256

the id of the proposal

Return Values

NameTypeDescription

targets

address[]

values

uint256[]

signatures

string[]

calldatas

bytes[]

getReceipt

Gets the receipt for a voter on a given proposal

function getReceipt(uint256 proposalId, address voter) external view returns (struct GovernorBravoDelegateStorageV1.Receipt)

Parameters

NameTypeDescription

proposalId

uint256

the id of proposal

voter

address

The address of the voter

Return Values

NameTypeDescription

[0]

struct GovernorBravoDelegateStorageV1.Receipt

The voting receipt

state

Gets the state of a proposal

function state(uint256 proposalId) public view returns (enum GovernorBravoDelegateStorageV1.ProposalState)

Parameters

NameTypeDescription

proposalId

uint256

The id of the proposal

Return Values

NameTypeDescription

[0]

enum GovernorBravoDelegateStorageV1.ProposalState

Proposal state

castVote

Cast a vote for a proposal

function castVote(uint256 proposalId, uint8 support) external

Parameters

NameTypeDescription

proposalId

uint256

The id of the proposal to vote on

support

uint8

The support value for the vote. 0=against, 1=for, 2=abstain

castVoteWithReason

Cast a vote for a proposal with a reason

function castVoteWithReason(uint256 proposalId, uint8 support, string reason) external

Parameters

NameTypeDescription

proposalId

uint256

The id of the proposal to vote on

support

uint8

The support value for the vote. 0=against, 1=for, 2=abstain

reason

string

The reason given for the vote by the voter

castVoteBySig

Cast a vote for a proposal by signature

function castVoteBySig(uint256 proposalId, uint8 support, uint8 v, bytes32 r, bytes32 s) external

Parameters

NameTypeDescription

proposalId

uint256

The id of the proposal to vote on

support

uint8

The support value for the vote. 0=against, 1=for, 2=abstain

v

uint8

recovery id of ECDSA signature

r

bytes32

part of the ECDSA sig output

s

bytes32

part of the ECDSA sig output

_setGuardian

Sets the new governance guardian

function _setGuardian(address newGuardian) external

Parameters

NameTypeDescription

newGuardian

address

the address of the new guardian

_initiate

Initiate the GovernorBravo contract

function _initiate(address governorAlpha) external

Parameters

NameTypeDescription

governorAlpha

address

The address for the Governor to continue the proposal id count from

_setProposalMaxOperations

Set max proposal operations

function _setProposalMaxOperations(uint256 proposalMaxOperations_) external

Parameters

NameTypeDescription

proposalMaxOperations_

uint256

Max proposal operations

_setPendingAdmin

Begins transfer of admin rights. The newPendingAdmin must call _acceptAdmin to finalize the transfer.

function _setPendingAdmin(address newPendingAdmin) external

Parameters

NameTypeDescription

newPendingAdmin

address

New pending admin.

_acceptAdmin

Accepts transfer of admin rights. msg.sender must be pendingAdmin

function _acceptAdmin() external

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