GovernorBravoDelegate

The BNB mainnet Governor is the GovernorBravoDelegator proxy at 0x2d56dC077072B53571b8252008C60e945108c75a. At block 118369123, its implementation() was 0x9975d7064e40D16E1B76B90e56F606D72B385701, matching the stable GovernorBravoDelegate v2.15.0 API.

Venus Governance includes 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.

GovernorBravoDelegate uses the XVSVault to restrict certain actions based on a user’s voting power. The governance rules it enforces are:

A user’s prior voting power must be greater than or equal to the selected route’s proposalConfigs[proposalType].proposalThreshold to submit a proposal.
Before queueing, the proposer or guardian can cancel. Other callers can cancel if the proposer’s prior votes have dropped below that route’s threshold.

The public V1 scalar getters proposalThreshold, votingDelay, and votingPeriod are deprecated storage retained for compatibility. They are not the authoritative current route configuration.

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

Each route stores a configuration that can be initialized or updated with setProposalConfigs, subject to validationParams and the contract’s threshold constants:

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 opens after the selected route’s configured votingDelay. Current validation requires a nonzero minimum delay and bounds every route’s delay and period. Once the start block is reached, 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 GovernorBravoDelegateStorageV3.ValidationParams validationParams_, struct GovernorBravoDelegateStorageV2.ProposalConfig[] proposalConfigs_, contract TimelockInterface[] timelocks, address guardian_) public

Parameters

Name	Type	Description
xvsVault_	address	The address of the XvsVault
validationParams_	struct GovernorBravoDelegateStorageV3.ValidationParams	Minimum and maximum voting delay and voting period accepted for route configuration
proposalConfigs_	struct GovernorBravoDelegateStorageV2.ProposalConfig[]	Governance configs for each governance route
timelocks	contract TimelockInterface[]	Timelock addresses for each governance route
guardian_	address	Governance guardian

setValidationParams

Sets the allowed minimum and maximum voting delay and voting period. The proxy admin is the only authorized caller.

function setValidationParams(struct GovernorBravoDelegateStorageV3.ValidationParams newValidationParams) public

setProposalConfigs

Sets all three route configurations after checking their delay, period, and threshold against the validation bounds and the contract’s threshold constants. The proxy admin is the only authorized caller.

function setProposalConfigs(struct GovernorBravoDelegateStorageV2.ProposalConfig[] proposalConfigs_) public

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

Name	Type	Description
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

Name	Type	Description
[0]	uint256	Proposal id of new proposal

queue

Queues a proposal of state succeeded

function queue(uint256 proposalId) external

Parameters

Name	Type	Description
proposalId	uint256	The id of the proposal to queue

execute

Executes a queued proposal if eta has passed

function execute(uint256 proposalId) external

Parameters

Name	Type	Description
proposalId	uint256	The id of the proposal to execute

cancel

Cancels an unexecuted proposal when called by its proposer or the guardian, or when the proposer’s prior votes have dropped below the selected route’s proposal threshold.

function cancel(uint256 proposalId) external

Parameters

Name	Type	Description
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

Name	Type	Description
proposalId	uint256	the id of the proposal

Return Values

Name	Type	Description
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

Name	Type	Description
proposalId	uint256	the id of proposal
voter	address	The address of the voter

Return Values

Name	Type	Description
[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

Name	Type	Description
proposalId	uint256	The id of the proposal

Return Values

Name	Type	Description
[0]	enum GovernorBravoDelegateStorageV1.ProposalState	Proposal state

castVote

Cast a vote for a proposal

function castVote(uint256 proposalId, uint8 support) external

Parameters

Name	Type	Description
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

Name	Type	Description
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

Name	Type	Description
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

Name	Type	Description
newGuardian	address	the address of the new guardian

_initiate

Initiate the GovernorBravo contract

function _initiate(address governorAlpha) external

Parameters

Name	Type	Description
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

Name	Type	Description
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

Name	Type	Description
newPendingAdmin	address	New pending admin.

_acceptAdmin

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

function _acceptAdmin() external