Governance
The Annex protocol is governed and upgraded by ANN token-holders, using three distinct components; the ANN token, governance module (Governor Alpha), and Timelock. Together, these contracts allow the community to propose, vote, and implement changes through the administrative functions of a aToken or the Comptroller. Proposals can include changes like adjusting an interest rate model, to adding support for a new asset.
Any address with more than 10,000,000 ANN delegated to it may propose governance actions, which are executable code. When a proposal is created, the community can submit their votes during a 3 day voting period. If a majority, and at least 20,000,000 votes are cast for the proposal, it is queued in the Timelock, and can be implemented after 2 days.
Governance Diagram
ANN is an ERC-20 token that allows the owner to delegate voting rights to any address, including their own address. Changes to the owner’s token balance automatically adjust the voting rights of the delegate.
Last modified 1yr ago