Governance
Even without token-vote governance at V1, Delpho has operational authority over parameters and contracts. This page documents that authority: how it is constrained, how changes get made, and the trajectory toward broader decentralization.
Authority structure
The full authorization matrix, which functions are controlled by which authority, signer set, threshold, and timelock durations, lives in Trust assumptions and multisig.
The rest of this page covers process and philosophy: how changes are proposed, what is locked vs upgradable, the role of external advisors, and the trajectory for progressive decentralization.
How changes are proposed
Routine parameter adjustments follow a documented review process:
Quantitative input from StableWatch on the change's expected impact.
Internal team review of the proposed change.
Multisig approval by the required threshold of signers.
Timelock-protected execution before the change takes effect.
Material changes are logged on Changelog with the supporting StableWatch report or internal note.
Emergency adjustments (pause functions) skip the timelock to allow rapid response to active threats. Emergency actions are subject to post-hoc disclosure.
Role of advisors
Delpho retains external advisors to inform protocol decisions:
StableWatch. Ongoing quantitative risk modeling. Drives parameter selection and stress testing. The relationship is operational rather than credentialing. See Risk advisor reports.
What is locked vs upgradable
USDV token contract
Upgradable through multisig with extended timelock.
sUSDV staking contract
Upgradable through multisig with extended timelock.
Hedge orchestration logic
Upgradable through multisig with extended timelock.
Per-collateral parameters
Adjustable through multisig (see Parameters).
Progressive decentralization
V1 launches with a multisig governance model. Token-vote governance is not assumed for V1.
Reference
Trust assumptions and multisig - for the full authorization matrix.
Governance and parameter risk - for the risk-side framing of this authority.
Changelog - for the parameter-change log
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