> For the complete documentation index, see [llms.txt](https://delpho.gitbook.io/delpho-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://delpho.gitbook.io/delpho-docs/governance.md).

# 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](/delpho-docs/risk/trust-assumptions-and-multisig.md).

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:

1. **Quantitative input** from StableWatch on the change's expected impact.
2. **Internal team review** of the proposed change.
3. **Multisig approval** by the required threshold of signers.
4. **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](/delpho-docs/audits-and-security/risk-advisor-reports.md).

## What is locked vs upgradable

| Element                   | Status                                                                      |
| ------------------------- | --------------------------------------------------------------------------- |
| 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](/delpho-docs/parameters.md)). |

## Progressive decentralization

V1 launches with a multisig governance model. Token-vote governance is not assumed for V1.

## Reference

* [Trust assumptions and multisig](/delpho-docs/risk/trust-assumptions-and-multisig.md) - for the full authorization matrix.
* [Governance and parameter risk](/delpho-docs/risk/governance-and-parameter-risk.md) - for the risk-side framing of this authority.
* [Changelog](/delpho-docs/changelog.md) - for the parameter-change log