Governance Overview
The Enzyme governance model is a user-centric model. It ensures users have permission-less access to a secure asset management protocol, and are protected from malevolent actors in the network. At the same time, users have the option to benefit from continuous innovation and improvements on top of the protocol, safeguarded by the thorough checks and analysis of the Enzyme Council, bound by fiduciary duties. The Enzyme Council, detailed in the next section, is responsible for taking decisions preserving the interest of the network's users.
The user always remains in full control, and are the sole decision maker with regards to the software they are running.
Neither the Enzyme Council nor the token holders can impact the smart contract code used by a fund manager. The fund manager must take a voluntary action in order to upgrade to new versions of the code, and the fund’s investors are free to instantly redeem their shares if they are not happy with the version of the code being used. The fund manager is never forced to use a new version of the code they may or may not feel comfortable with. Users take full responsibility to upgrade from code that may contain security vulnerabilities.
As a result, the convergence of users towards a specific version of the Enzyme protocol shall give a strong indication to the Enzyme Council of their alignment with the users’ sentiments and needs. Although the Enzyme Technical Council (ETC) owns and controls the ENS subdomains pointing to the latest contracts, the users are the ones truly deciding which version to base their business upon, which constitutes a strong signal to the community. This is further enabled by the unstoppable character of smart contracts (once deployed, the Enzyme contracts can not be taken back by the deployer).
However, users will be highly encouraged to always use the latest versions of the Enzyme protocol, as security vulnerabilities can be discovered and will be fixed in protocol upgrades. Users are also encouraged to conduct their own analysis, audit and review of the contracts they intend to use. The ultimate choice and responsibility relies solely on the user.
Last modified 9mo ago
Copy link