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The Decentralized Autonomous Organization governs Ring Protocol
A core principle of Ring Protocol is its fully decentralized design and minimal dependence on any centralized assets or protocols on Ethereum. Ring Protocol has a DAO called the Ring DAO from the start. The DAO is responsible for utilizing all of the flexible and powerful features of Ring Protocol to continually enhance the protocol in an ever-evolving DeFi space.
Ring Protocol design and implementation minimize the governance for peg maintenance related activities. Beyond the inherent need for the initial protocol tuning, the Ring DAO is primarily responsible for two things: upgrades and integrations.
Parameter tuning and changes that the Ring DAO can make:
Parameter modifications from Compound implementation:
- 2.5% Quorum
- .25% proposal threshold
- 12 hour voting delay (3333 blocks)
- 36 hour voting period (10000 blocks)
- 24 hour timelock delay
- The Guardian can transfer the Guardian role
Ring Protocol implementation enables a flexible access control system. The Timelock is appointed as a Governor⚖️, but it doesn't have to be the only one. It also doesn't have to be a Governor forever. Ring Protocol can appoint autonomous governors to adjust parameters and PCV based on market conditions. Additionally, a tiered governance structure can be implemented where certain changes require higher quorum thresholds and longer timelocks.
Ultimately the Ring DAO makes all of these decisions as the protocol evolves.