Governance process
How $KIMP stakers change KIMP - forum, on-chain proposal, 5-day vote, 48-hour timelock, execution - and the limited role of the guardian Safe.
KIMP is governed by $KIMP stakers. Every parameter change, source change and treasury transfer follows the same path and passes through a 48-hour timelock. No individual, team or multisig can change parameters or move funds outside this process.
Process#
- 1Forum discussion. A proposal is posted publicly with its rationale and the exact calls it will make. Discussion runs before anything goes on-chain.
- 2On-chain proposal. A staker holding stake above the proposal threshold submits the proposal to the governor contract. The calldata is fixed at this point.
- 3Vote. Staked $KIMP votes for, against or abstain for 5 days. The proposal passes if it reaches quorum and more votes are for than against.
- 4Timelock. A passed proposal is queued in the timelock for 48 hours. The calls are public and cannot be altered during this period.
- 5Execution. After 48 hours, anyone can execute the queued calls.
| Step | Duration | Requirement |
|---|---|---|
| Forum | No fixed minimum | Public post with exact calldata |
| Proposal | Immediate | Stake above the proposal threshold |
| Vote | 5 days | Quorum and simple majority |
| Timelock | 48 hours | None |
| Execution | After timelock | Anyone can call |
A proposal therefore takes at least 7 days from submission to execution. The proposal threshold and quorum are set at deployment through the timelock and published in these docs before the first vote. Only staked $KIMP in KimpStaking counts. Unvested contributor tokens cannot vote.
What governance controls#
Every setter on the core contracts is onlyTimelock.
| Area | Examples |
|---|---|
| Assets | Listing new assets, OI caps, skew caps |
| Index | Reporter set parameters, minimum bond, KimpIndex.setSource for the Upbit Oracle switch |
| Contracts | Leverage limits, position limits, margin parameters |
| Fees | Base fee rates, skew curve, fee split |
| Verified Lane | Limits, sub-caps, gate contract |
| Treasury | Transfers after the 12-month cliff |
| Disputes | Election of the Dispute Committee, escalated disputes |
The switch to the official Upbit Oracle as primary source for the Upbit KRW price is a governance action. When the oracle ships on GIWA, a proposal calls setSource on KimpIndex. Reporters then remain as the global-price and FX set and as fallback. See Upbit Oracle migration.
Guardian#
A 4-of-7 Safe multisig acts as guardian. Its powers are deliberately narrow. The guardian can pause one market or all markets, and keep them paused during an incident. The guardian cannot:
- move any funds,
- change any parameter,
- upgrade or replace contracts,
- access the treasury.
A pause stops new exposure. Paused markets still allow positions to be closed and settled, so traders are never locked in by the guardian. See Admin keys and timelock.
Dispute Committee#
Index disputes are resolved by a Dispute Committee elected by governance. Its rulings execute under a 48-hour timelock, and any ruling can be escalated to a $KIMP governance vote. See Dispute rules.
Upgrades#
Core contracts are non-upgradeable. There are no proxies on custody logic. A new version is deployed side by side, and governance votes to migrate: listing new markets on the new contracts and moving parameters and incentives. LPs and traders move by their own action.