QIP132: Remove Certain Owner Privileges and Implement Timelock

Context

The current vaults at QiDao rest on a 2/4 multisig. As there is currently $75.51m of collateral locked in the platform (as per DeFi Llama), we believe this is no longer acceptable and that steps should be taken to protect users in the unlikely event of a multisig compromise.

Other lending platforms such as Aave and Compound do not allow for oracle changes without a timelock. See https://governance.aave.com/t/arc-move-control-of-price-oracle-to-governance-v2/3946/2 and https://compound.finance/docs/governance. Some platforms such as Liquity do not allow for changing the oracle at all.

Proposal

Voting "yes" on this QIP directs the DAO to implement a small governance wrapper contract that will become the owner of the vaults. This wrapper contract should do the following:

• Implement a timelock in order to change the oracle address
• Implement a timelock in order to set the token peg
• Remove access to the transferToken(address to, address token, uint256 amountToken) function
• Allow for setting a new owner (for example, to upgrade the governance contract) but only with a timelock

New governance contract option (WIP): https://github.com/ajb/qidao-governance-contract/blob/main/src/QiVaultGovernance.sol

Quorum Standards

The option with the most votes will be adopted.

Options

• Accept proposal
• Reject proposal