The governance module will consist of two smart contracts:
The time lock smart contract will become the owner of all smart contracts in the YieldFlow protocol. This will remove the “admin keys” from all contracts and make it only possible to perform any powerful action and upgrade via governance. The time lock ensures that if a proposal passes, the call data is executed after a certain time. The time lock can call any function on any contract through an arbitrary data call.
We will set up the main governance module on Ethereum, but as needed, additional deployments will be made on each EVM chain where YieldFlow operates.
The Governor Alpha module will be a fork of the already audited Compound Protocol smart contract, which is already battle-tested on the ETH main net.
The governor smart contract will create proposals for $YFlow token holders to upgrade governance. In addition to that, $YFlow can vote yes or no on existing proposals. If a proposal passes, the call data will be passed on to the time lock smart contract, where the proposal is then finally executed.
This battle-tested solution of time lock and governance will ensure that YF will evolve into a community ($YFlow holder) owned protocol without any need to trust a third party.