Aave Arc Timelock Executor
ArcTimelock
The ArcTimelock works as an extension of the current Aave Governance. It provides a buffer period for Aave ARC Market Guardians to ensure the queued proposal is legally compliant and veto non-compliant proposals.
In the event when Aave Governance proposes updates to the market, the ability to meet compliance obligations is limited. For handling this situation ArcTimelock is configured to allow whitelisters:
Veto Period (2days): The delay period during which whitelisters can collectively veto a proposal, for compliance purposes only.
Grace Period (5days): The period after the Veto Period, during which the
ActionSetcould and should be executed. If the proposal is not executed by the end of Grace Period, it will expire and, to be executed, the proposal will have to go through Aave Governance process again.
Current Timelock Configurations
VetoPeriod aka Delay: 172800 seconds (2 days)
MinimumDelay: 172800 seconds
MaximumDelay: 172800 seconds
GracePeriod 432000 seconds (5 days)
Veto and Grace Periods in ArcTimelock can be configured via governance process
Veto DAO
The arc market guardian in ArcTimelock is a VetoDao that is compound by the whitelisters that are selected via the Aave Governance.
The VetoDAO (market guardian) has the ability to veto the proposal that is non compliant for the arc market. For example the introduction of a privacy coin which could jeopordize compliance of the market.
Currently there is only 1 whitelister onboarded by the Aave Governance and thus, the DAO has been implemented using a GnosisSafe multisig for the time. As more whitelisters get onboarded this multisig will evolve into an on chain DAO that can jointly decide whether or not to veto a proposal. Market Guardian: 0x33B09130b035d6D7e57d76fEa0873d9545FA7557
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