Documentation taken from https://github.com/withtally/Tutorial-Deploy-Governance. Refer to link for even more detailed description of all parameters and functions.
The VEX contract is what creates the VEX token. It is a VIP180 compatible token with support for checkpoints. Checkpointing is a system by which you can check the token balance of any user at any particular point in history. This is important because when a vote comes up that users need to vote on, you don't want individuals buying or selling tokens specifically to change the outcome of the vote and then dumping straight after a vote closes. To avoid this, checkpoints are used. By the time someone creates a proposal and puts it up for a vote in the Vexchange ecosystem, the voting power of all token holders is already known, and fixed, at a point in the past. This way users can still buy or sell tokens, but their balances won't affect their voting power.
The GovernorAlpha contract is the contract that does the actual "governance" part of the ecosystem. There are a number of hard-coded parameters that decide the functionality of governance, and the contract itself is the tool by which proposals are proposed, voted upon, and transferred to a timelock to be executed. The logic for secure voting is handled here.
The final component of the system is a Timelock. Timelock contracts essentially "delay" the execution of transactions to give the community a chance for a "sanity check" to be run over the outcome of a vote. It's important if a last minute bug is found in the system and it needs to be caught before a transaction is implemented.
All three of these components work together with their own sphere of influence. The VEX token essentially functions as a voter registration tool (and as a tradable VIP180 token), the GovernorAlpha acts as a polling location- the place where voting happens, and the Timelock acts as a loading bay that holds decision for a set amount of time before executing them on the network.
Collected fees from Vexchange V2 will also be held in this smart contract.
VEX::totalSupply: set at 100 millionGovernorAlpha::quorumVotes: set at 1% of configured total supply of VEXGovernorAlpha::proposalThreshold: set at 0.1% of configured total supply of VEXGovernorAlpha::votingPeriod: set at 7 daysTimelock::delay: set at 2 days
GovernorAlpha::acceptTimelockPendingAdmin()VEX::burn()
Place .env with the private key in the root directory under the variable PRIVATE_KEY=0x000...abc
Since we cannot calculate the address of GovernorAlpha beforehand on VeChain, we have to change the Timelock admin after deployment.
To do that, we first do
npm run deployGovernance [mainnet|testnet]
If the deployment is successful, it will create deployedAddresses.json which stores the arguments for the queued transaction in Timelock. This script also changes the owner and platformFeeTo of VexchangeV2Factory. Therefore, configure the V2Factory in deploymentConfig.js before running this script.
When ready to handover the admin of the Timelock to GovernorAlpha, we run:
npm run queueTimelockTransfer [mainnet|testnet]
If the transaction is queued successfully, it will create changeAdminConfig.json which stores the parameters for execution after the Timelock delay.
After the Timelock delay (currently 2 days), do
npm run executeTimelockTransfer [mainnet|testnet]
This script will read the config from changeAdminConfig.json to execute the transaction on Timelock. The GovernorAlpha contract will also accept the role of admin by calling acceptAdmin() in Timelock.
npm run deployVester [mainnet|testnet]
Modify recipient addresses and VEX addresses in vesterConfig.js.
npm run claimVestedTokens [mainnet|testnet] [address of Vester contract]
Be sure to input the VEX token address in vesterConfig.js
npm run setSwapFee [mainnet|testnet] [pair address] [swapFee in basis points (100 means 1%)]
Mainnet
| Contract | Address |
|---|---|
| VEX | 0x0BD802635eb9cEB3fCBe60470D2857B86841aab6 |
| Timelock | 0x41D293Ee2924FF67Bd934fC092Be408162448f86 |
| GovernorAlpha | 0xa0a636893Ed688076286174Bc23b34C31BED3089 |
Note: GovernorAlpha is the admin of timelock
Testnet
| Contract | Address |
|---|---|
| VEX | 0x10bf15c804AB02cEBb9E82CB61B200bba46C7CDE |
| Timelock | 0xFd883d0947848eeA79bA1425fcE38b6f00dF3ea0 |
| GovernorAlpha | 0x40b4F819bB35D07159AADDd415670328ecf301b5 |
Note: GovernorAlpha is already the admin of timelock. Contact Alex for some testnet VEX tokens
Forked from Uniswap governance which is a fork of compound's governance protocol https://github.com/compound-finance/compound-protocol/tree/v2.8.1