Immutability and Admin Powers

Keiko smart contracts are designed with immutability as a core principle. This design choice ensures that the fundamental logic of the protocol cannot be altered, providing users with a guarantee that the contracts will consistently behave as expected, without unexpected changes. While this immutability is a significant step towards ensuring the protocol's security, it's important to note that it does not preclude the existence of administrative capabilities that can modify certain protocol parameters. In the interest of complete transparency and to keep users fully informed of potential risks, we provide a comprehensive overview of the administrative powers within the Keiko protocol.

Parameters Defined by the Contract Owner

The contract owner, through designated administrative functions, has the ability to modify several key protocol parameters. These powers include, but are not limited to:

• Collateral Management: Powers to add new collateral types and set their parameters, including Minimum Collateral Ratio (MCR), MCR Factor, Maximum MCR Range, Base Fee, Maximum Fee, Minimum Net Debt, Mint Cap, and Liquidation Penalty.

• Collateral Parameter Adjustments: The ability to modify individual collateral parameters such as minimum and maximum ranges, MCR factor, base and maximum fees, minimum net debt, mint cap, and liquidation penalty.

• Collateral Activation: The power to activate or deactivate specific collateral types within the protocol.

• Fee Management: Authority to set the redemption fee for the protocol.

• Oracle Management: The ability to set and manage price feed oracles. This is a critical power, so it is subject to a 3-day timelock period.

• KEI Token Management: Powers related to whitelisting addresses for minting and burning KEI tokens. This is a critical power, so it is subject to a 14-day timelock period.

• Stability Pool Management: Powers to add new collateral types to the Stability Pool.

• Interest Distribution: The ability to set recipients for protocol interest distribution and define a default interest recipient.

• Ownership Management: The ability to transfer ownership of the contracts or renounce ownership entirely.