The PEAKDEFI protocol is governed and upgraded by PEAK token-holders, using three distinct components; the PEAK token, governance module (Governor Alpha), and Timelock. Together, these contracts allow the community to propose, vote, and implement changes. Proposals can modify system parameters, mint / burn PEAK tokens, or add entirely new functionality to the protocol.
PEAK token-holders can delegate their voting rights to themselves, or an address of their choice. Addresses delegated at least 10,000,000 PEAK can create governance proposals.
When a governance proposal is created, community can cast their votes and voting weights are recorded. Voting lasts for 7 days; if a majority, and at least 40,000,000 votes are cast for the proposal, it is queued in the Timelock, and can be implemented 2 days later. In total, any change to the protocol takes at least one week.
PEAK token, Timelock, GovernorAlpha contracts are deployed on Ethereum network at following addresses