Governance Framework for Nexara

Nexara is committed to evolving into a community-driven platform, though it currently lacks a native governance token. The foundational structure and ongoing development are predominantly managed by our founding team, with a strategic plan towards progressive decentralization.

Key Actors in theNexara Ecosystem

Vault Creators

Vault creators play a crucial role by designing and initiating new vaults through the Nexara Factory contract. To ensure security and maintain standards, creators must be whitelisted by the whitelist manager before they can deploy vaults. This allows them to create bespoke vault solutions tailored to specific investor needs.

Investors

Investors are central to the Nexara ecosystem, providing capital by depositing funds into various vault tranches. Upon investment, they receive Nexara tokens, which serve as proof of their deposit. Investors have the flexibility to choose their preferred vaults and tranches, considering factors like risk tolerance, market conditions, asset and vault performance.

Keepers

Keepers are automated bots essential for the operational efficiency of the protocol. They perform specific functions, such as executing the removeFundsFromLP() method when a vault matures. While anyone can run a Keeper, they must be authorised with the KEEPER role by protocol operators to engage in these activities.

Governor

The Governor role is critical for overseeing the overall security and integrity of the protocol. This account, currently managed by a multisig of the Nexara team, has the authority to execute emergency pauses to mitigate critical incidents. This function is pivotal during urgent situations to prevent or minimize damage to the protocol.

Toward Decentralized Governance

As part of our commitment to decentralization, Nexara is developing a Governance contract equipped with a timelock mechanism. This will allow for more structured and community-involved decision-making processes. The transition plan includes gradual shifts in governance roles from the founding team to the wider community, empowering users and stakeholders with greater control and influence over the protocol’s direction and policies.

Role	Privilege
GOVERNANCE	FEYFactory: Sets parameters including product, yield source, and price oracle implementations, min and max tranche duration, protocol fees, leverage threshold min and max, fixed rate max, min deposit value, whitelist tokens and pairs. FEY Product: Sets slippage and rescues tokens in case they get stuck. Yield Source: Distributes rewards via the Yield Source to incentivize Products. Nexara Token: Sets the Factory implementation and the base token URI for all token IDs. Distribution Manager: Initializes contract, adds/removes/edits distribution recipients, sets rewards per second.
KEEPER	Calls recompoundRewards() on the YieldSource
PAUSER	Pause/unpause the protocol globally
PRODUCT	Mints and burns Nexara Tokens, supplies tokens to and redeems tokens from YieldSource, queues fees on DistributionManager.
FACTORY	Calls depositFor on Product, calls setFEYGMXProductInfo() on YieldSource.
WHITELIST_MANAGER	Grants WHITELISTED roles to accounts
WHITELISTED	Creates products without fulfilling minimum deposit requirement