The Onyx protocol is governed and upgraded by XCN token-holders, using four distinct components; the XCN token, staking, governance module (Governor Alpha), and Timelock. Together, these contracts allow the community to propose, vote, and implement changes through the administrative functions of a oToken or the Comptroller. Proposals can include changes like adjusting an interest rate model, to adding support for a new asset.
XCN: 0xA2cd3D43c775978A96BdBf12d733D5A1ED94fb18 Staking: 0x23445c63FeEf8D85956dc0f19aDe87606D0e19A9 Governor : 0xdec2F31C3984F3440540DC78Ef21b1369d4eF767 Timelock: 0x08eDF0F2AF8672029eb445742B3b4072c6158DF3
Any address with more than 100,000,000 XCN vote weight may propose governance actions, which are executable code. When a proposal is created, the community can submit their votes during a 3 day voting period. If a majority, and at least 200,000,000 votes are cast for the proposal, it is queued in the Timelock, and can be implemented after 2 days.
To get voting power, XCN should be staked. Withdrawing XCN from staking automatically adjust the voting rights.