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Governance

Sweep protocol is governed by holders of a SWEEPR governance coin. Governance controls:
  • Code updates and parameters
  • Asset list and loan limits
  • SWEEPR minting
  • Treasury use

Participation

Vote on governance proposals with Tally.

Economics

The protocol earns a fee from stabilizers, charged as a percentage over time. Fees compensate the protocol for risk, and for providing redemption liquidity. Fees will increase if the protocol funds less liquid assets and longer duration assets.
The protocol owns some stabilizers, such as the Marketmaker. It makes a profit or loss from managing those stabilizers. Protocol-owned stabilizers are controlled by "fast multisig" wallets on each chain, under the direction of governance and the Sweepr Foundation.
Future versions of the protocol may offer a stablecoin and other products intended to improve margins.
The Treasury holds assets as SWEEP. It stays fully invested in stable dollar assets.

Implementation

SWEEPR implements the OpenZeppelin version of Compound governance. SWEEPR is an ERC20 coin that uses OpenZeppelin code with settings for Mintable, Burnable, Pausable, and Votes (with delegation).
SWEEPR is minted and voted on Arbitrum. It can travel to other blockchains as an Omnichain Fungible Token.
SweepGovernor contains the standard code for timelock and execution on Arbitrum. The timelock can deliver governance transactions to other blockchains to manage the protocol parameters on those chains.
SWEEPR includes transfer restrictions enforced by an attached TransferApprover contract. The restrictions implement lockups with automatic vesting. Each address in the vesting list has a vesting start date and a vesting period. Tokens will vest linearly during the vesting period. Vesting addresses will not be able to make transfers that bring their balance below the currently vested amount.

SWEEPR Initial Distribution

SWEEPR has a lifetime mint cap of 10M tokens. Tokens can be minted under governance control. This provides flexibility in budgeting for future expenses and community rewards.
The protocol plans to launch with a mint of 5M tokens.
  • 3.5M SWEEPR tokens will go to initial stakeholders. 95% of these tokens will be locked and vesting for periods of 21 to 30 months.
  • The protocol wil mint an additional 1.5M SWEEPR tokens for community distribution. These tokens will be transferrable.
Unlocked supply of the initial 5M mint
Last modified 1mo ago