STEP 4 - Deployment and Governance Proposal

Once all security procedures are finished, Clip’s DAO will deploy the necessary smart contracts and initiate the on-chain governance proposal.

To prevent governance decisions from being made hastily or without sufficient consideration, Clip Finance uses a timelock contract. A timelock contract is a smart contract that introduces a delay between when a proposal is submitted and when it can be executed.

Once a proposal has been submitted to the Clip Finance DAO, it must be approved by a quorum of token holders before it can be executed. This ensures that proposals are supported by a significant portion of the community before they are implemented.

If a proposal is approved, it is added to the timelock queue for execution. The timelock contract then waits for the specified delay period to elapse before executing the proposal. This provides an additional layer of security and oversight, as it allows the community to cancel a proposal before it is executed if necessary.

Please refer to a more detailed overview of the governance procedures.

Governance Procedures