On-chain governance for Alchemix v3 is being introduced incrementally. Until it is fully live, DAO decisions are executed by the Alchemix multisig, with token holders signaling through Snapshot. See the governance process for how proposals work today. Final on-chain contract addresses, quorum context, and voting timelines will be added here as the on-chain system comes online.
Why on-chain governance
Alchemix v3 is built around transparency, decentralization, and immutability: every interaction is public, no single party should control user funds or protocol parameters, and code that holds value should be fixed wherever possible. The Future of Onchain Governance explains how these principles shape the protocol, along with the guiding rule behind its design: anything that can be immutable should be immutable; anything that cannot should pass through on-chain governance to maximize decentralization; and where neither is possible, governance can elect a transparent, accountable entity to carry out the task.
Layers of governance
The table below describes the target model. Today, adjustable parameters are changed by the Alchemix multisig after a Snapshot vote.
| Layer | Control Model | Rationale |
|---|---|---|
| Core vault logic | Immutable contracts (target) | Safety first. The goal is that code custodying deposits does not change. Today the Alchemist runs behind an upgradeable proxy. |
| Adjustable parameters (redemption periods, fee rates, collateral limits) | On-chain DAO vote | Keeps policy decisions in the hands of token holders. |
| External Integrations | DAO-elected executor with a narrow mandate | Allows fast responses while remaining accountable to the DAO. |
This framework ensures that Alchemix evolves without compromising user control or the protocol’s alignment with DeFi ideals.