Scope of Access

Pike introduces distinct roles with well-defined permissions, balancing decentralization with protocol stability. Each role plays a crucial part in configuring, maintaining, and safeguarding the protocol.

• Protocol Owners oversee the deployment of new protocol instances, ensuring upgradeability and role management.

• Governors manage individual protocol instances, configure markets, set risk parameters, and select price oracles.

• Emergency Guardians serve as a failsafe mechanism, having limited but essential powers to pause key protocol functions during critical situations.

• Emergency Executors provide immediate governance response capabilities within the governance review and delay process during critical situations. The following sections detail the responsibilities and authority of each role.

Protocol Owner

The Protocol Owner is the highest authority in the system, responsible for overseeing the deployment and governance of Pike markets. Their key responsibilities include:

• Deploying new protocol instances for third-party Governors and granting them permissions to configure their markets.

• Managing the upgradeability of all Pike markets and the Factory contract.

• Acting as the administrator of all contracts, with the ability to assign and manage roles for configuring and maintaining deployed protocols.

Governor

Governors are assigned at the deployment of a protocol instance and have authority over its configuration. However, their access is controlled through a Timelock contract, meaning all governance actions must go through the Timelock, ensuring structured and time-delayed execution. Their responsibilities include:

• Adding new markets (pTokens) to already deployed protocol.

• Managing risk parameters, such as collateral factors and liquidation thresholds.

• Configuring interest rate models to align with their risk strategy.

• Selecting and managing oracle providers to ensure accurate pricing data for assets.

Emergency Guardian

The Emergency Guardian is a specialized role with restricted but critical authority to protect protocol integrity. Their permissions include:

• Pausing and unpausing key protocol functions such as minting, borrowing, transferring, and liquidations in case of emergencies.

• Withdrawing the total amount of funds held in reserves without any limits during emergencies.

• Unlike the Governor, the Emergency Guardian cannot configure risk parameters or interest rate models.

• This role can only be assigned by the Protocol Owner and operates outside the Timelock system for immediate response.

Emergency Executor

The Emergency Executor is a specialized governance role designed to handle critical governance situations that require immediate action. Their capabilities include:

• Bypassing the standard proposal review and delay process to execute pre-approved critical functions immediately.

• Executing governance actions without the typical 1-day delay when time-sensitive responses are needed.

• Cancelling scheduled governance proposals that haven’t been executed yet.

• This role is initially assigned by the Protocol Owner and is distinct from the Emergency Guardian role to maintain proper separation of concerns.