Roles

A Reserve Index DTF has 4 roles, 3 of which have abilities that affect the operation of the DTF itself. Additionally, the DAOs that govern DTFs have an additional role of Guardian.

The rest of these docs will discuss DTF roles within the context of how DTFs are deployed via Register. The smart contracts being used are open-source and fully permissionless, but Register deploys DTFs and their governing bodies in a specific manner to allow for maximum decentralization of control over the DTF.

DAO Governance

The Admin and Auction Approver roles are expected to be held by DAOs composed of the DTFGovernor.sol and TimelockController.sol contracts (deployed via the GovernanceDeployer.sol contract). These DAOs should source their voting power from the StakingVault.sol contract, to allow for easy distribution of fee revenue to DAO members.

To allow for more granular configuration of the roles, the Admin and Auction Approver are technically operating via two separate governance systems, while getting their voting power from the same source. This enables the DAO to assign longer governance timelines to the Admin role for better security, and shorter governance timelines to the Auction Approver role allowing it to be able to quickly respond to market conditions.

Each of these governance systems technically has it's own Guardian, however Register is currently configured to deploy a single address as the same Guardian for both.