Building on our earlier comment regarding openUSDT, SolvBTC, and xSolvBTC on BOB, we will coordinate with @ChaosLabs to present a consolidated set of parameters and oracle recommendations for all starting assets for DAO stakeholders’ consideration.
We also want to provide an update on the Solv team implementing several governance and security enhancements on BOB:
Admin Migration
- Previously, two externally owned accounts—EOA1 and EOA2—held admin control over most SolvBTC and xSolvBTC contracts on BOB.
- These roles have been migrated to a 3/5 Safe multisig managed by the Solv core team (tx1, tx2).
Governor Role Scope
- EOA1 retains the governor role on select contracts, including:
- This governor role is limited to new product deployments and does not permit contract upgrades or parameter changes.
Timelock and Roles
- A timelock controller with a 72‑hour delay has been deployed on BOB and assigned the
DEFAULT_ADMIN_ROLEover SolvBTC and xSolvBTC ERC‑20 contracts (managing upgrades and minting permissions). - The Solv team’s 3/5 multisig has been granted proposer, executor, and canceller roles on the timelock.
- While the multisig currently retains the
DEFAULT_ADMIN_ROLEon the underlying ERC‑20 contracts, this role is scheduled to be revoked shortly as part of the transition to full timelock governance.
Operational Exceptions and Next Steps
- Contracts requiring rapid response—such as routers, oracles, or contracts whose owner role is governed by the Solv multisig with global pause permission—will remain exempt from timelocks to ensure operational readiness.
- Additional timelocks (e.g., for xSolvBTC redemption) are planned in Phase 2.