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$IDLE token
Governance > Idle DAO > $IDLE token
The Idle protocol is governed and upgraded by $IDLE token-holders, using three distinct components:
Together, these contracts allow the community to propose, vote and implement changes to the contracts owned by the Timelock. The ownership of idleTokens from BY strategies, idleCDO from PYTs, and the IdleController contracts have been all transferred to the Timelock contract.
The Timelock contract can modify system parameters, logic, and contracts in a 'time-delayed, opt-out' upgrade pattern, as reported here [1], [2].
When a proposal is created, the community can submit their votes during a 3-day voting period. If a majority and at least 520,000 (4% of the total supply) votes are cast for the proposal, it is queued in the Timelock and can be implemented after 2 days.
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