> For the complete documentation index, see [llms.txt](https://docs.syndromics.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.syndromics.xyz/transparency/governance.md).

# Parameter governance

The core contracts are immutable. The only thing governance can change is parameters, and every change follows the same public, timelocked process.

## What governance can and cannot do

| Can                                                      | Cannot                                           |
| -------------------------------------------------------- | ------------------------------------------------ |
| Change tier LTVs, haircuts, caps                         | Upgrade or replace core contract code            |
| Change oracle adapters, staleness bounds, move caps      | Move escrowed collateral or lender principal     |
| Change auction curves and refinance parameters           | Pause repayment or post-repayment withdrawal     |
| Change fee rates                                         | Change the terms of an active loan retroactively |
| Add or remove attestation issuers and whitelisted vaults | Mint a token (there is none)                     |
| Pause new loans and liquidations in an emergency         | Act without the timelock delay                   |

## The process

1. **Proposal.** A parameter change is drafted with a written rationale and, where relevant, backtesting or data from the risk page.
2. **Publication.** The proposal is posted to the governance log with the parameter, old value, new value and rationale. The timelock starts.
3. **Timelock.** The published ParamController delay, during which anyone can review and respond. The guardian pause is the only action that takes effect without it, because it can only pause.
4. **Execution.** The multisig executes the change. `ParamController` emits `ParamChanged(key, oldValue, newValue, rationaleHash)`.
5. **Record.** The explorer's governance log shows the proposal, execution transaction and rationale permanently.

## Effect on existing loans

* Origination and refinance fees are fixed at the rate in force when the loan was settled or refinanced.
* The interest share applies at the rate in force at settlement.
* Tier demotions change the liquidation LTV for existing loans only after a grace period announced with the change, so borrowers have time to adjust.
* Oracle adapter changes apply immediately, since they are corrective.

## Emergency actions

The emergency pause covers new loans and liquidations only. It is intended for oracle incidents, discovered vulnerabilities and chain-level events. It cannot touch repayment. Every use of the pause is logged with a rationale and followed by a published incident note.

## Who holds the keys

The timelocked multisig is held by the foundation with signers drawn from the team and independent parties. The governance module on the roadmap takes over parameter control while preserving the timelock, the public rationale, the absence of fund access and the impossibility of pausing repayment. See [Corporate structure](/compliance/corporate-structure.md).


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