Governance

Votes come from active stAEQUA positions. aequa's DAO runs on SPL Governance (Realms), with a voter-weight plugin that reads each position's AEQUA straight from the program. A cooling position has no votes until it is active again.

Because a position can't be transferred, borrowed AEQUA can't vote: the weight is stake that is already in the pool and stays under the cooldown.

1. A wallet with 1,000,000 AEQUA in active stake opens a proposal on Realms.
2. The vote runs 5 days and needs a quorum of 10% of active voting power.
3. A passed proposal waits a 2-day timelock.
4. It executes. The program checks every new value against its range at that moment.

• Every value in Parameters, inside its range.
• Collateral. The listing of new collateral (below).
• The Hedge Council. Its membership changes by vote, and the council carries out the change in its MPC wallet.
• Roles and upgrades. After the handoff, the admin role (setting roles and unpausing a path) and the program's upgrade authority.

Collateral

New collateral must be an xStocks or Ondo Global Markets mint that passes the program's admission checks and has a matching index perp on trade.xyz. Once listed, it joins the token menu on the Mint tab with its own paths, buckets and spot cap.

• mint AEQUA;
• move reserve assets;
• withdraw from the protocol vault or the Reserve Fund;
• set a parameter outside its range.

At launch a Squads multisig holds the admin and upgrade authority. Governance takes them over in three steps:

Roles lists every role and what it can call.