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Multi-Sig & Timelock
We have adopted a proxy-based approach to implement contracts to prevent any unexpected issues from affecting our platform.
To enhance security, all upgrade permissions of the contract are under the control of a timelock governed by a 3/5 multi-sig held by Equilibria core contributors, as well as members of Incuba Alpha Capital, GBV Capital, and Pendle Finance.
Any contract upgrade undergoes comprehensive testing, auditing, and verification from the multi-sig signers. Following this process, an upgrade is made by the team, and the multi-sig signer proposes the upgrade with a 24-hour timelock. During the 24 hours, users can decide to stay or leave. After 24 hours, the upgrade will be effective on-chain. This approach was deemed necessary due to the many examples of mistakes leading to severe consequences for Web3 projects.
Consider, for instance, the case of Aku Dreams, which recently ended up forever locking $34M ETH in their contract. Should something similar happen with Equilibria, we could still upgrade the contract - albeit through a strict process - and allow the users to retrieve their assets.