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

# Parameter governance

How a parameter changes, who is able to change it, and where that power stops.

Anything tunable in Icaria exists as a `ParamController` value: spreads, multipliers, clips, caps, bands, fees, oracle adapters, eligibility issuers and tier assignments. Governance is how those values move, and its reach was kept narrow on purpose. It can tune the venue. That is all it can do.

## The process

1. **Proposal.** The foundation multisig submits a change alongside a written rationale covering what moves, why it moves, and the data supporting it, usually the [execution quality](/transparency/execution-quality.md) record or a listing review.
2. **Timelock.** The proposal waits in public for the timelock period, 48 hours for routine parameters and 7 days for oracle adapters, eligibility issuers and fees. Everyone affected watches it approach, and any LP who objects can withdraw beforehand with nothing attached to the exit.
3. **Execution.** The change executes on-chain, emitting the old value, the new value and the proposal hash. The governance log inside the [trade explorer](/using-icaria/trade-explorer.md) holds the venue's complete parameter history.

## The emergency path

Quoting and settlement can be paused immediately by the guardian, since a live incident will not wait 48 hours. Safety here comes from the asymmetry: pausing happens at once and harms nothing, because withdrawals continue, while unpausing and every substantive change go through the timelock. Each guardian action produces an incident note, and a pause without one is itself a breach of the [commitments](/transparency/commitments.md).

## Where governance has no reach

| Cannot                     | Because                                                                 |
| -------------------------- | ----------------------------------------------------------------------- |
| Move or freeze user funds  | No such function exists in any contract                                 |
| Gate or delay withdrawals  | An invariant protects withdrawal in every state                         |
| Change settlement logic    | Logic is immutable, and new logic means a new deployment users opt into |
| Apply fees retroactively   | Fees are read at fill time, for that fill only                          |
| Bypass the band            | The band check has no override path                                     |
| Act instantly on substance | Everything but the pause runs through the timelock                      |

## Who governs

The foundation multisig at present, with named signers and published thresholds (see [Corporate structure](/compliance/corporate-structure.md)). Exactly the powers listed above, and exactly the same prohibitions, pass to the planned governance module; what changes is who proposes, never what a proposal is capable of. None of this is a yield product. The only thing an Icaria parameter vote puts at stake is how good the venue is.


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