Key External Actors
The Ardana Protocol involves a group of external actors whose function is to maintain the operations of the protocol. These are Keepers, Oracles, Emergency Oracles, and DAO Teams. DANA token holders are also key external actors who participate in the governance of the protocol.
Keepers are independent, permissionless actors who take advantage of economic incentives within the Ardana protocol through arbitrage to stabilize the price of Ardana stablecoins. They provide liquidity to the Ardana Stablecoin Protocol and participate as market makers for Ardana stablecoins. Keepers also participate in Collateral Auctions, Surplus Auctions, and Debt Auctions.
To be alerted when a liquidation ratio is breached, the Ardana Stablecoin Protocol requires constant real-time collateral asset price information. Ardana has its own decentralized oracle solution for fetching price feeds. To protect the Ardana Protocol from a majority of price oracles being compromised, the Ardana Stablecoin Protocol uses a proxy oracle known as the Oracle Gate Module (OGM) as an intermediary between itself and the oracles. The OGM serves as a layer of defense between the oracles and the protocol by delaying the price feed by one hour. This delay allows Emergency Oracles or an Ardana governance vote to individually freeze compromised oracles. WIthout this protection measure, collateral could be manipulated, for example withdrawn from a vault under false pretences. The operations of Emergency Oracles and price delays by the OGM are also managed by Ardana governance.
DAO teams are contracted by the Ardana team or Ardana governance. They are independent actors that supply various services to the Ardana Protocol, such as:
- Moderating the Ardana governance forums.
- Performing market analysis.
- Acting as bug hunters.
The intention is to allow Ardana to adapt itself on demand to the ever changing digital assets ecosystem. Initially the Ardana team will fill these roles, with gradual migration to the community as Ardana transitions its operations into a DAO structure.