> For the complete documentation index, see [llms.txt](https://docs.hermetica.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.hermetica.fi/hbtc/how-it-works/governance.md).
# Governance
The hBTC protocol employs a role-based governance model with clearly scoped permissions to separate strategic control, operational execution, and risk oversight.
### Roles
#### Owner
The **Owner** is the highest authority within the protocol and is responsible for assigning and managing all other roles. The Owner has the ability to modify critical protocol settings, subject to timelock constraints as well as day-to-day protocol configuration without timelock.
{% hint style="success" %}
The Owner role is secured by a **3-of-6** multi-signature wallet.
{% endhint %}
#### Guardian
A **Guardian** role provides emergency risk controls, enabling protective actions such as pausing protocol functionality.
#### Operator
Operators are specialized operational roles who execute predefined functions within strict boundaries.
* **Trader:** Executes strategy-related transactions (e.g., borrow, stake, swap)
* **Manager:** Manages funding of withdrawal claims
* **Rewarder:** Performs reward logging accounting updates
* **Fee Setter**: Can set custom exit fee
{% hint style="success" %}
All role changes are **timelocked**.
{% endhint %}
Active Roles
Owner: [SM1QXYXZG78DCWJZJKY0901KTK3350071W9YYRPMT](https://explorer.hiro.so/address/SM1QXYXZG78DCWJZJKY0901KTK3350071W9YYRPMT?chain=mainnet) (3/6 multi-sig)
Guardian: [SM1QXYXZG78DCWJZJKY0901KTK3350071W9YYRPMT](https://explorer.hiro.so/address/SM1QXYXZG78DCWJZJKY0901KTK3350071W9YYRPMT?chain=mainnet) (3/6 multi-sig)
Trader: [SP20V8SG811G6CT2QMZQNX6XCN20YAX36DYD1BAE0](https://explorer.hiro.so/address/SP20V8SG811G6CT2QMZQNX6XCN20YAX36DYD1BAE0?chain=mainnet)
Rewarder: [SP20V8SG811G6CT2QMZQNX6XCN20YAX36DYD1BAE0](https://explorer.hiro.so/address/SP20V8SG811G6CT2QMZQNX6XCN20YAX36DYD1BAE0?chain=mainnet)
Manager: [SP20V8SG811G6CT2QMZQNX6XCN20YAX36DYD1BAE0](https://explorer.hiro.so/address/SP20V8SG811G6CT2QMZQNX6XCN20YAX36DYD1BAE0?chain=mainnet)
Fee Setter: None
### Settings
#### Protocol
Defines the set of core protocol smart contracts with the ability to invoke internal contracts, move assets within the system, and execute approved external contract calls.
#### Assets
Specifies the assets that protocol smart contracts are authorized to custody, transfer, and deploy as part of strategy execution.
#### Externals
Defines the external smart contracts that the system is permitted to interact with, including money markets, yield protocols, and swap interfaces.
{% hint style="success" %}
All security-sensitive setting updates are **timelocked**.
{% endhint %}
Active Settings
Protocol
* See [Smart Contracts](https://docs.hermetica.fi/hbtc/how-it-works/smart-contracts#smart-contracts)
Assets
* [sBTC](https://explorer.hiro.so/token/SM3VDXK3WZZSA84XXFKAFAF15NNZX32CTSG82JFQ4.sbtc-token?chain=mainnet)
* [USDh](https://explorer.hiro.so/token/SPN5AKG35QZSK2M8GAMR4AFX45659RJHDW353HSG.usdh-token-v1?chain=mainnet)
* [sUSDh](https://explorer.hiro.so/token/SPN5AKG35QZSK2M8GAMR4AFX45659RJHDW353HSG.susdh-token-v1?chain=mainnet)
Externals
* Zest Protocol
* [market-v0-3](https://explorer.hiro.so/txid/SP1A27KFY4XERQCCRCARCYD1CC5N7M6688BSYADJ7.v0-3-market?chain=mainnet)
* [sBTC vault-v0-1](https://explorer.hiro.so/txid/SP1A27KFY4XERQCCRCARCYD1CC5N7M6688BSYADJ7.vault-sbtc?chain=mainnet)
* [USDh vault-v0-1](https://explorer.hiro.so/txid/SP1A27KFY4XERQCCRCARCYD1CC5N7M6688BSYADJ7.vault-usdh?chain=mainnet)
* Hermetica USDh Protocol
* [staking-v1-1](https://explorer.hiro.so/txid/SPN5AKG35QZSK2M8GAMR4AFX45659RJHDW353HSG.staking-v1-1?chain=mainnet)
* [staking-silo-v1-1](https://explorer.hiro.so/txid/SPN5AKG35QZSK2M8GAMR4AFX45659RJHDW353HSG.staking-silo-v1-1?chain=mainnet)
* [minting-auto-v1-2](https://explorer.hiro.so/txid/SPN5AKG35QZSK2M8GAMR4AFX45659RJHDW353HSG.minting-auto-v1-2?chain=mainnet)
### Timelock
All critical protocol changes—including role assignments and security-sensitive parameter updates—are subject to a **governance timelock**.
The current timelock period is **24 hours.**
### Emergency Control
In case of a owner compromise (worst case scenario) the emergency mechanism freezes the protocol and allows for the safe withdrawal of assets.
---
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