Champion Finance

TimeLock & Upgradable Proxy Contracts

Transparency is the cornerstone for us and we appreciate how so many people have contributed and helped to audit our codes so far!

What is an upgradable contract?

Upgradable contracts make it easy for contract authors to add features and fix bugs in smart contracts. Instead of deploying an actual code, you deploy a pointer to an address where actual code is located. Developers have the ability to change where the pointer points to so that the actual execution will come from a new “upgraded” code.

What are the pros/cons for upgradable contracts?

Pros: It allows contracts to be changed if bugs or vulnerabilities are found so that the protocol can continue to function safely.
Cons: Bad actors can maliciously switch contracts and implement new functions/behavior that users do not expect — e.g., steal users’ fund.

So why did Champion Finance use upgradable contracts?

Lessons learned from the first launch fail despite the fact that we had been testing our codes rigidly and fully had our contracts externally audited. We can never be sure if there are bugs, we have decided to use upgradable contracts to allow flexibility.

How do we know you are not going to rug?

After the Boardroom, Node, Treasury contracts launched and operated stably around 1-2 days, we will conduct timelock for these contracts.
We are going to transfer the ownership of all the upgradable contracts into the 12 months Timelock Contract.
After 12 months of timelock, the community will decide whether to continue with this Timelock mechanism.
Timelock contract: Done
Tx transferring ProxyAdmin Owner to Time Lock: Done