OpenEden has put in place a robust system of internal controls to uphold the safety of the TBILL Vault. These include the implementation of a consensus-based approval mechanism to move the TBILL Vault’s assets between venues, timelock, a role-based governance protocol, and multi-layered physical security, among others.
Timelock implements a safety mechanism during the process of changing the TBILL Vault’s treasury wallet address. This is done as a precaution to protect the funds from being drained by a malicious user in the rare occasion when all the multi-sig wallets are compromised and the hacker is able to switch the address to offramp the funds.
This timelock mechanism will give admins a 24-hour window to offramp the funds if the change in treasury address is an unintended one.
The TBILL Vault is multisig, requiring multiple private keys, including the Fund’s independent third-party fund administrator to authorise and sign off on transactions involving on-chain assets. The use of on-ramp and off-ramp services will also be limited to authorised representatives from the OpenEden team via multisig operations. Off-chain assets, meanwhile, are held on the Fund’s regulated custodians’ platform, and all actions initiated by any one core team member will require checking and confirmation by another core team member to be authorised. In addition, the Fund’s independent fund administrator will have oversight and governance control over all fund movements involving on-chain and off-chain assets held by Fund.
OpenEden also undertakes regular audits of the TBILL Vault’s smart contract through leading Web3 security firms to ensure it is maintained with the highest standards of integrity. Even in the event of a smart contract breach or a hack, most of the TBILL Vault assets are held with regulated custodians at any given time (refer to Vault Strategy section).
Price guards are a circuit breaker mechanism designed to monitor the price of an asset or token and take appropriate actions when the price deviates unexpectedly beyond a predefined threshold. The purpose of Price Guard is to protect the TBILL Vault or any other system from price manipulation or extreme price fluctuations by halting the TBILL Vault.