How Does a Decentralized Governance Vote Protect against Oracle Manipulation?
A decentralized governance vote can protect against oracle manipulation by allowing the community to vote on which oracle sources are deemed reliable and to update the smart contract to use new, more secure oracles. Furthermore, in the event of a successful oracle attack, governance can vote to pause the protocol or manually adjust system parameters to mitigate the damage and implement a recovery plan.
Glossar
Decentralized Governance Vote
Vote ⎊ The decentralized governance vote represents a mechanism enabling token holders within a blockchain network or DAO to directly influence protocol parameters, feature development, or resource allocation.
Vote
Decision ⎊ Vote in a blockchain governance context refers to the signed expression of preference by a stakeholder regarding a proposed protocol change or parameter adjustment, such as modifying options trading fees or collateral ratios.
Governance Vote
Decision ⎊ A governance vote represents the formal, on-chain decision-making process utilized by decentralized autonomous organizations (DAOs) that manage cryptocurrency protocols, including derivative platforms and liquidity pools.