Exchange Governance

WCM is managed through an administrator role with specific, clearly defined responsibilities.

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Administrator Responsibilities

The administrator may:

• ✅ List tokens on the exchange for trading

• ✅ Create and configure orderbooks

  • Most tokens will support all three markets (spot, lending, perpetuals)

  • Some tokens may only have a spot orderbook

• ✅ Set exchange risk parameters for each token

• ✅ Halt trading on a particular book (note: existing orders may still be canceled)

• ✅ Set fee rates

• ✅ Designate the mark price source

• ✅ Return liquidation fees to the original owner if a liquidation was found to be illegitimate (e.g., caused by price manipulation)

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Administrator Limitations

The administrator cannot:

• ❌ Move funds arbitrarily between accounts

• ❌ Override the ledger

  • The ledger only responds to owner requests and trading activity

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