Transaction policy is a key component of a vault's security. To protect your assets, we strongly recommend that you set up transaction policies and quorum approvals. As the manager of the vault, you can set different transaction policies for different situations.
In MPCVault, if you do not set any transaction policies, any key-holding member or manager of the vault can sign transactions.
For large transactions with a known amount, you can set different policies based on daily, weekly, or monthly transfer volume.
As shown in the figure, if you set up "daily volume >= $10,000", then require approval from at least three vault managers:
- If daily volume < $10,000, any member or manager can approve.
- If daily volume >= $10,000, it requires 3 managers to approve.
When you perform certain operations, the transaction amount may not be determinable. For example, when you send NFTs, interact with dApps using WalletConnect, or purchase tokens that are not listed on exchanges. In such cases, you can set a transaction policy with an unknown amount according to your needs.
As shown in the figure, the number of vault managers required to approve transactions is set to 3. When there is a transaction to send NFTs that needs to be approved in the vault, it will require approval from two vault managers.
When setting the above two transaction policies, the number of managers required for approvals can't be greater than the current quorum.
MPCVault supports custom address whitelisting, which means you can add trusted addresses to the whitelist. Any relevant transactions involving addresses on the whitelist can be approved and signed by any vault manager or member. This can improve your transaction speed and convenience if you are topping up your hot wallets or if you want to allow traders to only interact with Uniswap but not transfer funds outside of your account.
The transaction policy will only be triggered when the chain and address in the transaction match the whitelist.
Remember, only vault managers can edit transaction policies. Any further changes to "Team & policies" must be approved by the current manager quorum in order to ensure the secure management and protection of your crypto assets.