The protocol utilises Compound's GovernorAlpha contracts to control the various contracts owned by the protocol. It directly owns the Timelock contract which in-turn is able to execute the proposals after a time period.


The Timelock is used to delay the proposals that have passed. The GovernorAlpha contract passes proposals to be executed with the queue() command. After a time period execute() can be called to action the queued proposal.

Proxy Admin

The ProxyAdmin is a upgradable proxy contract that administers the Reserve's proxy.


The Reserve owns the ERC-20 tokens of the protocol and custodies the reserve assets. The Reserve can mint both DSU and ESS, however ESS is only mintable by the Timelock. By calling the mint() anyone is able to provide USDC and receive DSU at a 1-to-1 rate.

Stake (ESS)

The ESS token governs the protocol via the GovernerAlpha contract. The token can be used to vote on proposals and create proposals. The ERC-20 is owned by the Reserve which can mint more if the GovernorAlpha passes a vote to do so.

Dollar (DSU)

The DSU token is the protocol's stablecoin. This token is owned by the Reserve which can mint and redeem DSU in exchange for reserve assets.


The Registry maintains a list of all of the addresses and contracts owned by the Timelock contract, and by extension the GovernorAlpha. It is a central reference point used by the protocol to keep track of the updated contracts.


The Incentivizer is utilised to provide liquidity mining programs for various liquidity pools. This operates similar to a standard staking/rewards contract. Users can deposit LP tokens of a specific pool and receive an amount of ESS at a specific emission rate.


The code for the Empty Set protocol is here.


The protocol code was audited by OpenZeppelin. You can find the audit on their website here