The final phase of governance is the Execution Period, also called Enactment Period or Time Lock. At the end of the on-chain voting period of the previous step, the on-chain proposal enters a time lock period of 7 days during which it must be executed.
- If the results of the on-chain proposal do not suggest a change from the status quo, the topic will be closed.
- If the results of the on-chain proposal suggest a change, the change suggested in the proposal can be executed on-chain during the 7 day period.
- Any user can send a transaction to the smart contract to execute the accepted proposal. This does require some technical knowledge, but can be done from a UI like Etherscan.