ELI5 Swap Ops: tBTC Instant-Swap Vault Activation

TL;DR

tLabs asks the Threshold Council Safe to activate a new instant-swap-aware tBTC vault on Ethereum mainnet through two signing sessions about 24 hours apart.

Actions

Session 1:

• OLD_CANONICAL_VAULT.initiateUpgrade(NEW_VAULT)
• Starts the 24-hour governance delay.

Session 2:

1. OLD_CANONICAL_VAULT.finalizeUpgrade()
2. BridgeGovernance.setVaultStatus(NEW_VAULT, true)
3. NEW_VAULT.addMinter(INSTANT_MINTER)

What Changes

• tBTC token ownership moves to NEW_VAULT.
• Bridge starts trusting NEW_VAULT.
• Instant minter signer receives minter permission on NEW_VAULT.

What Does Not Change

• No council private keys are shared.
• No arbitrary treasury transfer is requested.
• No Session 2 action should occur before the 24-hour governance delay passes.