Timelock Contract

OpenZeppelin Timelock Controller for governance delay on critical protocol actions.

Source: contracts/timelock/

Overview

The Timelock enforces a minimum delay on governance operations. Critical protocol changes (fee updates, asset whitelisting, contract upgrades) must be scheduled, wait for the delay to pass, and then be executed. This gives protocol participants time to review and react.

Operation Lifecycle

Unset → Waiting → Ready → Done

State	Description
Unset	Operation doesn't exist yet
Waiting	Scheduled, waiting for delay to pass
Ready	Delay has passed, can be executed
Done	Successfully executed

Roles

Role	Description
Proposer	Can schedule new operations with a delay
Executor	Can execute operations once they are ready
Canceller	Can cancel pending operations before execution

Integration with Globals

The Timelock is set as the admin of the Globals contract during deployment. This means:

• All admin-gated functions on Globals (set_settings, add_supported_asset, set_fee, etc.) require Timelock authorisation

• To change a global setting, a Proposer must schedule the operation, wait for the delay, then an Executor executes it

• This prevents instant, unilateral changes to critical protocol parameters

Self-Administered

The Timelock is deployed as self-administered — it is its own admin:

• No single external address can bypass the time delay

• The Timelock's own settings (minimum delay, roles) can only be changed through the Timelock itself

• This creates a fully decentralised governance loop

Deployment

__constructor(min_delay, proposers, executors, admin: None)

• min_delay — Minimum seconds between scheduling and execution

• proposers — Addresses that can schedule operations

• executors — Addresses that can execute ready operations

• admin: None — Self-administered (no external admin)

Test Coverage

14 tests covering:

• Operation lifecycle (schedule → ready → execute)

• Cancellation before execution

• Delay enforcement

• Role-based access control

• Integration with Globals contract (scheduling admin-gated operations)