Timelock

This smart contract controls the time-delayed function of the Governance module.

The Timelock contract is a governance-controlled smart contract that facilitates secure, time-delayed upgrades to system parameters, logic, and contracts within the Onyx protocol. This contract ensures that all governance actions are transparent and auditable, preventing instantaneous or unauthorized modifications.

Key Features

• Implements a time-delayed, opt-out upgrade pattern to enhance protocol security.

• Enforces a minimum delay before any governance action can be executed.

• Managed by the Onyx governance module, ensuring decentralized decision-making.

• Supports governance transparency through pending and completed action tracking on the Timelock Dashboard.

Minimum Delay Periods

• 2 Days: The absolute minimum delay before a proposed governance action can be executed. This ensures that all protocol participants have time to review proposed changes.

• 14 Days: Major protocol upgrades, such as risk system modifications, may require an extended delay to allow for extensive review and feedback.

Governance Control and Monitoring

• The Timelock contract is under the control of the governance module, meaning that only proposals approved through governance can be scheduled for execution.

• All pending and executed governance actions are publicly accessible via the Timelock Dashboard, ensuring full transparency and accountability.

• The contract follows a strict execution order, preventing unauthorized or out-of-sequence actions.

Security and Best Practices

• Governance participants should actively monitor the Timelock Dashboard to stay informed about pending protocol changes.

• Smart contract audits and community discussions should occur during the delay period to identify and mitigate potential risks.

• Critical protocol changes should have extended timelock delays to ensure proper review and consensus.

By enforcing structured and time-sensitive execution, the Onyx Timelock contract enhances security, decentralization, and trust within the protocol’s governance system.