The timelock contract enforces a 48 hour wait period before any changes to the OUSD or OETH contracts can be executed. The timelock is the owner of our ERC-20, Vault, and Strategies contracts. Time-delaying admin actions gives users a chance to exit OUSD or OETH if its admins become malicious, are compromised, or make a change that the users do not like.
The timelock is a safety measure that gives OUSD/OETH holders 48 hours to withdraw their funds if they have objections to any proposed upgrades to the protocol.
Origin Protocol is using a slightly modified version of the Compound Timelock which has been audited by OpenZeppelin. The two notable differences are:
- 1.OUSD/OETH will initially use a shorter wait period (48 hours) than Compound (72 hours) to allow for a faster response if any issues are discovered.
- 2.Some actions, such as reallocating funds between existing strategies and freezing deposits can be called immediately by a multisig wallet without requiring the 48 waiting period. This is in case a major vulnerability is discovered.