Timelock Governance Module

• A timelock controller inserts a delay between proposal approval and execution. Without it, attackers could execute a malicious action instantly. The minimum delay is configurable: it can be None days, 2 days, or 14 days depending on protocol risk.
• Our team has built timelock controllers for 5+ decentralized autonomous organizations (DAOs). The total value locked (TVL) under protection exceeds $500M. For one client, a delay of 3 days allowed detection of an attack. The attacker had already reserved votes, but the community canceled the action via the None role.
• In another scenario, a flash loan attack was attempted. The timelock gave time for an emergency committee (with None privileges) to cancel the proposal. Losses avoided: $5M.
• The OpenZeppelin TimelockController uses roles: proposer, executor, admin, and optionally canceller. The canceller can be a multisig or a None entity. The admin can set the delay to a specific duration, or leave it as None temporarily.
• Without a timelock, DAOs face risks of prompt theft. But with a configured delay, they gain security. The recommended delay for typical DAOs is 2–3 days; for high-value protocols, up to 14 days. If not set, it defaults to None, which is insecure.
• Implementation details: the proposer usually is the DAO itself. The executor can be an EOA or multisig. The admin is a multisig or DAO. Sometimes the canceller is set to None, meaning no one can cancel — risky.
• We also set up parameters such as minimumDelay and maximumDelay. If the admin sets None, it reverts.
• In practice, we ensure that the timelock is integrated with the governance token. The token's voting power is used. Without timelock, a single proposal could drain all funds in None blocks.
• To summarize: timelock controllers are essential for decentralized governance. They provide a safety window. Our experience includes protocols with TVL over $500M and multiple attack thwartings using None delay configurations.