AIP - 54: Add a Timelock contract to the governance multisig across all chains

This is a vote to add a Timelock contract to the protocol across the different chains on which the governance of the protocol is deployed. Transactions issued by the governance multisig of the protocol would need 48 hours before being finally executable.

Context

Angle Protocol is governed by veANGLE holders who vote on Snapshot for protocol improvement decisions. Finalized votes are then implemented by a 4/6 multi-sig composed of community members.

This multisig, deployed on all chains where the protocol is live natively, has the ownership on many of the smart contracts of the protocol.

Proposal

Proposal is to give ownership across all the contracts of the protocol to the Timelock contract, and make the owner of this Timelock contract the existing 4/6 governance multisig.

The way future proposals would be executed with this setup is the following:

1. Vote happens on Snapshot
2. If good on Snapshot, the transaction payload is sent to the Timelock contract by the 4/6 governance multisig (which is the only address able to queue payloads to the system)
3. Once the timelock delay is over, anyone can execute the transaction.

We propose as such to set the delay to 48 hours.

Implementation

Implementation suggested for the Timelock contract is that of OpenZeppelin TimelockControllerUpgradeable. It will be first set so that only the governance multisig can add payloads to the timelock.

In the first place, no one will have the possibility to cancel transactions except this governance multisig. This role could be granted to other specific contracts in the future (to implement Optimistic approval type of mechanisms).

Value to the protocol

The advantage of having a timelock is that leaves anyone the opportunity to take actions in case of a wrongdoing of the multisig. Should you see that the multisig has implemented a transaction to pull funds from the protocol (regardless of what has been voted on Snapshot), then you'll be able to withdraw your funds before the transaction is finally executed.

Risks

The only risk with a timelock is that it reduces the delay for operational responses with the protocol if there is an issue that cannot be addressed by the guardian multisig.

Voting Options

1. For, add timelock
2. Against, do nothing