Inside Balancer Code — TimelockAuthorizer

Balancer Labs
Balancer Protocol
Published in
6 min readJul 15, 2022


Full credit for this detailed article goes to Beethoven X member 0xSkly. Many thanks for comprehensively showcasing the extent of Balancer’s codebase and technology.

Fine grained authorization mechanisms are key when protecting a complex protocol like Balancer. Another key aspect is execution transparency combined with a delay so users can react to changes to the Protocol before they go live.

Currently, Balancer achieves this through a classic Timelock contract that handles execution delay combined with the Authorizer contract which handles authorization. They’ve now combined this into one contract with the fitting name TimelockAuthorizer. A main problem I have with Timelock contracts and other proxy contracts is that it obfuscates intent, making it harder for an average user to decode what is executed because of the hashed proxy call. Have you ever tried to follow a timelock transaction executed by a gnosis multisig proxy contract? Good luck.

After this rather long intro, let’s do a deep dive into how this new contract works and if it makes execution intent easier to track.

How is authentication and authorization applied?

Just as a quick recap, authentication is figuring out who you are, and authorization is figuring out if you are allowed to perform this action. At the basis of this lies the Authentication contract. It provides the authenticate modifier.

We see the modifier calls the _authenticateCaller function which resolves an actionId and delegates a call to the virtual function _canPerform with the sender and the actionId which reverts when returned false. Just from looking at this snippet, we can assume that the actionId, which is based on the msg.sig, resembles the function to execute whereas _canPerform is expected to check if the caller is allowed to do this action.

So let’s have a closer look at this actionId which seems to be a key concept. Why is it not just msg.sig which is the function signature you may ask.

We see it creates a hash together with _actionIdDisambiguator . The comments do a good job describing this property.

The nice thing about this is that it allows sharing permissions so that for example, all contracts deployed from the same factory share the same permissions. Otherwise, one would need to add permissions for each pool deployed from a factory which would be rather cumbersome.

So now that we’ve got this out of the way, let’s move on to the _canPerform function, which apparently is responsible for authorization. For this, we look at the BasePoolAuthorization contract, which serves as a base for all pools.

So if it’s an owner only action, only the owner can do this action (what surprise), otherwise we again delegate the call to our final destination, the Authorizer , finally coming back to the actual thing I wanted to talk about. What a detour, but it was kinda necessary to understand the full context.

Inside the TimelockAuthorizer

From what we have seen, we expect this contract to handle function execution permissions based on the actionId + msg.sender + targetContractAddress and also support some form of timelocked execution. We stopped at _getAuthorizer().canPerform(..) so let’s continue there

We see that msg.sender is referenced as account and the targetContractAddress is the where parameter. We check if this actionId has a delay configured (which means this action is timelocked) by checking _delaysPerActionId[actionId] > 0 . If there is no delay configured, we just check if permissions are given.

where _isPermissionGranted is a mapping between the hash over actionId, account, where to a boolean.

If it has a delay, then only the _executor is allowed to call this function ( account == address(_executor))which means the contract behind this _executor address is somehow executing a timelocked action. So let’s see whats up with this contract which is assigned in the constructor

_executor = new TimelockExecutor();

The contract only has 1 function execute which basically proxies a function call

The function can only be called by address(authorizer) which is assigned in the constructor

constructor() {
authorizer = TimelockAuthorizer(msg.sender);

where msg.sender is the TimelockAuthorizer wich deploys the contract in its own constructor call. So only the TimelockAuthorizer contract can call the execute function. Therefore we can already assume the execution flow for a timelocked action to be something like TimelockAuthorizer.execute(...) => TimelockExecutor.execute(...) => targetContract.performAction()

Now that we know what the contract behind the_executor is, let’s go back and figure out how this all comes together. For this, we jump into the schedule function which is the start of a function call protected with a delay (timelocked).

Seems pretty straight forward, we decode the action the caller wants to perform, verify he is permitted to do so and schedule it. Note that there is an additional executors argument passed along which is an array of addresses. We’ll see in a bit what that is about. Following the execution chain, it pulls the configured delay for this action and we end up in _scheduleWithDelay

We define the scheduledExecutionId which increments on the _scheduledExecutions arrays length. We calculate the execution time and push the whole configuration into the array. If you pass no executors then it sets this protected flag, which I don’t know yet what it does, but im sure we’ll find out. Finally, we see what the executors address array is for. All those addresses are granted the permission to execute this specific scheduled action without the need to give them permanent permissions to execute all actions with this actionId. This adds a nice additional layer of control.

Now we made it to the final stretch, the execution of the scheduled action

It is triggered via its scheduledExecutionId , making sure enough time has passed via block.timestamp > scheduledExecution.executableAt and executes it via _executor.execute(...). We also see now what happens when the protected flag is set. It checks the permission on the msg.sender , so if you pass an empty array for executors when scheduling an action, only addresses which have explicit permission for this actionId can execute it.

There we are; we have seen the whole execution flow of actions that can be executed immediately and delayed (timelocked) actions. What we have not seen yet is how we grant & revoke permissions and configure delays for specific actions. But that’s for another time.


Merging the Timelock & Autorizer contract enables for an even more fine grained control over Balancer permissions and removes one level of indirection. Unfortunately, it still requires some sort of script to decode the scheduled actions where it would be nice for people if they could just inspect them from Etherscan. But to make this possible would come with its own drawbacks.



Balancer Labs
Balancer Protocol

Balancer Labs contributes to Balancer Protocol — the leading platform for programmable liquidity.