Submitted by berndartmueller
The ownership of a deployed Fraxlend pair is transferred to COMPTROLLER_ADDRESS on deployment via FraxlendPairDeployer_deploySecond. This very owner is able to change the currently used time lock contract address with the FraxlendPair.setTimeLock function. A time lock is enforced on the FraxlendPair.changeFee function whenever the protocol fee is adjusted.
However, as the Fraxlend pair owner is able to change the time lock contract address to any other arbitrary (contract) address, it is possible to circumvent this timelock without users knowing. By using a custom smart contract without an enforced time lock, the protocol fee can be changed at any time without a proper time lock.
FraxlendPair.sol#L206
Currently, the owner COMPTROLLER_ADDRESS address is trustworthy, however, nothing prevents the above-described scenario. To protect users from sudden protocol fee changes, consider using a minimal time lock implementation directly implemented in the contract without trusting any external contract.
DrakeEvans (Frax) confirmed
