Grove Basin
Grove Basin is noncustodial, programmable credit infrastructure for tokenized credit products, starting with T-bills. Basin is designed to make instant onchain stablecoin liquidity available to eligible tokenholders in connection with an approved transaction, while the issuer or tokenization platform completes its existing workflow.
For Issuers
Ownership and Timelock
Basin implementations are owned by the issuer. Grove requires a TimelockController to serve as the contract owner of the Basin instance. The timelock enforces a mandatory delay on all administrative operations, ensuring that no single party can unilaterally modify the Basin configuration without advance notice and multi-party approval.
Three roles govern the lifecycle of every administrative transaction:
| Role | Assigned To | Purpose |
|---|---|---|
| Proposer | Issuer-owned address | Submits new transactions to the timelock queue. Only the issuer can propose changes to their Basin instance. |
| Executor | Grove Governance | Executes queued transactions after the timelock delay has elapsed. Grove Governance must approve and finalize all proposed changes. |
| Canceller | Grove Freezer (security multisig) | Cancels any queued transaction before execution. Acts as a security backstop to block malicious or erroneous proposals. |
This design ensures that administrative changes require cooperation between the issuer (proposer) and Grove Governance (executor), while the Grove Freezer multisig retains the ability to veto any transaction during the timelock delay window. See Technical Reference: TimelockController Roles for contract-level details.
Important: The Proposer role must be a high-security multisig controlled by the issuer. This address has the authority to initiate any administrative change to the Basin contract, and should be held to the same security posture as a protocol treasury multisig. Reach out to Grove to set up an onboarding call and coordinate the secure configuration of the issuer's timelock roles.
Claiming Fees
Issuers earn fees from activity on their Basin instance. Accrued fees are tracked onchain and can be claimed by the issuer at any time. Fee claims are not subject to the timelock delay. They are immediately available to the issuer-owned address authorized for fee collection. See Technical Reference: Fee Claim Functions for the contract interface.
Technical Reference
TimelockController Roles
Basin uses OpenZeppelin's TimelockController for ownership. The timelock is configured at deployment with a minimum delay and the three role assignments described above.
The following TimelockController functions govern the proposal lifecycle:
| Function | Role Required | Description |
|---|---|---|
schedule(target, value, data, predecessor, salt, delay) | PROPOSER_ROLE | Queues a new transaction. The delay must be at least the configured minimum delay. |
scheduleBatch(targets, values, payloads, predecessor, salt, delay) | PROPOSER_ROLE | Queues a batch of transactions atomically. |
execute(target, value, data, predecessor, salt) | EXECUTOR_ROLE | Executes a queued transaction after the delay has elapsed. |
executeBatch(targets, values, payloads, predecessor, salt) | EXECUTOR_ROLE | Executes a queued batch after the delay has elapsed. |
cancel(id) | CANCELLER_ROLE | Cancels a pending transaction before it becomes executable. |
The PROPOSER_ROLE is assigned to the issuer's multisig, EXECUTOR_ROLE to Grove Governance, and CANCELLER_ROLE to the Grove Freezer multisig.
Fee Claim Functions
Issuers claim accrued fees through the Basin contract. The fee claim interface does not require timelock authorization.
| Function | Description |
|---|---|
claimFees(token) | Transfers all accrued fees for the given token to the authorized fee recipient. |
accruedFees(token) | Returns the current unclaimed fee balance for the given token. |
Disclaimer
References to "instant" or "real-time" liquidity refer to Grove Basin's ability to provide onchain stablecoin liquidity in connection with approved transactions and do not imply any change to the redemption procedures, settlement cycles, transfer restrictions, eligibility requirements, or other terms of any underlying fund, issuer, tokenization platform, or related service provider. Basin does not purchase or take ownership of underlying assets, and does not operate a trading venue. Availability is subject to eligibility requirements, liquidity parameters, platform availability, fund documentation, and applicable law.