From Troubleshooting Library Cache: Lock, Pin and Load Lock (Doc ID 444560.1):
This event controls the concurrency between clients of the library cache. It acquires a lock on the object handle so that either:
One client can prevent other clients from accessing the same object.
The client can maintain a dependency for a long time (for example, so that no other client can change the object).
This lock is also obtained to locate an object in the library cache.
Library cache lock will be obtained on database objects referenced during parsing or compiling of SQL or PL/SQL statements (table, view, procedure, function, package, package body, trigger, index, cluster, synonym). The lock will be released at the end of the parse or compilation.
Cursors (SQL and PL/SQL areas), pipes and any other transient objects do not use this lock. Library cache lock is not deadlock sensitive and the operation is synchronous.
Because the grant statement need to change the
LAST_DDL_TIME of a
object, it must hold a exclusive lock for this object. When you
execute the grant statment, you request a exclusive lock on that
object, but when there are long-running querys on that object holds a
share lock, you must wait that query be done to get the exclusive
lock. Other session can not get a share lock on the object because
you have request to get a exclusive lock. That’s my guess why grant
statment can cause many library cache lock waits. And we did some
tests to prove it.
From a blog post:
I can definitely say that when you grant privileges on an object in a production database in the middle of a busy day, you could have problems.
Today, an application installer was installing some packages in a new schema. He was granting select/insert/update/delete on several tables in the data schema. We started seeing a large number of “library cache lock” wait events for users in another schema that were accessing the tables on which select privileges were being granted to the new schema.
It turns out that this operation will actually stamp the
DBA_OBJECTS. It doesn’t invalidate the object in the STATUS column of
DBA_OBJECTS, but there is a latch that existing sessions request as a result of this “invalidation”.
From MOS note Troubleshooting Library Cache: Lock, Pin and Load Lock (Doc ID 444560.1):
Be very careful with altering, granting or revoking privileges on database objects that frequently used stored PL/SQL is dependent on. In fact, resolving this issue mostly depends on application project and system maintenance practices. Application developers should also consider that some project decisions have negative impact to the application scalability and performance.
You can check
v$session_blocker to find the blocking and blocked
sessions and find the sqls they’re executing.
A systemstate dump during problem time can be very helpful for post analysis.
And the best solution is just don’t do DDLs during system busy periods.
From ‘library cache lock’ Waits- Causes and Solutions (Doc ID 1952395.1):
Do not perform DDL operations during busy periods.
DDL will often cause library cache objects to be invalidated and this could cascade to many different dependent objects like cursors. Invalidations have a large impact on the library cache, shared pool, row cache, and CPU since they will likely require many hard parses to occur at the same time.
Simply schedule DDL during maintenance or low activity periods.