Glossary · T
Timelock
A mandatory delay between when a governance proposal passes and when it executes on-chain — typically 24-72 hours. Timelocks give users time to review approved proposals and exit the protocol if they disagree with a decision. They are a critical security mechanism: without a timelock, a compromised or malicious governance vote could drain a protocol's funds before users can react. Most reputable DeFi protocols have timelocks on all admin actions.
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How Timelock works in practice
A timelock enforces a delay between a governance decision passing and taking effect. That delay is the window in which users can inspect what was approved and exit if they disagree — it converts governance from something done to users into something they can react to.
Worked example
A protocol runs a 48-hour timelock. A vote to change a risk parameter passes on Monday and executes on Wednesday. Anyone who objects has two days to withdraw before it applies.
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The mistake that costs people money
The absence of a timelock is a serious risk signal: it means an admin key can change the protocol under your position instantly. Check whether privileged functions are timelocked and who holds the keys — the answer is often a multisig whose signers are not disclosed.
Timelock: common questions
- What is Timelock?
- A mandatory delay between when a governance proposal passes and when it executes on-chain — typically 24-72 hours. Timelocks give users time to review approved proposals and exit the protocol if they disagree with a decision. They are a critical security mechanism: without a timelock, a compromised or malicious governance vote could drain a protocol's funds before users can react. Most reputable DeFi protocols have timelocks on all admin actions.
- How does Timelock work in practice?
- A timelock enforces a delay between a governance decision passing and taking effect. That delay is the window in which users can inspect what was approved and exit if they disagree — it converts governance from something done to users into something they can react to.
- Can you give an example of Timelock?
- A protocol runs a 48-hour timelock. A vote to change a risk parameter passes on Monday and executes on Wednesday. Anyone who objects has two days to withdraw before it applies.
- What do people get wrong about Timelock?
- The absence of a timelock is a serious risk signal: it means an admin key can change the protocol under your position instantly. Check whether privileged functions are timelocked and who holds the keys — the answer is often a multisig whose signers are not disclosed.