What Is the Difference between a Time-Lock and a Contract Pause Function?
A time-lock imposes a delay on the execution of a proposed change or action, while a contract pause function immediately and completely halts a contract's core financial functions (like deposits, transfers, or liquidations). The time-lock is a governance security feature that forces deliberation.
The pause function is an emergency security feature, typically controlled by a highly trusted multisig, designed to stop an ongoing attack or prevent further loss until a fix can be implemented.
Glossar
Contract Pause Function
Function ⎊ The Contract Pause Function is a coded capability within a smart contract, typically a single boolean state variable, that immediately suspends core operations like trading, transfers, or minting.
Governance Security Feature
Feature ⎊ A Governance Security Feature encompasses any technical or procedural safeguard integrated into a decentralized protocol to protect the system from malicious or erroneous control actions.
Pause Function
Mechanism ⎊ A pause function within cryptocurrency derivatives, particularly options, represents a temporary suspension of trading activity, often initiated by exchanges in response to extreme volatility or systemic risk.
Malicious Pause
Action ⎊ A Malicious Pause is the unauthorized or strategically manipulative activation of a smart contract's emergency stop function by an authorized party with the intent to gain an unfair financial advantage or inflict harm on other market participants.