What Is the Role of a “Time-Lock” in Mitigating Smart Contract Risks?

A time-lock is a security mechanism that imposes a delay between the proposal of a critical change (like updating a contract or withdrawing a large sum) and its actual execution. This delay gives the community or auditors time to review the proposed change and react if it is malicious.

It mitigates the risk of an immediate, malicious rug pull or exploit by the development team.