Who Typically Acts as the Custodian for Locked Liquidity in DeFi?

The liquidity is usually locked within a time-locked smart contract on the blockchain, which acts as its own custodian, removing the need for a trusted third party. Alternatively, a reputable third-party service, such as a dedicated liquidity locking platform, can manage the smart contract keys and the locking process, providing an extra layer of assurance and public verification.