Clear DefinitionsToken Lock
Pronunciation
[toh‑ken lok]
Analogy
Think of a token lock like a timed safe deposit box—you can deposit valuables (tokens) but cannot retrieve them until the lock’s timer expires.
Definition
A mechanism by which tokens are immobilized in a smart contract for a defined period, preventing transfers until unlock conditions are met.
Key Points
Time-based restriction: Tokens cannot move until a specified timestamp or block.
Smart‑contract enforced: Lock logic lives on‑chain, trustless and transparent.
Configurable conditions: Can include cliffs, linear release, or milestone triggers.
Use cases: Team vesting, investor lock‑ups, liquidity locks.
Example
A project locks 100 000 tokens in a contract until January 1, 2026 to assure investors of long‑term commitment.
Technical Deep Dive
Lock contracts record `amount`, `beneficiary`, `unlockTime`. The `withdraw()` function checks `block.timestamp >= unlockTime` before transferring tokens. For partial unlock, contracts compute `vested = total × (now – start)/duration` and release the difference.
Security Warning
If the lock contract has bugs, tokens can become irretrievable; audit lock logic thoroughly.
Caveat
Locked tokens are illiquid and cannot respond to market needs or emergencies.
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