There are some recent developments for which prioritizing implementing Timelocks for VIPER could prove to be a far more strategical move vs launching Cobra right now.
There’s some tentative interest from larger backers/investors to support VIPER as the leading DEX on Harmony - but for that to happen more protocol safety measures have to be put in place, like e.g. Timelocks.
There’s also currently some low-effort FUD re: the anon nature of VIPER on good ol’ Plebbit, and Timelocks would also further alleviate that criticism. But that’d just be a bonus - it is by no means the primary reason for sorting out the Timelocks.
The original plan was to launch Cobra and then activate Timelocks for VIPER and COBRA at the exact same time. For the #WenCobraBros - don’t worry, Cobra is coming - it’s just that it won’t be launched in the next 15 minutes.
What’s a Timelock?
A Timelock is a special smart contract that sets a delay (typically 24-48 hours) on all interactions with the contract. It was originally popularized by Compound.finance and has become somewhat of an industry standard for securing DeFi protocols.
When the Timelock contract is in place and has been set as the owner for various smart contracts in the protocol, every transaction will have to go through a 48 hour delay before it can be executed and alter the state of the protocol.
This means that everyone participating in the protocol has up to 48 hours to exit it in case there are undesirable transactions being queued for execution.