24-hour Time-Locked Withdrawal

Protects loan repayments

Safe to say that the 24-hour time-locked withdrawal is the harshest security feature on DegenPrime.

Before any funds leave DegenPrime, from the Savings as well as the Degen Account, everything will go through a 24-hour time-locked withdrawal. After the 24-hour window has passed, you will have 48 hours to execute the withdrawal. It works hand-in-hand with all other security features and cements DegenPrime as a fort.

DegenPrime remains a fully permissionless protocol without credit-checks. Any user can come in, deposit, borrow, trade, and take their well-earned profits; that's just honest work. For all upstanding users, the withdrawal queue is just there.

The huge benefit of the time-locked withdrawal is that it allows 24 hours for the protocol to respond in case of any potential malicious activity. In combination with the real-time monitoring of our security partner Hexagate, the time-locked withdrawal prevents any malicious withdrawal of funds from the protocol.

How it works

For Diamond Hands, the process is simple and they can withdraw their capital since they don't have any debt.

For Degenerates, the simplified version is:

• Initiate the withdrawal. At this stage, debt does not have to be covered and you can use your Degen Account however you wish during this period.

• Wait 24 hours. Still, you can perform all actions in your Degen Account. The withdrawal queue will show a notification if borrowed funds are not matched by your balance.

• Execute withdrawal. This is when Degenerates have to have enough capital to match their debt - before and after the withdrawal.

With any transaction, the Solvency Check will be performed to protect the ability to repay loans. For a more detailed version of the time-locked withdrawal, visit the Take Profits page.