Definition ∞ This involves a trustless mechanism within decentralized finance protocols where digital assets are held by a smart contract until specific conditions are met. Unlike traditional escrow, it removes the need for a third-party intermediary, relying instead on code execution and cryptographic security. This system facilitates secure and automated asset transfers between parties.
Context ∞ Decentralized finance escrow is a rapidly developing area, offering new solutions for secure transactions in the digital asset space. Its application is gaining attention for enabling peer-to-peer agreements, automated payments, and dispute resolution without reliance on centralized custodians or legal entities.
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