Definition ∞ These are self-executing agreements stored on a blockchain that operate without requiring a trusted third party to hold assets or enforce terms. Participants retain full control over their digital assets throughout the contract’s execution, as funds are locked directly within the smart contract code. This system minimizes counterparty risk and enhances autonomy.
Context ∞ Non-custodial smart contracts are a core component of decentralized finance, enabling peer-to-peer lending, trading, and other financial activities without intermediaries. Their security and legal enforceability remain key topics of discussion, as regulatory bodies assess their implications for consumer protection and financial stability.
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