What are Admin Keys? (Ultimate DeFi Risk in 2022)

Where DAOs fall down

So if a project doesn’t have admin keys, then you’re safe from being rugged, right?

Admin keys and ‘immutable’ are mutually exclusive

If you want to check whether a project has admin keys, a good place to start is by searching the code for the word “ownable”. If it’s there, then the project has admin keys and the protocol is not immutable. Another thing you can do is search the contract for the word “address”. If present, you can check to see if the address is hard-coded, and if it is, what that address is being used for — it could be the address of another contract, or it could be being used as an admin key.

Custodial VS Non-custodial

You’ve probably heard the phrase ‘Not your keys, not your coins’. If not, it’s fairly self-explanatory! When you keep your crypto on an exchange or give it to a centralized yield platform, you are quite literally giving up custody of your crypto. Does this mean you will definitely lose your money? Of course not, but the risk is always there, and crypto exchanges are hacked frequently.



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Liquid Loans

Liquid Loans


A truly decentralized borrowing protocol that allows you to draw 0% interest-free loans against your Pulse coins. Non-custodial, immutable and no admin keys.