# QUIP Lifecycle

A user creates a QUIP when they deposit funds to a QUIP-enabled smart contract or QUIP-enabled wallet. At any time, the user can transfer the QUIP to another owner using a regular cryptocurrency transaction. The QUIP also has three additional states that enable programmability:

<figure><img src="/files/gKcECie01EOupsLiE2qk" alt=""><figcaption><p>The QUIP Lifecycle</p></figcaption></figure>

1. *Propose* - A proposed QUIP signals that a user is ready to conduct a transaction
2. *Approve* - An approval accepts the proposal and enables changes to the network state
3. *Claim* - A claim executes the approved changes to the network state

When multiple parties exchange QUIPs, there are also two timeout cases:

1. *Cancellable proposal timeout* - A user can cancel a proposed QUIP once an initial timer expires with no counterparty matching the proposal. This resets the QUIP state.
2. *Slashable approval timeout* - If a user has approved a matching proposal and a second timer expires without all parties’ approval, any approver can slash QUIPs belonging to the delinquent parties.


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