Thermodynamic measurements of proteins indicate that the folding to the nat
ive state takes place either through stable intermediates or through a two-
state process without intermediates. The rather short folding times of prot
eins indicate that folding is guided through some sequence of contact bindi
ngs. We discuss the possibility of reconciling a two-state folding event wi
th a sequential folding process in a schematic model of protein folding. We
propose a new dynamical transition temperature that is lower than the temp
erature at which proteins in equilibrium unfold. This is in qualitative agr
eement with observations of in vivo protein folding activity quantified by
chaperone concentration in Escherichia coli. Finally, we discuss our framew
ork in connection with the unfolding of proteins at low temperatures.