Topic
DeFi
A pool, a loan, and a yield are contracts. The code does what it says until an admin key or a price feed makes it say something else.
- 01Who gets paidThe fee, the liquidator, and whoever issued the extra coins that make the yield look large.
- 02Who can change the rulesThe contract, if nobody can upgrade it. An admin, if someone can.
- 03Who can stop the moneyA liquidation, a bad price feed, or a withdrawal the contract will not allow.
Courses
52 · 3 min
Swaps
An automated swap sells you one token for another from a pool, at a price that moves as you trade. The number you see and the number you get can differ.
53 · 3 min
Liquidity pools and impermanent loss
A pool holds two assets so other people can swap. If you deposit both, you earn fees, and you can still end up with less than if you had simply held the coins.
54 · 2 min
Concentrated liquidity
Concentrated liquidity puts your deposit in a narrow price range. You earn more in fees while the price stays there. When it leaves, you may earn nothing and hold only the worse asset.
55 · 2 min
Lending and liquidation
Lending protocols let you deposit collateral and borrow against it. If the collateral's price falls, the protocol can sell it. That sale is a liquidation. It is automatic, and it is not on your side.
56 · 2 min
Yield and liquidity mining
A high yield is a number. It comes from fees other people pay, from a subsidy of new coins, or from a design that only works while new money arrives.
57 · 2 min
Liquid staking and restaking
Liquid staking gives you a receipt for coins you staked with a provider. Restaking takes that receipt and pledges it again. Each layer is another way the money can fail.
58 · 2 min
MEV
MEV is value taken by whoever can reorder, insert, or censor transactions. Your swap can be pushed behind someone else's, so you get a worse price.
59 · 2 min
On-chain derivatives
Perpetuals and options can live in a contract. You do not call a broker. You do call a liquidation engine. The engine is the product.
60 · 2 min
Prediction markets
A prediction market pays out based on an outcome someone has to judge. You are betting. You are also trusting the judge and the oracle.
This page does not tell you what to buy. Not financial advice.