BTC$85,899+1.39%
ETH$2,740+0.24%
USDT$0.9997-0.01%
BNB$787.02+0.32%
XRP$1.54+3.79%
USDC$1.00+0.01%
SOL$117.16+0.75%
TRX$0.3486+1.27%TRX$0.3488+1.28%
ZEC$1,504-0.57%
FIGR_HELOC$1.01—
STETH$2,739+0.02%
HYPE$94.85-0.92%
XMR$569.17-1.46%
WBT$86.56+0.58%
WBTC$85,869+1.54%
LINK$12.95-0.52%
WSTETH$3,405+1.29%
RAIN$0.0136-3.60%
WBETH$3,035+0.43%
USDS$1.000.00%
WETH$2,746+2.00%
ADA$0.2485+3.46%
LEO$8.99+0.26%From your first block to the finer details. Explore the ideas, people, and systems behind the market—one useful explanation at a time.
Follow a transaction from a key to a shared ledger.
Begin with BlockchainExplore contracts, liquidity, borrowing and the risks between them.
Begin with Smart contractUnderstand what a price, valuation or sentiment indicator can tell you.
Begin with Market capitalizationLearn custody, permissions and how to assess what you sign.
Begin with Hardware walletConnect the original ideas to the incidents that changed the industry.
Begin with A Cypherpunk's ManifestoSeparate technical standards, issuer claims and legal frameworks.
Begin with Howey testTraditional securities settlement lags. Crypto spot is closer to T+0, which is why ETF in-kind is operationally hard.
A trigger that closes a position once price reaches a chosen gain level.
A scheduled release of previously locked tokens to investors, team, or a treasury.
Investor right to receive tokens later, common in SAFTs and private rounds.
Representing an off-chain claim (bond, fund share, invoice, property interest) as a transferable on-chain token with legal wrapping off-chain.
Tokenized Assets is a market sector used to group crypto assets with similar use or design.
Tokenized Commodities is a market sector used to group crypto assets with similar use or design.
A bank deposit liability represented as a token, distinct from an independent stablecoin issuer.
A mutual fund, money-market fund, or similar vehicle whose shares settle as tokens while the portfolio stays with a traditional custodian.
Tokenized Gold is a market sector used to group crypto assets with similar use or design.
Tokenized Money Market Fund (MMFs) is a market sector used to group crypto assets with similar use or design.
Tokenized Private Credit is a market sector used to group crypto assets with similar use or design.
Tokenized Treasuries is a market sector used to group crypto assets with similar use or design.
On-chain shares of short-term U.S. government debt funds.
On-chain shares or receipts backed by short-term U.S. government debt, popular with crypto treasuries seeking yield.
The supply rules, allocation, distribution schedule, utility, and incentives surrounding a token.
The best bid and best ask only. Thin top-of-book can still hide size behind.
Chart shorthand for crypto market cap excluding BTC and ETH, used to track alt liquidity.
Order flow that systematically loses money for liquidity providers, often informed or latency-advantaged.
The recordkeeper of who legally owns fund or security shares when those shares are also represented on-chain.
A structure where a custodian holds assets for both a client and a lender or venue under a control agreement.
Trump-Affiliated is a market sector used to group crypto assets with similar use or design.
Time-weighted average price. An execution style that slices an order across time to reduce impact.
Definitions offer a starting point. Detailed readings include the sources behind the explanation.