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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 testEtherFi Borrowing Market is a Lending protocol active on Optimism, Scroll. Take control of your crypto. Save, grow, and spend.
EtherFi Cash Liquid is a Crypto Card Issuer protocol active on Optimism, Scroll. Take control of your crypto. Save, grow, and spend.
Euler V2 is a Lending protocol active on Monad, Ethereum, Base. Euler revolutionizes DeFi by letting any asset become collateral for a lending market.
exSat Staking BTC is an EVM-compatible wrapped Bitcoin token that represents BTC staked in the exSat Staking contract at a 1:1 ratio.
Extended Perps is a Derivatives protocol active on Starknet, Ethereum. Extended is a perp DEX, built by ex-Revolut team, on a mission to offer the most extensive product portfolio in DeFi—featuring cross-asset…
FAssets is a trustless, over-collateralized bridge protocol on Flare that lets users mint wrapped versions of non-smart contract assets…
Figure Markets Democratized Prime is a Lending protocol active on Provenance. Democratized Prime connects your cash or crypto with borrowers seeking liquidity on their collateral
Figure Markets Exchange is a OTC Marketplace protocol active on Provenance. A crypto exchange designed for traders who demand more.
Instadapp's liquidity layer that combines lending and swapping in one vault design.
Fluid DEX is a Dexs protocol active on Ethereum, Plasma, Arbitrum. With Smart Collateral, LPs are now able to utilize their position as collateral in Fluid and deploy it as AMM liquidity on the DEX.
Fluid Lending is a Lending protocol active on Ethereum, Arbitrum, Plasma. An ever-evolving DeFi protocol and financial system of the future by Instadapp
Fluid Lite is a Yield Aggregator protocol active on Ethereum. Automated vaults
A stablecoin and DeFi family that has used fractional reserves, AMO strategies, and liquid staking.
A SocialFi experiment on Base that tokenized Twitter accounts as keys. A cycle case study more than a standard.
Function FBTC is a Bridge protocol active on Bitcoin. Function is building the standard infrastructure that transforms Bitcoin into a capital-efficient, hyperliquid, and composable asset…
fx Protocol is a Dual-Token Stablecoin protocol active on Ethereum. f(x) Protocol is a decentralized on-chain trading platform that enables stress-free leverage on ETH and WBTC while delivering the highest…
Gate is a CEX protocol active on Ethereum, Bitcoin, Binance. Established in 2013, Gate is a cryptocurrency exchange serving over 58 million+ global users.
Gauntlet is a Risk Curators protocol active on Base, Binance, Ethereum. Our vaults provide risk-adjusted DeFi yields for institutional capital at scale.
A decentralized perpetual-futures protocol that uses a shared liquidity pool instead of an order book.
GMX V2 Perps is a Derivatives protocol active on Arbitrum, Avalanche, MegaETH. GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades.
A DeFi credit protocol aimed at real-world borrower pools with unique underwriting design.
Grove Finance is a Onchain Capital Allocator protocol active on Ethereum, Base, Avalanche. Grove is a capital allocation protocol within the Sky (formerly MakerDAO) ecosystem, launched June 2025.
GTBTC is a Restaked BTC protocol active on Bitcoin. Gate BTC Staking allows users to stake their BTC on the Gate platform in exchange for GTBTC (1:1 ratio), which accrues yield via Gate’s…
HashKey Exchange is a centralized cryptocurrency exchange established in 2018 and is registered in Hong Kong.
Homora V2 is a Leveraged Farming protocol active on Ethereum, Binance, Avalanche. Homora is the first flagship product incubated under Alpha Venture DAO (previously Alpha Finance Lab) deployed on the Ethereum network in…
An early rollup-to-rollup bridge that uses h-tokens and AMMs.
HTX is a CEX protocol active on Tron, Bitcoin, Ethereum. Huobi Global is a world-leading cryptocurrency trading exchange.
Huma Finance V2 is a RWA protocol active on Ethereum, Solana, Stellar. Permissionless DeFi yield, powered by real-world payment flows.
Hyperithm is a premier digital asset manager based in Tokyo and Seoul, active in quant trading and venture investments.
HyperLend Pooled is a Lending protocol active on Hyperliquid L1. HyperLend is a high-performance lending protocol on Hyperliquid EVM, built for capital efficiency.
A high-performance perpetual DEX with its own L1 and a large on-chain order book.
Hyperliquid Bridge is a Bridge protocol active on Hyperliquid L1, Arbitrum. Hyperliquid is a Layer 1 blockchain best known for perpetual futures and spot trading.
Hyperliquid HLP is a Derivatives protocol active on Hyperliquid L1. Hyperliquidity Provider (HLP) is a protocol vault that provides liquidity to Hyperliquid through multiple market making strategies…
Hyperliquid Spot Orderbook is a Dexs protocol active on Hyperliquid L1. Hyperliquid is a Layer 1 blockchain best known for perpetual futures and spot trading.
Indodax is a centralized cryptocurrency exchange established in 2014 and is registered in Indonesia
A DeFi account and strategy layer, later the home of Fluid.
Invesco USTB is a RWA protocol active on Ethereum, Solana, Plume Mainnet. The Invesco Short Duration US Government Securities Fund (the Fund) offers Accredited Investors and Qualified Purchasers access to…
Solana MEV infrastructure and a liquid-staking token (JitoSOL) that shares tips.
Jito Liquid Staking is a Liquid Staking protocol active on Solana. JitoSOL is the first liquid staking derivative on Solana to include MEV rewards.
Solana's dominant swap aggregator and later a broader DeFi suite including perps and LEND.
Jupiter Lend is Jupiter's DeFi platform for lending and borrowing crypto
Jupiter Perpetual Exchange is a LP-to-trader perpetual exchange based on oracle prices.
JustCryptos is a Bridge protocol active on Tron. Just Cryptos builds a bridge that connects premium crypto currencies from the TRON network and other public chains, and introduces token…
JustLend V1 is a Lending protocol active on Tron. JustLend is a TRON-powered coin market protocol aimed at establishing fund pools whose interest rates are determined by an algorithm based…
K3 Capital is a Risk Curators protocol active on Monad, Ethereum, Optimism. Leading institutional asset and risk management in decentralized finance
Kamino Lend (K-Lend) is a novel peer-to-pool borrowing primitive designed as foundational infrastructure to power complex financial…
A liquid restaking protocol that issues rsETH.
Kinetiq kHYPE is a Liquid Staking protocol active on Hyperliquid L1. Kinetiq is a non-custodial liquid staking protocol that allows users to stake HYPE tokens on Hyperliquid L1 and receive kHYPE, a…
Korbit is a cryptocurrency exchange that was founded in South Korea.
Kraken Bitcoin is a Bridge protocol active on Bitcoin. The kBTC token lets you leverage the power of Bitcoin while interacting with Ethereum, OP Mainnet, and other growing DeFi ecosystems.
KuCoin is a CEX protocol active on Ethereum, Bitcoin, Solana. cex
LAGOON provides open, general-purpose, secure vault infrastructure to build and scale on-chain yield products.
LayerZero V2 is a Bridge protocol active on Ethereum, ApeChain, Base. LayerZero is a technology that enables applications to move data across blockchains, uniquely supporting censorship-resistant messages and…
A liquid-staking protocol whose Ethereum staking tokens, stETH and wstETH, represent claims linked to staked ether; LDO is a separate governance token.
Lighter Bridge is a Bridge protocol active on Ethereum, Arbitrum. Lighter is a decentralized trading platform that is designed to deliver unmatched security and scale.
A public Ethereum zkEVM rollup powered by the Lineth software stack, with execution on Layer 2 and validity proofs and settlement on Ethereum.
Linea Bridge is a Canonical Bridge protocol active on Ethereum. The main bridge, on a technical level, in Linea is the Canonical Message Bridge.
Liquid Collective is a non-custodial staking protocol launched on Ethereum.
Liquity V1 is a decentralized and immutable borrowing protocol that allows you to draw 0% interest loans against Ether used as collateral.
Lista CDP is a CDP protocol active on Binance. Lista DAO functions as a open-source liquidity protocol for earning yields on collateralized Crypto assets (BNB, ETH, Stablecoins, and…
Lista Lending is a decentralized P2P lending protocol on BNB Chain that uses a vault-based system to pool liquidity and allocate it across…
Lista Liquid Staking is the yield bearing & liquid staking token for Lista DAO, which appreciates against BNB in line with BNB's staking…
Lombard BTC.b is a Bridge protocol active on Bitcoin. BTC.b is Bitcoin for DeFi. A 1:1 Bitcoin representation that works across multiple blockchains, permissionless, decentralized, and always…
Lombard LBTC is a Restaked BTC protocol active on Bitcoin, Ethereum. LBTC is a yield-bearing Bitcoin asset, 1:1 backed by native bitcoin, combining an institutional off-chain yield strategy with yield…
Lorenzo enzoBTC is a Bridge protocol active on Bitcoin. enzoBTC is Lorenzo Wrapped Bitcoin.
M0 is the modular stablecoin infrastructure.
The collateralized stablecoin system behind Dai and the predecessor of the Sky ecosystem, with vault debt accounting, stability fees, liquidation mechanisms, and governance-controlled risk parameters.
An Ethereum L2 with a modular data-availability design and a large treasury from BitDAO.
Mantle Bridge is a Canonical Bridge protocol active on Ethereum. Mantle Network is a Layer-2 (L2) scalability solution built on Ethereum which is the Layer-1 (L1).
An on-chain credit marketplace historically used by crypto institutions for undercollateralized and pool lending.
A leading Solana liquid-staking protocol that issues mSOL.
Marinade Liquid Staking is a Liquid Staking protocol active on Solana. The easiest way to stake Solana - liquid staking
Marinade Native is a fee-free, smart contract-independent staking alternative on Solana that allows users to maintain custody of their SOL
Marinade Select is a staking option that delegates to a set of validators chosen based on identity verification, performance metrics, and…
Mellow Core is a Onchain Capital Allocator protocol active on Ethereum, RSK, Mezo. Core Vaults are Mellow's current vault architecture for institutions, neobanks, fintechs, and asset issuers to launch Earn, treasury, and…
Merlins Seal is a Bridge protocol active on Bitcoin, Arbitrum, Ethereum. Merlin's Seal is an event associated with the Merlin Chain, focusing on the fair launch of its governance token, $MERL.
Meteora DLMM is a Dexs protocol active on Solana. Meteora's DLMM introduces a zero-slippage, bin-based concentrated liquidity AMM on Solana, enhancing LP profitability with dynamic fees…
MEXC is a CEX protocol active on Ethereum, Bitcoin, Solana. Find your next Moonshot.
A lending optimizer and later a vault/lending layer that improves rates on top of pooled markets.
Morpho's permissionless lending-market design in which individual markets have fixed core parameters and separate accounting.
NAVI Lending is a Lending protocol active on Sui. NAVI offers over collateralized lending/borrowing for SUI, USDC, USDT, wETH and wBTC and supports features like isolated pool, flash loan…
NEAR Intents are a new type of transaction that allow information, requests, assets, and actions to be exchanged between AI agents…
Nexus BTC is a Bridge protocol active on Bitcoin. NexusBTC is a wrapped Bitcoin token designed to facilitate cross-chain transactions within the decentralized finance (DeFi) ecosystem.
Nexus Mutual offers decentralized cover against smart contract failure.
Noble is a Chain protocol active on Noble. Native stablecoin and RWA issuance for the Cosmos ecosystem
A distributed validator technology project for resilient Ethereum validators.
A real-world-asset issuer known for tokenized U.S. Treasury products.
Ondo Global Markets is a RWA protocol active on Ethereum, Binance, Solana. Stocks on chain
OnRe is a RWA protocol active on Solana. Connecting on-chain capital to real-world reinsurance risk — unlocking stable, uncorrelated returns that are liquid, composable and…
The largest NFT marketplace by historical volume, a Web2 company on top of on-chain transfers.
Definitions offer a starting point. Detailed readings include the sources behind the explanation.