Turning the page.
Bringing the next chapter into view…
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 testP2B is a centralized exchange listed with country Lithuania.
Local peer markets that convert cash to stablecoins without a full exchange KYC on-ramp.
The ISO 20022 FI-to-FI customer credit-transfer message that replaces many MT103 flows.
Pactus (PAC) is a crypto asset.
The ISO 20022 customer credit-transfer initiation message used by corporate payment systems.
PALCOIN Ventures (PALCOIN) is a crypto asset primarily associated with ethereum.
The dominant AMM on BNB Chain, with farms, lotteries, and perpetual add-ons.
PancakeSwap is an automated market maker (“AMM”) that allows two tokens to be exchanged on the Binance Smart Chain.
PancakeSwap AMM is a Dexs protocol active on Binance, Ethereum, Aptos. The #1 AMM and yield farm on Binance Smart Chain
PancakeSwap AMM V3 is a Dexs protocol active on Binance, Ethereum, Base. PancakeSwap V3: A More Efficient and User-Friendly DEX on BNB Chain
PanoVerse (PANO) is a crypto asset primarily associated with ethereum.
A slang label for selling quickly under stress.
A crypto-native investment firm known for research and large protocol bets.
2017 multisig library bugs that froze or drained large amounts of ether, a warning about shared contract dependencies.
Patchwork Naval (NAVAL) is a crypto asset primarily associated with solana.
Pax Dollar (USDP) was created by Paxos, a financial technology company on a mission to modernize finance by mobilizing assets at the speed of the internet.
A token issued by Paxos representing an interest in allocated physical gold, with each token described by the issuer as backed by one fine troy ounce.
A regulated U.S. trust company that issues PYUSD and has issued other dollar tokens for partners.
An ERC-4337 contract that sponsors gas so a user can pay in tokens or transact for free under a policy.
A state channel used for repeated payments, the Lightning Network being the best-known example.
The network that moves value: card schemes, RTGS, stablecoins, or Lightning.
A settlement method where two currency transfers are linked so one cannot complete alone.
A payments company that offers crypto buying and issued PYUSD, a dollar stablecoin with Paxos.
In-app crypto buy/sell and PYUSD distribution inside a mainstream payments brand.
PayPal USD is designed to contribute to the opportunity stablecoins offer for payments and is 100% backed by U.S.
A dollar stablecoin issued with Paxos and distributed through PayPal and Venmo.
Practical Byzantine Fault Tolerance. A classic voting protocol that finalizes if fewer than one third of voters are dishonest.
PDD Holdings (Ondo Tokenized) (PDDON) is a crypto asset primarily associated with ethereum.
Pearl network — a Proof-of-Useful-Work L1 protocol, where mining is produced natively from AI computations.
A network where nodes talk to each other directly instead of through a single server.
The target price a stablecoin or wrapped asset is designed to hold.
A protocol for trading future yield separately from principal by wrapping yield-bearing positions into standardized yield tokens and splitting their economic rights into dated principal and yield tokens.
Pendle V2 is a Yield protocol active on Ethereum, Monad, Arbitrum. Pendle Finance is a protocol that enables the trading of tokenized future yield on an AMM system.
Penguin Solutions • Robinhood Token (PENG) is a crypto asset primarily associated with robinhood.
PENGY (PENGY) is a crypto asset primarily associated with solana.
Pentagon Pizza Watch (PPW) is a crypto asset primarily associated with solana.
Penumbra, Inc. rStock (RPEN) is a crypto asset primarily associated with arbitrum-one.
China's central bank and the issuer of the digital yuan.
An Ethereum frog memecoin that defined the 2023 meme wave and spawned endless copies.
Performance Food Group Company rStock (RPFGC) is a crypto asset primarily associated with arbitrum-one.
A DLT where only approved nodes validate. Common in bank and enterprise pilots, unlike public permissionless chains.
Uniswap's signature-based allowance system that reduces some approval friction and introduces new signing surfaces.
When perpetual futures trade rich to spot, usually paid by longs via funding.
A futures contract with no expiry. Funding payments keep it near the spot index.
Perpetuals is a market sector used to group crypto assets with similar use or design.
The postwar habit of invoicing oil in dollars, the backdrop for petroyuan and de-dollarization talk.
The idea of invoicing oil in yuan instead of dollars. A geopolitical narrative more than a single product.
Profile-picture NFT used as an avatar and social signal.
The leading Solana-first wallet, later expanded to other chains.
Phantom SOL is a Liquid Staking protocol active on Solana. With Phantom, you can easily stake your SOL natively or opt for liquid staking—whatever suits your strategy.
Phase Delegation is a Liquid Staking protocol active on Solana. pdSOL is a multi-validator liquid staking pool on Solana
Founded in 2019, Phemex is a user-first crypto exchange trusted by over 10 million traders worldwide.
Tricking you into signing a bad transaction or handing over a seed via fake sites, DMs, or ads.
A fast Solana trading terminal aimed at snipers and trench execution.
Pi (PI) is a crypto asset.
Pi Network is a social cryptocurrency and developer platform designed to make digital currency mining accessible to everyday people through mobile devices.
Pieverse (PIEVERSE) is a blockchain-based platform designed to provide a decentralized ecosystem for digital assets and gaming, enabling users to create, share, and monetize their content.
The romance-investment scam pattern that funnels victims into fake crypto platforms.
PinkSale is a decentralized launchpad that allows users to launch their own token and create their own initial token sale
Pionex is the best crypto trading bot currently available, 24/7 trading automatically in the cloud.
Brazil's instant-payment system, often cited in BRICS and CBDC conversations as a public rail.
Planet Labs PBC • Robinhood Token (PL) is a crypto asset primarily associated with robinhood.
An earlier L2 design that commits roots to L1 and relies on exits. Largely superseded by rollups.
Games that pay tokens for play. Often collapse when token emissions outrun new player demand.
PLAYA3ULL GAMES (3ULL) is a crypto asset.
Plume is the first RWAfi L1 network focused on crypto natives.
Plume Vaults is Plume's flagship real-world asset protocol, built to enable onchain access to real world yield through structured vaults
A massive Asian high-yield crypto scam whose unwind was linked to large Bitcoin sell pressure lore in 2019 to 2020.
Plutus (PLUTUS) is a crypto asset primarily associated with arbitrum-one.
PNGVN (PNGVN) is a crypto asset primarily associated with ethereum.
PointPay is a centralized exchange listed with country Saint Vincent and the Grenadines.
Off-chain scores that hint at a future airdrop. They are not tokens and can be changed or cancelled.
Farming off-chain points for a hoped airdrop instead of immediate token emissions.
Ethereum sidechain
A token whose narrative is a politician, campaign, or partisan meme. Extreme volatility and ethics conflicts are the point, not utility.
A Layer-0 relay chain that shares security with parachains and uses XCM for messaging.
Poloniex is a centralized cryptocurrency exchange platform where users can deposit, trade, and withdraw a wide range of digital assets…
A 2021 cross-chain exploit notable for the attacker's later return of funds.
Polygen (PGEN) is a crypto asset primarily associated with polygon-pos.
An Ethereum scaling stack best known for the Polygon PoS sidechain and later zk proof systems.
Polygon Bridge is a Chain protocol active on Ethereum. Ethereum sidechain
The team building Polygon's scaling and AggLayer roadmap.
The leading crypto prediction market, built on Polygon and later expanded.
Polymarket International is a Prediction Market protocol active on Polygon. Polymarket is an information markets platform that lets you trade on the world’s most highly-debated topics (e.g.
Pons (PONS) is a crypto asset primarily associated with robinhood.
Returns paid mainly from new capital rather than productive cash flow. Many farms drift here.
How much notional an AMM can trade before price moves a given percent.
A Solana memecoin based on the pop-cat meme, traded as a pure attention asset.
Port Finance is a decentralized Money Market protocol on Solana, aiming to provide a full suite of lending products including but not limited to: variable rate lending, fixed rate lending and interest rate swaps.
Portal is a Bridge protocol active on Ethereum, Algorand, Binance. A token bridge built on Wormhole.
Definitions offer a starting point. Detailed readings include the sources behind the explanation.