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 testPortal is a Bridge protocol active on Ethereum, Algorand, Binance. A token bridge built on Wormhole.
Shorthand sometimes used for Anchorage settlement products. Treat the legal entity, not the nickname, as the counterparty.
How much capital to risk on one idea so a normal loss does not end the account.
A public write-up of what failed after an incident. Quality varies. Demand one.
An assurance about a transaction's expected inclusion, ordering, or execution given before the blockchain's ordinary confirmation or finality process completes.
A market that trades event outcomes. Prices are read as implied probabilities.
Prediction Markets is a market sector used to group crypto assets with similar use or design.
When a derivative or listed token trades above a reference spot or net-asset value.
When an ETF or trust trades above the value of its holdings, as GBTC did for years.
How much a trade itself moves the mid price, separate from the standing spread.
A feed that tells contracts the reference price of an asset. Bad oracles cause bad liquidations.
The ability to inspect original records, identify what they actually establish, and distinguish evidence from interpretation or promotion.
A firm that packages custody, leverage, settlement, and OTC for funds so they do not juggle ten exchange logins.
Extra fees to land transactions faster during congestion on Solana or Ethereum.
Privacy is a market sector used to group crypto assets with similar use or design.
Privacy Blockchain is a market sector used to group crypto assets with similar use or design.
Assets like Monero that hide amounts and counterparties by default, attracting both users and regulators.
Privacy Coins is a market sector used to group crypto assets with similar use or design.
Privacy Infrastructure is a market sector used to group crypto assets with similar use or design.
Research and designs for association-set privacy that try to exclude known illicit funds.
On-chain exposure to loans or credit funds. Cash flows and defaults still depend on off-chain servicing and legal enforceability.
A secret number that authorizes spends. If it leaks, the address is compromised.
Ironic understatement used when something is obviously a big deal.
The ability to attach conditions to money, the core commercial pitch of smart-contract payments.
A BIS-led exploration of cross-border payments using tokenized commercial-bank deposits and central-bank money on a shared programmable platform.
Project Ailey (ALE) is a cryptocurrency project focused on creating a decentralized ecosystem for content creation and distribution, aimed at empowering creators and enhancing user engagement.
A BIS Innovation Hub experiment on a shared platform for cross-border settlement using multiple central-bank digital currencies.
A multi-CBDC cross-border payment project developed with central-bank partners; the BIS announced its handover to those partners in October 2024.
A BIS initiative to connect domestic instant payment systems through a standardized model for cross-border payments.
Consensus run by a known, permissioned set of validators. Fast, centralized, common on sidechains.
Solana's verifiable delay function that timestamps events so validators can order them with less chatter.
Showing what a custodian owes customers, harder than showing assets, still incomplete without both sides.
A scheme to show a wallet is one human, used to fight airdrop farming and bots.
Evidence about a custodian's reserve assets at a specified time and within a stated scope; it does not alone establish full solvency.
Ambition to prove assets exceed liabilities in real time. Still rare in full form at large CEXes.
Consensus where validators lock tokens as collateral to propose and attest blocks. Used by Ethereum.
Proof of Stake (PoS) is a market sector used to group crypto assets with similar use or design.
Consensus where miners expend computation to propose blocks. Used by Bitcoin.
Proof of Work (PoW) is a market sector used to group crypto assets with similar use or design.
The validator chosen to build the next block in a given slot.
A structured checklist: audits, multisig, timelock, oracles, and admin powers.
When the protocol owns the LP position and keeps fees, reducing mercenary TVL churn.
Liquidity the protocol itself owns, so it keeps the trading fees instead of renting depth from mercenary LPs.
HASH is the native token of Provenance Blockchain, a sovereign L1 public, proof-of-stake blockchain built using the Cosmos SDK.
The service that builds validity proofs for a ZK rollup or zkVM.
The key that can replace a contract's implementation. A centralized upgrade path.
Partially Signed Bitcoin Transaction. A wallet-exchange format for hardware signers and multisig.
Building a Bitcoin transaction on a hot machine and signing it on cold hardware.
A Maker-style module that swaps a trusted stablecoin 1:1 for Dai/USDS to defend the peg.
The counterpart to a private key. Addresses are usually a hashed or encoded form of the public key.
PENGU is the official coin of Pudgy Penguins.
A liquid restaking protocol with anti-slashing design for home operators.
The payee debits the payer under a mandate, as with many card and ACH debit flows.
A coordinated hype cycle that lifts a thin token so insiders can sell into the rush.
Pump.fun (PUMP) is a crypto asset primarily associated with solana.
A Solana launchpad that lets anyone spin up a bonding-curve memecoin and graduate it to a DEX pool.
PumpBTC (PUMP) is a crypto asset primarily associated with binance-smart-chain.
PumpSwap is a Dexs protocol active on Solana. The native dex for pump.fun
Punchy Puff (PUNCHY) is a crypto asset primarily associated with solana.
Purrzival (PURRZIVAL) is a crypto asset primarily associated with flow-evm.
The payer initiates the credit transfer. Cards are often pull-based by contrast.
Payment versus payment. Synchronized exchange of two currencies or cash tokens.
A high-frequency oracle network that publishes publisher-signed prices, strong on Solana and perps.
Pyth Network is a decentralised oracle network designed to provide real-time financial market data to decentralised applications (dApps) across multiple blockchains.
qAI is the primary fungible digital asset to build and power an AI + 3D + UGC digital world playground - Nakamoto Matrix - where crosschain qAI agents interact with creative content for providing metaverse experiences…
QPAY (QPAY) is a crypto asset primarily associated with solana.
Malicious QR codes at events or in slides that point to drainers.
Qtum is a decentralized and open-source smart contracts platform and value transfer protocol.
Quack AI is the governance layer for the Agent Economy, where AI agents, users, and applications interact under verifiable rules.
Canadian exchange that collapsed after the CEO's death and inaccessible cold wallets, becoming a custody cautionary tale.
A regulated entity that can hold assets for U.S. advisers under custody rules.
London-based Quant Network is set to revolutionise blockchain technology with the development of their blockchain operating system Overledger.
Quantoz USDQ (USDQ) is a stablecoin primarily associated with ethereum.
Quantum-Resistant is a market sector used to group crypto assets with similar use or design.
Quest Diagnostics Incorporated rStock (RDGX) is a crypto asset primarily associated with arbitrum-one.
A multi-chain RPC and infrastructure provider for builders.
Quickswap Dex is a Dexs protocol active on Polygon, Base. AMM
R25 builds RWA vault infrastructure that enables automated and curated on-chain yield strategies
The enterprise software company behind Corda and related capital-markets DLT products.
An enterprise DLT platform built for bilateral deals and regulated data sharing, used by banks and markets infrastructure pilots.
Rackspace Technology Inc aStock (ARXT) is a crypto asset primarily associated with arbitrum-one.
RAILGUN secures privacy for DEX trading and lending.
Rain is a decentralized options protocol built on Arbitrum.
Rainbow Bridged Frax (Near Protocol) (FRAX) is a crypto asset primarily associated with near-protocol.
Rainbow Bridged USDC (Near) (USDC.E) is a crypto asset primarily associated with near-protocol.
Price oscillating between support and resistance without a clear trend.
Caps on how fast value can leave a protocol, buying time during exploits.
A major Solana AMM that sits next to OpenBook-style order flow.
Raydium AMM is a Dexs protocol active on Solana. An on-chain order book AMM powering the evolution of DeFi.
Re is a decentralized reinsurance protocol that bridges real-world insurance risk on-chain.
Definitions offer a starting point. Detailed readings include the sources behind the explanation.