LP capital currently in range and earning fees.

A router that splits a swap or yield path across many pools to improve the net price.

A free token distribution to wallets that used a product, held an NFT, or met some other rule.

Using many wallets or wash activity to qualify for a hoped-for token drop.

Algorithmic market operations. Protocol-owned strategies that defend a peg or manage liquidity, used by Frax and others.

Annual percentage rate. Simple yearly return without compounding.

Annual percentage yield. Yearly return assuming rewards are compounded.

A pool formula that prices trades from balances instead of a human order book. Constant-product is the classic form.

Placing a transaction immediately after another to capture leftover arb.

A buyer of last resort (auction, fund, or AMM) when collateral sales fail to cover debt.

Debt that remains after collateral is sold, socialized onto a protocol, insurance fund, or other users.

A contract that mints and burns a token along a price function as people buy and sell against it.

Taking a loan against locked collateral. Interest accrues until you repay or get liquidated.

A payment to veToken voters to point gauges at a pool. Legal in many DeFi designs, still a conflict of interest.

Assets locked to back a loan or a minted stablecoin. If the value falls too far, the position is liquidated.

A vault that locks collateral and mints a stablecoin or debt token against it, as Maker-style systems do.

Letting LPs pick a price range (Uniswap v3 style) so capital sits where trading actually happens.

The x * y = k rule used by Uniswap v2-style pools. Larger trades pay a steeper price.

Permission for another address to borrow against borrowing capacity provided by a collateralized account, subject to the lending protocol's rules.

A decentralized autonomous organization. On-chain votes steer a treasury and parameters, with very uneven real-world standing.

A protocol that lets users trade tokens directly from wallets via smart contracts, typically using liquidity pools.

Decentralized finance. Lending, trading, and derivatives run by contracts instead of a single broker.

The Dai or Sky savings rate, a protocol yield paid to people who lock the stablecoin in a savings contract.

The swap fee a pool charges, such as 0.05 percent or 1 percent, guiding where flow goes.

Settling many pool interactions as one net balance change at the end of a transaction.

An uncollateralized loan that must be borrowed and repaid inside the same transaction, used for arb and liquidations.

Seeing a pending transaction and inserting your own ahead of it for profit.

Providing liquidity from price zero to infinity, the Uniswap v2-style position.

A voting target that directs emissions to a specific pool.

A log-average price used by Uniswap v3 oracles, more robust to a single-tick spike.

An emergency key that can pause a protocol. Useful in hacks, also a trust assumption.

A discount applied to collateral value so a protocol or desk has a buffer against a sudden print.

Aave-style ratio of collateral value (haircut) to debt. Below 1, the position can be liquidated.

The value shortfall of a liquidity position relative to holding its original assets when relative prices change; the shortfall can exist before withdrawal and may persist.

A signed goal (swap X for at least Y) that a solver fills, instead of the user picking every pool hop.

Signing what you want, not the path, and letting solvers compete to fill it.

The curve a lending market uses to set borrow and supply APYs from utilization.

Adding and removing LP in the same block around a large swap to harvest fees without inventory risk.

Adding liquidity for one swap's block to capture fees, then withdrawing.

A market where depositors earn interest and borrowers post collateral to take a loan.

Staking through a protocol that issues a receipt token (like stETH) so the position stays usable in DeFi.

Additional collateral a liquidator may receive when repaying an unhealthy loan, intended to make liquidation economically worthwhile.

The contracts and keepers that seize under-collateralized loans and sell collateral to keep a protocol solvent.

The same asset split across chains and pools, worsening price and UX until aggregation improves.

Paying extra protocol tokens to people who deposit into a pool, used to bootstrap depth.

Points, lasting incentives, or real-yield sharing instead of purely inflationary emissions.

Maximal extractable value. Profit from choosing the order of transactions in a block, including arb and sandwiches.

Private relays, batch auctions, or intent solvers that reduce sandwich risk.

Oracle-extractable value. MEV that comes from being first to update a price and liquidate.

Lending pools that function like crypto-native money markets for stables and blue chips.

The node runners that a restaking or DVT protocol actually uses to produce duties.

A service that brings off-chain data (prices, scores, randomness) onto a chain in a form contracts can read.

A configured update interval that can trigger a price feed report even when the observed price has not crossed its deviation threshold.