the chart-reader's glossary
Learn to read the water
Crypto explained in plain language, no jargon for its own sake. Each term links to its neighbours, so the whole thing reads like a chart, not a dictionary.
LiquidityHow much can move before the price does.TVL (Total Value Locked)The dollar value of assets sitting inside a protocol.SlippageThe gap between the price you expected and the price you got.StablecoinA token that promises to always be worth one unit of something.DepegWhen a stablecoin stops being worth its anchor.CollateralWhat you lock up to back a loan or a promise.LiquidationForced selling when collateral no longer covers a position.BridgeA way to move assets between blockchains.YieldThe return paid for putting capital to work.FeesWhat users actually pay to use a protocol.RevenueThe share of fees the protocol keeps.Market CapPrice times the supply in circulation.FDV (Fully Diluted Valuation)Market cap if every future token already existed.DEX (Decentralised Exchange)A marketplace that runs as code, with no company in the middle.AMM (Automated Market Maker)A formula that prices trades against a pool.Impermanent LossThe cost of providing liquidity when prices move.LendingSupplying assets for others to borrow, at interest.Perpetuals (Perps)Leverage bets with no expiry, kept honest by funding.GasThe fee you pay to have a blockchain do work.BlockThe heartbeat of a blockchain.MempoolThe waiting room for unconfirmed transactions.MEV (Maximal Extractable Value)Profit from controlling the order of transactions.WalletYour keys, your account, your address on-chain.EOA (Externally Owned Account)A wallet controlled by a private key, not by code.Smart ContractA program that runs on a blockchain.OracleHow a blockchain learns the outside world's prices.StakingLocking tokens to help secure a network, for a reward.Liquid StakingStaking without locking your capital away.ValidatorA node that proposes and checks blocks.Layer 2 (L2)A faster, cheaper chain that settles to a base chain.RollupThe most common kind of Layer 2.AirdropFree tokens handed to past users.GovernanceHow a protocol's token holders make decisions.WhaleA holder large enough to move the water.DormancyHow long a holding has sat untouched.