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# DeFi Explained: DEXs, Liquidity Pools and Protocols
- URL: https://zipmex.com/blog/defi-explained-hub/
- Published: 2026-10-25T09:49:03.000Z
- Updated: 2026-10-25T10:52:44.000Z
- Description: What decentralized finance is and how its machinery works: decentralized exchanges, AMMs, liquidity pools, slippage, impermanent loss and oracles. After the basics, follow the guides and weekly notes on the main lending, derivatives and oracle tokens.
- Author: ZIPMEX

What decentralized finance is and how its machinery works: decentralized exchanges, AMMs, liquidity pools, slippage, impermanent loss and oracles. After the basics, follow the guides and weekly notes on the main lending, derivatives and oracle tokens.

## Start here, then go deeper

1. [**What Is Decentralized Finance (DeFi)? How It Works, What It Does and Where It Breaks**](https://zipmex.com/blog/decentralized-finance-defi-explained/) — DeFi explained: how smart contracts replace intermediaries for lending, stablecoins and trading, how much is locked in it, and the risks.
2. [**What is DeFi? How decentralized finance works, and who fixes a mistake**](https://zipmex.com/blog/what-is-defi-decentralized-finance-how-it-works-and-who-fixes-a-mistake/) — DeFi is finance run by smart contracts on public blockchains. How it works, what lending and liquidation look like, and why nobody reverses your mistakes.
3. [**Decentralized Finance (Defi)**](https://zipmex.com/blog/defi/) — Decentralised finance (DeFi) is a system that allows financial products to be used by anyone on a public decentralized blockchain network.
4. [**What Is a DEX? How Decentralized Exchanges Work, What They Cost and Where the Risks Are**](https://zipmex.com/blog/what-is-dex/) — A DEX lets you swap crypto from your own wallet via smart contracts. How AMMs work, real costs, MEV, token approvals and the SEC's 2026 staff view.
5. [**Centralized vs Decentralized Crypto Exchanges: Custody, Costs and Risks**](https://zipmex.com/blog/glossary-exchange/) — A centralized exchange holds your coins; a decentralized exchange lets you trade from your own wallet. Compare custody, fees, identity checks and risks.
6. [**What Is an Automated Market Maker (AMM)? 2026 Guide**](https://zipmex.com/blog/what-is-amm-automated-market-maker/) — Learn how automated market makers (AMMs) work, how the x×y=k formula sets prices, and how to earn fees as a liquidity provider — complete 2026 guide.
7. [**What Is a Liquidity Pool? How AMM Pools, LP Shares and Impermanent Loss Work**](https://zipmex.com/blog/what-is-a-liquidity-pool/) — A liquidity pool is a smart contract holding tokens that traders swap against. How pricing, fees, LP shares, impermanent loss and pool risks work.
8. [**What Is a Liquidity Provider? DeFi Pools and Broker Liquidity Explained**](https://zipmex.com/blog/what-is-liquidity-provider/) — A liquidity provider supplies the assets or prices others trade against: token pairs in a DeFi pool, or quotes and volume for a broker. How each is paid.
9. [**What Is Impermanent Loss? How It Works, How to Calculate It, and How to Limit It**](https://zipmex.com/blog/what-is-impermanent-loss/) — Impermanent loss is the gap between a liquidity pool position and simply holding the same tokens. The formula, worked examples and ways to reduce it.
10. [**What is impermanent loss in crypto? The gap between a liquidity pool and simply holding**](https://zipmex.com/blog/what-is-impermanent-loss-in-crypto-the-gap-between-a-liquidity-pool-and-simply-holding/) — Impermanent loss is how far a 50/50 pool deposit trails holding the same tokens: about 5.7% after a 2x price move and 25.5% after 5x, before fees.
11. [**What Is Slippage in Crypto? Formula, Tolerance and Sandwich Risk**](https://zipmex.com/blog/what-is-slippage-in-crypto/) — Slippage is the gap between the price you expect and the price you get. The formula, worked examples, how tolerance works and why loose settings draw sandwiches.
12. [**What is P2P crypto trading? How peer-to-peer trades, escrow and the risks work**](https://zipmex.com/blog/what-is-p2p-crypto/) — P2P crypto trading means buying or selling crypto directly with another person. How escrow, payments and ratings work, the main risks and safety steps.
13. [**What Is OTC Trading? How Over-the-Counter Markets and Crypto OTC Desks Work**](https://zipmex.com/blog/otc/) — OTC trading means two parties deal directly instead of through an exchange order book. How it works in stocks, FX and crypto, and the risks involved.
14. [**Why Crypto Prices Differ Between Exchanges (2026 Guide)**](https://zipmex.com/blog/why-crypto-prices-different-each-exchange/) — Confused why Bitcoin costs more on one exchange than another? Learn the 6 real reasons crypto prices differ — and how to use it to your advantage.
15. [**Beginner's Guide to Listing Tokens on CEX: Everything You Need to Know in 2026**](https://zipmex.com/blog/beginners-guide-listing-tokens-cex/) — Learn how to list a token on a CEX in 2026 — exchange tiers, listing requirements, smart contract audits, fees, and common mistakes to avoid before your TGE.
16. [**Curve DAO Token (CRV): What It Does, How veCRV Works and What Changed in 2026**](https://zipmex.com/blog/coin-info-crv/) — CRV is the governance and reward token of the Curve DAO. Supply, veCRV locking, fee share, 2026 governance votes and the main risks.
17. [**Convex Finance**](https://zipmex.com/blog/coin-info-cvx/) — Convex Finance is a DeFi platform designed to provide additional yield and ease of use to the stakers and liquidity providers of CRV tokens.
18. [**Kyber Network Crystal**](https://zipmex.com/blog/coin-info-knc/) — Kyber Network Crystal.
19. [**What Is MKR? Complete 2026 Guide to Maker & DAI**](https://zipmex.com/blog/what-is-mkr/) — What is MKR? Learn how the Maker governance token works, what DAI is, how to buy MKR, and how MakerDAO's DeFi protocol manages risk in 2026.
20. [**Synthetix (SNX) Complete Guide 2026: DeFi Derivatives Protocol Analysis**](https://zipmex.com/blog/synthetix-snx-guide-2026/) — Synthetix (SNX) has returned to Ethereum Mainnet in December 2025, marking a pivotal moment for this pioneering DeFi derivatives protocol.
21. [**Alpha Finance Lab**](https://zipmex.com/blog/coin-info-alpha-au/) — Alpha Finance Lab has a vision to build a universe of DeFi products that can minimize users’ risk and maximize returns.
22. [**What Is Mirror Protocol? MIR & mAssets Guide (2026)**](https://zipmex.com/blog/what-is-mirror-protocol/) — Mirror Protocol was a DeFi synthetic asset protocol on Terra. Learn how mAssets, CDPs, MIR tokens worked — and why it shut down in 2022.
23. [**Asian Fintech**](https://zipmex.com/blog/afin-au/) — AFIN aims to mine Bitcoin using renewable energy and connects holders of AFIN to Green Bitcoin with a staking platform.
24. [**Serum**](https://zipmex.com/blog/coin-info-srm-id/) — Serum.
25. [**What Is TrustSwap (SWAP)? Team Finance, the Launchpad and the Token Explained**](https://zipmex.com/blog/coin-info-swap/) — TrustSwap is a token-infrastructure company behind Team Finance and a launchpad. Here's what it runs in 2026 and what the SWAP token does.
26. [**Ren**](https://zipmex.com/blog/ren-th/) — Ren Protocol moves cryptocurrency assets to different blockchain networks through leveraging the RenVM and DarkNodes.
27. [**What Is Chainlink? Complete 2026 Guide to LINK & Oracles**](https://zipmex.com/blog/what-is-chainlink/) — Learn what Chainlink is, how LINK tokens work, who uses it (Swift, JPMorgan, Aave), how to buy LINK, and the real risks of holding it in 2026.
28. [**What Is Band? The Band Protocol Oracle, BandChain and BAND Explained**](https://zipmex.com/blog/band-protocol/) — Band, formerly Band Protocol, is a cross-chain data oracle on its own Cosmos SDK chain. How BandChain works, what BAND does, and the 2025–2026 updates.
29. [**The Graph (GRT): How the Blockchain Indexing Network Works in 2026**](https://zipmex.com/blog/the-graph/) — The Graph indexes blockchain data and serves it through subgraphs. How GRT, Indexers and the 2026 Rewards Eligibility Oracle work.
30. [**AAVE Price Prediction: Where the Token Stands in October 2026 and What Moves It**](https://zipmex.com/blog/aave-price-prediction/) — AAVE trades near $136 on 25 October 2026, about 80% below its 2021 high. What drives the token now: Aave V4, curated markets, buybacks.
31. [**COMP Price Prediction: Why Governance, Not Charts, Drives Compound Now**](https://zipmex.com/blog/comp-price-prediction/) — COMP trades near $23 after a 39% fall in a year. Nobody can reliably forecast its price; here is what is actually moving Compound in October 2026.
32. [**UNI Price Prediction 2026–2030: Expert Analysis & Forecasts**](https://zipmex.com/blog/uni-price-prediction/) — UNI price prediction 2026–2030: year-by-year forecasts, RSI, MACD & Bollinger Band signals, fee switch analysis, and investment strategies for every risk.
33. [**KNC Price Prediction 2026–2030: Full Forecast & Analysis**](https://zipmex.com/blog/knc-price-prediction/) — KNC price prediction for 2026–2030 with technical analysis, yearly forecasts, key market drivers, and risk assessment for Kyber Network Crystal.
34. [**GRT Price Prediction 2026–2030: Can The Graph Recover?**](https://zipmex.com/blog/grt-price-prediction/) — Realistic GRT price prediction for 2026–2030 with bear, base, and bull scenarios. Includes technical analysis, tokenomics, investment risks, and buy guide.
35. [**ANT Price Prediction 2026–2030: ANTTIME Expert Forecast**](https://zipmex.com/blog/ant-price-prediction/) — ANTTIME (ANT) price prediction 2026–2030: algorithmic forecasts, full technical analysis (RSI, MACD, Bollinger Bands), key risk factors, and buy strategies.
36. [**LRC Price Prediction: What Loopring's Token Is Worth After the DEX Shutdown**](https://zipmex.com/blog/lrc-price-prediction/) — Loopring shut down its DEX on 28 June 2026\. LRC trades near $0.0085 and has no live product behind it. What remains, and what could still move the price.
37. [**AAVE this week: +1% in seven days, positive funding on perps**](https://zipmex.com/blog/aave-weekly-2026-09-08/) — Aave closed the week at $0.0₁₁0 (+1.4% in 7 days, +40.0% in 30). Market cap, the seven-day range and what the ZIPMEX perp market is charging to hold a position, with sources.
38. [**MORPHO this week: -5% in seven days, negative funding on perps**](https://zipmex.com/blog/morpho-weekly-2026-09-08/) — Morpho closed the week at $2.41 (-4.6% in 7 days, +24.7% in 30). Market cap, the seven-day range and what the ZIPMEX perp market is charging to hold a position, with sources.
39. [**PENDLE this week: +24% in seven days, positive funding on perps**](https://zipmex.com/blog/pendle-weekly-2026-09-08/) — Pendle closed the week at $0.0₁₁0 (+24.0% in 7 days, +60.0% in 30). Market cap, the seven-day range and what the ZIPMEX perp market is charging to hold a position, with sources.
40. [**ENA this week: -3% in seven days, negative funding on perps**](https://zipmex.com/blog/ena-weekly-2026-09-08/) — Ethena closed the week at $0.1572 (-2.8% in 7 days, +80.3% in 30). Market cap, the seven-day range and what the ZIPMEX perp market is charging to hold a position, with sources.
41. [**ETHFI this week: +4% in seven days, positive funding on perps**](https://zipmex.com/blog/ethfi-weekly-2026-09-08/) — Ether.fi closed the week at $0.0₁₁0 (+3.6% in 7 days, +49.2% in 30). Market cap, the seven-day range and what the ZIPMEX perp market is charging to hold a position, with sources.
42. [**CRV price, week to 8 September 2026: +9% in seven days, +63% in 30**](https://zipmex.com/blog/crv-weekly-2026-09-08/) — CRV was $0.369 on 8 Sep 2026, up 9.3% in a week and 63% in 30 days on CoinGecko data, but still 97.6% below its 2020 high. Since then: $0.346.
43. [**Chainlink (LINK) price, week to 8 September 2026: up 9.5% in seven days, 50% in thirty**](https://zipmex.com/blog/link-weekly-2026-09-08/) — LINK traded near $12.46 on 8 September 2026, up about 9.5% on the week and 50% on the month. Highs, lows, market cap, what came next. CoinGecko data.
44. [**PYTH, week to 7 September 2026: up 19% as Pyth reports $10.4M ARR**](https://zipmex.com/blog/pyth-weekly-2026-09-07/) — PYTH rose about 19% in the week to 7 Sep 2026 as Pyth reported $10.4M ARR for August, added 12 indices and bought back PYTH. Dated figures.
45. [**PYTH contract address: how to verify it and avoid fake tokens**](https://zipmex.com/blog/pyth-contract-address/) — The official Pyth Network mint on Solana, the bridged versions on 2 networks, three ways to verify an address and four scams that borrow the PYTH name.
46. [**RAY in the week to 7 September 2026: a launchpad deal, a 46% day and what came next**](https://zipmex.com/blog/ray-weekly-2026-09-07/) — RAY jumped in early September 2026 after a stock-paired launchpad moved its token launches to a Solana DEX. Dated figures, what followed, what to watch.
47. [**ORCA this week: +24% in seven days, 90,163 holders**](https://zipmex.com/blog/orca-weekly-2026-09-07/) — Orca closed the week at $1.54 (+24.3% in 7 days, +44.8% in 30). What the chain says about holders, flows, funding and safety, with sources.
48. [**ORCA contract address: how to verify it and avoid fake tokens**](https://zipmex.com/blog/orca-contract-address/) — The official Orca mint on Solana, the bridged versions on 0 networks, three ways to verify an address and four scams that borrow the ORCA name.
49. [**KMNO this week: +3% in seven days, 54,474 holders**](https://zipmex.com/blog/kmno-weekly-2026-09-07/) — Kamino closed the week at $0.02509 (+2.6% in 7 days, +37.3% in 30). What the chain says about holders, flows, funding and safety, with sources.
50. [**KMNO contract address: how to verify it and avoid fake tokens**](https://zipmex.com/blog/kmno-contract-address/) — The official Kamino mint on Solana, the bridged versions on 0 networks, three ways to verify an address and four scams that borrow the KMNO name.
51. [**HYPE price after the September 8 week: a $97.96 peak, then a slide to $76**](https://zipmex.com/blog/hype-weekly-2026-09-08/) — HYPE was at $76.01 on 25 October 2026, about 22% under its $97.96 high. How the week of 8 September led there, with CoinGecko figures and dates.

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