DeFi Explained: DEXs, Liquidity Pools and Protocols

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 — 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 — 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) — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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) — 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 — 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 — 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 — 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 — Kyber Network Crystal.
19. What Is MKR? Complete 2026 Guide to Maker & DAI — 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 — Synthetix (SNX) has returned to Ethereum Mainnet in December 2025, marking a pivotal moment for this pioneering DeFi derivatives protocol.
21. Alpha Finance Lab — 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) — 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 — AFIN aims to mine Bitcoin using renewable energy and connects holders of AFIN to Green Bitcoin with a staking platform.
24. Serum — Serum.
25. What Is TrustSwap (SWAP)? Team Finance, the Launchpad and the Token Explained — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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? — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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.