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Glossary

DeFi

Also called: decentralised finance

Financial services built from smart contracts rather than companies — trading, lending and borrowing that run as code on a public network.

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See also

Automated market makerA contract that quotes prices from the ratio of assets in a pool rather than matching orders. It is what lets a decentralised exchange trade without an order book. Liquidity poolA pot of two or more assets deposited by many people that traders swap against, with depositors earning a share of the fees. Smart contractCode deployed to a network that runs exactly as written when called. "Trustless" refers to the execution, not to whether the code does something reasonable.

Last checked 19 Oct 2026.