DeFi liquidity, made navigable.
Twenty durable guides, arranged from first principles through to concentrated liquidity, onchain metrics, and market structure.
Learn the grammar of liquidity.
What Is a Liquidity Pool? A Clear Guide to DeFi Market Depth
A practical guide to liquidity pools: how invariants, ranges, fees, composition, and MEV shape price impact, liquidity-provider risk, and trade execution.
Automated Market Makers Explained: The Engine Behind AMM Pools
AMMs price trades from reserves and rules. Learn how invariants, fees, active liquidity, price impact, and MEV shape execution and LP risk before you act.
The Constant Product Formula: How x × y = k Shapes AMM Prices
How x × y = k actually sets AMM execution: marginal vs average price, fees, depth, slippage controls, MEV risk, and LP exposure—before you trade or provide.
AMM vs. Order Book: Two Ways to Organize a Market
How AMMs and order books turn liquidity into an executable price. Compare execution paths, price impact, inventory and ordering risk to choose per trade.
Liquidity Pool Tokens Explained: What an LP Position Represents
LP tokens are claims on dynamic pool states, not simple receipts. Learn how Uniswap v2, v3, and Curve account for fees, ranges, and redemption.
TVL Explained: What Total Value Locked Can—and Cannot—Tell You
TVL is a valuation snapshot, not a score. Understand how it’s computed, when figures are comparable, and how to verify real liquidity, pricing, and risk.
Follow the position through the pool.
How to Provide Liquidity: A Mechanism-First Walkthrough
Providing liquidity is choosing an exposure to a pricing rule. Learn how ranges, pool types, fees, and flow shape your inventory, activity, and risk.
Liquidity Provider Fees: How LP Revenue Is Generated and Measured
LP fees pay you for supplying executable inventory. Trace Uniswap v2/v3 flows, active-liquidity accrual, fee tiers, and Curve veCRV; measure net vs holding.
Concentrated Liquidity Explained: Range, Capital Efficiency, and Risk
A practical explainer of Uniswap v3 concentrated liquidity—how ranges activate, fee flow, inventory shifts, ticks, and operational risk—without yield hype.
Range Orders on AMMs: How Liquidity Can Express a Price View
A path-by-path explainer of Uniswap v3-style range orders: how inventory flips as price moves, when fees stop, and the costs and MEV risks you must weigh.
Stablecoin Liquidity Pools: Efficient Curves, Depeg Risk, and Due Diligence
Stablecoin pools aren’t savings accounts. Understand how AMM curves, ranges, and MEV shift inventory and exit paths when a dollar peg falters.
Build an opinion you can explain.
Impermanent Loss Explained: Rebalancing, Relative Price, and LP Outcomes
A concrete guide to impermanent loss as AMM rebalancing against relative price: compare fees, range, and inventory shifts to your hold or rebalancing benchmark.
Liquidity Pool Risks: A Complete Framework for LP Due Diligence
A practical, mechanism-first framework to price risks in liquidity pools—range inactivity, divergence, imbalance, oracle paths, and governance exposure.
MEV and Liquidity Providers: How Execution Conditions Affect LPs
LP returns are path-dependent. See how price moves, arbitrage, ordering, slippage, and fee rules shape realized outcomes—and when to step aside.
Cross-Chain Liquidity Explained: What Moves, What Fragments, and What Can Break
Cross-chain routes aren’t one pool. Learn how lock/mint, burn/mint, atomic swaps, and liquidity networks move value, fragment liquidity, and change settlement risk.
How to Evaluate a Liquidity Pool: A Five-Part Research Framework
A practical, five-part framework to evaluate any DeFi liquidity pool—by tracing price mechanics, active-liquidity risk, fees vs loss, MEV, and dependencies.
Onchain Liquidity Metrics: What to Measure Beyond TVL and Volume
Assess usable onchain liquidity beyond TVL and volume: measure executable depth, fee-adjusted impact, active ranges, balance parameters, LP risk, and MEV.
Put the system into wider context.
Liquidity Mining Explained: Incentives, Emissions, and Durable Market Depth
Learn how liquidity mining actually affects market depth, fee flow, LP inventory, and emissions control—so headline APRs aren’t mistaken for durable liquidity.
Market Making on AMMs: A Practical Framework for Understanding LP Behavior
A clear framework for LPs: how invariants, ranges, fees, and correlations drive inventory, fee accrual, and risk across Uniswap v2/v3 and Curve.
The Liquidity Pool Research Checklist: Questions to Ask Before You Act
A practical checklist to model pool mechanics, ranges, fees, and execution so you can explain inventory, inactivity, and risk before adding liquidity.