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Four tracks, in reading order.

The tracks are a reading order, not just categories. Read them in sequence and each guide builds on the mechanism the previous one explained.

Track 1 · 14 guides

Foundations

The vocabulary and first principles behind liquidity pools, AMMs, LP tokens, and TVL. Start here if you want the mental model before the market commentary.

  1. What Is a Liquidity Pool? How DeFi Liquidity Pools Work
  2. Liquidity Pools for Beginners: Five Decisions, In Order
  3. What Is a Liquidity Provider? The LP Role, Explained
  4. Automated Market Makers Explained: How an AMM Actually Works
  5. AMM vs. Order Book: Three Ways to Get a Trade Done
  6. The Constant Product Formula: How x × y = k Shapes AMM Prices
  7. Slippage and Price Impact: What a Swap Actually Costs
  8. Liquidity Pool Tokens Explained: What an LP Position Represents
  9. Types of Liquidity Pools: Matching the Curve to the Pair
  10. Lending Pool vs Liquidity Pool: Two Different Instruments
  11. Liquidity Pool vs Staking: Two Different Payoffs
  12. TVL Explained: What Total Value Locked Can—and Cannot—Tell You
  13. APR vs APY in DeFi: How to Read a Pool Yield Quote
  14. Onchain Liquidity: How Decentralized Markets Are Assembled

Track 2 · 17 guides

LP Mechanics

A liquidity position is a set of rules, not a passive deposit. Learn how fees, ranges, curves, and stable pools shape the result.

  1. How to Provide Liquidity: A Mechanism-First Walkthrough
  2. Liquidity Provider Fees: How LP Revenue Is Generated and Measured
  3. Uniswap Fee Tiers Explained: Choosing 1, 5, 30, or 100 bps
  4. Uniswap v2 vs v3: Which Liquidity Position Suits You
  5. Concentrated Liquidity Explained: Range, Capital Efficiency, and Risk
  6. Uniswap v3 Ticks and Position NFTs Explained
  7. Concentrated Liquidity Strategy: Choosing a Range Width
  8. Out-of-Range Liquidity: Why an LP Position Stops Earning Fees
  9. Range Orders on AMMs: How Liquidity Can Express a Price View
  10. Single-Sided Liquidity: What One-Sided Provision Really Does
  11. Stablecoin Liquidity Pools: Efficient Curves and Depeg Risk
  12. Balancer Weighted Pools: How 80/20 and Multi-Asset Pools Work
  13. Curve v2 Explained: Cryptoswap, Internal Oracles and TriCrypto Pools
  14. DLMM Explained: Bin-Based Liquidity, Dynamic Fees and Meteora
  15. Meteora DLMM Strategy: Bin Step, Shape and When Positions Stop Earning
  16. Raydium Liquidity Pools: CLMM, CPMM and Choosing Between Them
  17. Uniswap v4 Architecture: Singleton Design, Hooks, and Flash Accounting

Track 3 · 16 guides

Risk & Research

Every pool expresses a collection of risks. These guides help distinguish price exposure, protocol exposure, incentive risk, and execution conditions.

  1. Can You Lose Money in a Liquidity Pool? Six Loss Paths
  2. Liquidity Pool Risks: A Complete Framework for LP Due Diligence
  3. Impermanent Loss Explained: Why Pools Trail Simply Holding
  4. The Impermanent Loss Formula: How to Calculate IL Step by Step
  5. Impermanent Loss Examples: Five Positions, Fully Worked
  6. How to Avoid Impermanent Loss (and What Each Method Costs)
  7. LP Fees vs Impermanent Loss: Finding the Break-Even
  8. Is Providing Liquidity Profitable? The Full Arithmetic
  9. Gas Costs for Liquidity Providers: The Minimum Viable Position
  10. How to Evaluate a Liquidity Pool: A Five-Part Research Framework
  11. Rug Pulls and Locked Liquidity: Six Checks Before You Deposit
  12. Liquidity Depth and Execution: The Only Number That Trades
  13. Token Liquidity Analysis: Measuring What Can Actually Be Sold
  14. Onchain Liquidity Metrics: What to Measure Beyond TVL and Volume
  15. MEV and Liquidity Providers: Sandwiches, JIT Liquidity and Toxic Flow
  16. Cross-Chain Liquidity Explained: Bridges, Fragmentation and Risk

Track 4 · 12 guides

Advanced

Move from individual positions to market structure: liquidity incentives, cross-chain routing, onchain metrics, and AMM market making.

  1. Loss-Versus-Rebalancing: The LP's Real Hurdle Rate
  2. Bonding Curves and AMM Invariants: How Curve Shape Sets Risk
  3. Dynamic Fees in AMMs: Charging for Volatility
  4. Market Making on AMMs: How Professional Liquidity Providers Work
  5. The Liquidity Pool Research Checklist: Questions to Ask Before You Act
  6. Real Yield in Liquidity Pools: Who Actually Pays You
  7. Liquidity Mining Explained: Incentives, Emissions and Lasting Depth
  8. Liquidity Mining vs Yield Farming vs Staking: Who Pays You
  9. Yield Farming Explained: Fee Income, Emissions, and Dilution
  10. Uniswap Liquidity Pools: How v2, v3 and v4 Pools Work
  11. PancakeSwap Liquidity Pools: Structure, Fees and Incentives
  12. Uniswap v3 vs v4 Liquidity: What Actually Changed for LPs