How DEXs, AMMs, lending protocols, stablecoins and yield farming work, with real numbers on impermanent loss, liquidations and smart contract risks.
One stablecoin equals one dollar. That's practically crypto common sense. Yet in 2022, a supposedly stable coin fell to almost nothing within days, and in 2023, the second-largest dollar stablecoin briefly dropped to $0.87. What keeps stablecoins stable, and how do their risks differ?
Emily Parker · 6 min read
"200% APY." "Risk-free returns." DeFi never runs short of tempting numbers. But there's no free lunch: behind every yield, someone is paying or someone is taking on risk. This guide unwraps the numbers so you can see where the money really comes from.
Emily Parker · 6 min read
Since Ethereum moved to proof of stake, staking ETH for rewards has become a popular choice. But running your own validator, handing coins to an exchange and swapping into a liquid staking token carry very different risks and rewards. This guide sorts it all out.
Emily Parker · 6 min read
No bank account, no paperwork, just a wallet. DeFi lets you trade, borrow and earn yield on-chain. Here's how it works, with real numbers, and where the traps are hiding.
Emily Parker · 6 min read