On-chain & DEXs
Liquidity pools, swaps, slippage and how a price forms without an order book.
- 01What a decentralised exchange is, and how a swap worksbeginnerA DEX has no company, no account and no order book. It is a program on a blockchain that holds two piles of tokens and lets anyone trade one for the other. This lesson follows a single swap from your wallet to the pool and back.4 min read
- 02Liquidity pools and AMMs: how a formula sets a priceintermediateA liquidity pool replaces every bid and ask in an order book with one equation. This lesson works through that equation with real numbers, shows why large trades get worse prices, and explains what liquidity providers earn and what they risk.5 min read
- 03Slippage and price impact: the cost nobody shows youintermediateTwo different things hide under the word "slippage", and confusing them is how traders lose 5% on a swap without noticing. This lesson separates them, explains the tolerance setting, and shows how bots turn a loose setting into their profit.5 min read
- 04Reading a new token: pools, holders and the rug-pull checklistadvancedThousands of tokens launch every day and most are worthless within a week. The information to tell a market from a trap is public and on chain. This lesson shows what to read, in what order, and what each red flag looks like in the data.5 min read
