Krypto & DeFi Papakupu

Te reiti whakahoki i runga i te putea mō te tau kotahi, tae atu ki te huamoni pūhui. Ka tatau te APY i te huamoni ka riro mai i runga i te huamoni kua utua kētia, nō reira mō te reiti ingoa ōrite he teitei ake i te APR i ngā wā katoa ka puta te pūhui. Ka nui ake te wā ka pūhiutia te huamoni, ka whānui ake te āputa.

Ko te reiti huamoni ā-tau māmā, kāore he whakaputu. Ka wareware te APR ki te whakaputu anō o te huamoni kua riro kē. I roto i te DeFi, he maha ngā kawa e whakaatu ana i te APR ina me kereme me te whakaputu anō ā-ringa i ngā utu. Mō te reiti ingoa ōrite, he iti iho, he ōrite rānei te APR ki te APY.

A type of decentralized exchange that prices assets with a mathematical formula instead of an order book. Anyone can deposit tokens into a liquidity pool and earn a share of the trading fees. Uniswap, Balancer and Curve are well-known AMM protocols.

A trading mechanism where orders are collected over a short window and settled together in a single transaction. All trades of the same token pair in a batch receive the same clearing price. CoW Swap uses batch auctions, which keeps orders out of the public mempool and limits MEV.

Moving tokens from one blockchain to another. Most bridges lock tokens on the source chain and mint a matching amount of a wrapped version on the destination chain; others use liquidity pools on both sides. A bridge adds its own smart contract and custody risk on top of the chains it connects.

Assets a borrower deposits as security for a loan. DeFi lending protocols require over-collateralization: the deposit must be worth more than the loan. If the collateral value falls below the protocol's threshold, part of it is sold to repay the debt (see Liquidation).

Ka tātaihia te huamoni i runga i te pūtea taketake me te huamoni kua riro kē. I roto i te DeFi, ka kīa e ngā pouaka whakahiato-aunoa ngā utu ka whakangao anō aunoatia, ka piki ake te APY whai hua. Ko te tātai paerewa ko A = P(1 + r/n)^(nt), ko n te maha o ngā wā whakahiato ia tau, ko t te maha o ngā tau.

He whakahaere e whakahaerehia ana mā ngā kirimana atamai me ngā pōti a ngā kaipupuri tohu, kāore i te mā te rōpū whakahaere matua. Mā te DAO e whakahaere te pūranga o te kawa, e whakaae ki ngā whakapainga, e whakarite i ngā tawhā pēnei i ngā utu. Ko MakerDAO (i whakaingoatia anō ko Sky i te tau 2024), Aave DAO me CoW DAO ētahi tauira.

An exchange that runs on smart contracts instead of a central operator. Trades settle directly from users' wallets, so users keep custody of their assets until the trade executes. Most DEXs are AMMs; others, such as CoW Swap, use batch auctions and route orders across several liquidity sources.

Ko ngā ratonga pūtea (tuku moni, nama, hokohoko, whakahaere rawa) i hangaia i runga i ngā poraka tūmatanui me ngā kirimana atamai hei whakakapi i ngā pēke, kaihokohoko rānei. Ka rere ngā kawa DeFi i ngā hāora katoa, ā, ka taea e te tangata whai pukoro crypto te whakamahi. Kei a rātou ngā mōrearea kirimana atamai, oracle me te mākete kāore i te pēnei i te pūtea pēke.

The most common token standard on Ethereum. ERC-20 defines the functions every fungible token must implement, including transfer, approve and balanceOf, so that wallets and protocols can handle any token in the same way. USDC, USDT, DAI and AAVE on Ethereum are ERC-20 tokens.

The fee paid to a blockchain network to process a transaction. On Ethereum, gas is priced in gwei (one billionth of an ETH) and rises when the network is busy. Layer 2 networks such as Arbitrum and Base charge much lower gas fees than Ethereum mainnet because they bundle many transactions into one.

A token that gives its holders voting rights over a protocol's decisions, such as upgrades, fee levels, treasury spending and risk parameters. Examples include AAVE, BAL, COW, COMP and MKR. Holding a governance token does not by itself entitle you to a share of protocol revenue.

The loss a liquidity provider faces when the relative price of the deposited tokens changes after the deposit, compared with simply holding those tokens. The loss only becomes permanent when the position is withdrawn. Pools of tokens that track the same price, such as two US dollar stablecoins, have very little impermanent loss.

A base blockchain that processes and finalizes its own transactions with its own consensus mechanism. Bitcoin, Ethereum, Solana and Kaspa are Layer 1 networks. Layer 2 networks rely on a Layer 1 for security and final settlement.

He whatunga i hangaia ki runga ake i tētahi poraka mekameka Layer 1 hei tukatuka i ngā whakawhitinga tere ake, me te utu iti ake. Ka whakahaere tētahi L2 i ngā whakawhitinga i waho o te mekameka matua, ka whakahoki anō i ngā hua ki reira, ka riro i a ia te nuinga o tōna haumarutanga. Ko Arbitrum, Optimism me Base ngā L2 Ethereum e whakamahia whānuitia ana.

A DeFi application where users lend and borrow crypto. Lenders deposit tokens into a pool and earn interest; borrowers post collateral and pay interest. Rates move with supply and demand in each pool. Aave, Compound and Morpho are major lending protocols.

The forced sale of a borrower's collateral when its value falls below the protocol's required ratio. Liquidation protects lenders from bad debt. On Aave, a position can be liquidated once its health factor drops below 1. The borrower loses part of the collateral plus a liquidation penalty paid to the liquidator.

He kirimana atamai e pupuri ana i ngā rahui o ngā tohu e rua, neke atu rānei, kia taea ai e ngā kaihokohoko te whakawhiti i waenga i a rātou. Ka whakatakoto ngā kaiwhakarato moni ki roto i te puna, ā, ka whiwhi wāhanga rātou o ngā utu hokohoko. Mā tētahi tātai utu, pērā i te tātai hua pūmau e whakamahia ana e Uniswap v2, e whakarite te reiti whakawhiti mai i ngā rahui.

He kaiwhakamahi e whakatakoto pūtohu ana ki tētahi puna whakarewa i runga i tētahi DEX. Ka whiwhi ngā LP i ngā utu hokohoko e hāngai ana ki tō rātou wāhanga o te puna, ā, ka whiwhi pūtohu LP (he NFT tūnga rānei i runga i Uniswap v3) hei tohu mō tā rātou whakatakotoranga. Mā te tuku whakarewa mō ngā takirua whakawhitiwari ka pā ngā LP ki te ngaronga taupua.

The extra profit that block producers or specialized bots (searchers) can capture by reordering, inserting or excluding transactions in a block. Common forms are front-running and sandwich attacks on DEX trades. CoW Swap limits MEV by settling orders in batch auctions instead of the public mempool.

He ratonga e whāngai ana i ngā raraunga o waho, pēnei i ngā utu o ngā rawa, ki roto i ngā kirimana atamai. Ka whakawhirinaki ngā kawa tuku mona ki ngā tohu utu hei aromatawai i te taunaha. Ko Chainlink me Pyth ngā whatunga tohu e whakamahia whānuitia ana. Mā te utu hē, kua roa rānei te tae mai, ka puta pea ngā whakakorenga hē, nō reira ko te hoahoa tohu tētahi āhuatanga mōrearea matua.

A consensus mechanism in which validators lock up (stake) the network's token as collateral for the right to propose and confirm blocks. Validators who break the rules can lose part of their stake (see Slashing). PoS uses far less energy than Proof of Work. Ethereum switched to PoS in September 2022.

He tikanga whakaaetanga e whakataetae ai ngā kaikeri ki te whakatau i tētahi panga rorohiko; ka tāpiri te toa i te poraka e whai ake nei, ka whiwhi hoki i te utu poraka. Me nui te kaha rorohiko me te hiko mō te PoW, ā, nā tēnei e nui ai te utu mō te tuhi anō i te mekameka. Ka whakamahi a Bitcoin rāua ko Kaspa i te Proof of Work.

A penalty on a Proof of Stake network that destroys part of a validator's stake when it breaks the rules, for example by signing two conflicting blocks. On Ethereum, a slashed validator is also forced to exit the network. Slashing is how PoS networks make misbehaviour costly; delegators usually share the loss.

The difference between the price you expect when you submit a trade and the price you actually get. It happens when the market moves before execution or when the trade is large relative to the pool's liquidity. A higher slippage tolerance lets a trade go through in fast markets, but at a worse price.

A program stored on a blockchain that runs automatically when its conditions are met. Smart contracts power every DeFi application, from lending pools to DEXs. Their code is usually immutable once deployed, so bugs cannot be patched easily. This is why independent audits matter.

He moni matihiko i hangaia kia mau tonu tōna uara, ko te nuinga he tāra US kotahi. Ka taea te tautoko i ngā moni pūmau e ngā rahui moni tūturu (USDC, USDT), e ngā taunaha matihiko (DAI, GHO), e tētahi hātepe rānei. Ko rātou te rawa tūāpapa o te nuinga o ngā hua DeFi nā te mea ka tangohia e rātou te pōuriuri utu mai i te whakahokinga. Ka taea e tētahi moni pūmau te ngaro tōna herenga ki te kore ōna rahui, ōna taunaha rānei e tutuki.

Ko te maukati i ngā tohu hei āwhina i te whakapūmau i tētahi whatunga Proof of Stake hei utu mō ngā utu. Ko te nuinga o ngā kaipupuri ka tuku ki tētahi kaitirotiro, kaua e whakahaere i tētahi. He rerekē ngā utu i ia whatunga, ā, ka neke haere i runga i te wāhanga o te tuku kua staked, te pikinga o ngā tohu me te utu a te kaitirotiro; ka whakaputa ia whatunga i tōna reiti ora. He maha ngā wā ka herea ngā tohu kua staked mō tētahi wā i mua i te hoko atu.

The total value of the assets deposited in a DeFi protocol's smart contracts, usually expressed in US dollars. TVL is a common measure of a protocol's size and adoption. It moves with token prices as well as with deposits and withdrawals, so compare it over time rather than at one point. DefiLlama publishes live TVL for most protocols.

Ko te wahanga o nga putea tuku moni kua nama inaianei. Ka piki nga reiti huamoni i runga i te whakamahinga, a ka tino piki ake i runga ake i te taumata tino pai kua whakaritea mo ia rawa e te kawanatanga, kia noho tonu ai nga kaituku moni ki te waiwai kore utu ki te tango. I runga i a Aave, ko taua taumata tino pai ka whakaritea i waenga i te 80% me te 90% i runga i te rawa.

A participant in a Proof of Stake network that proposes and confirms blocks after locking up a stake as collateral. On Ethereum, a validator needs 32 ETH; on most other networks, token holders delegate to validators, who take a commission on rewards. Validators earn rewards for correct work and are penalized or slashed for downtime or misbehaviour.

A smart contract that runs an automated yield strategy for depositors. Users deposit tokens and the vault lends them, provides liquidity or compounds rewards according to its strategy. Beefy, Yearn and Morpho vaults are examples. A vault adds its own smart contract and strategy risk on top of the protocols it uses.

He pūmanawa, he taputapu mārō rānei e pupuri ana i ō kī tūmataiti, ā, ka taea e koe te waitohu i ngā whakawhitinga poraka. Ko ngā pukoro wera pēnei i a MetaMask me Rabby ka rere i roto i te pūtirotiro, i te waea rānei. Ko ngā pukoro mārō pēnei i a Ledger me Trezor ka pupuri i ngā kī tuimotu, mā reira e whakaiti ai te tūpono o te tāhae e te pūmanawa kino. Me whai pukoro koe hei whakamahi tika i te DeFi.

A DeFi protocol that deposits user funds into yield strategies across several protocols and reinvests the rewards automatically. Aggregators save users gas and manual work, but add another layer of smart contract risk. Beefy Finance and Yearn are yield aggregators.

Moving crypto between lending pools, liquidity pools and staking positions to earn the highest available return, often including protocol token rewards. Yield farming needs active management and an understanding of each protocol's risks. Advertised rates can fall quickly as more capital enters a pool.