Smart Contract
A program stored on a blockchain that runs automatically when its conditions are met, without an intermediary holding the assets.
Also called smart contracts
A program stored on a blockchain that runs automatically when its conditions are met, without an intermediary holding the assets.
Why it matters
The code executes exactly as written, including its bugs. Most large DeFi losses have been contract flaws rather than market moves.
Related terms
Keep reading
Layer 2
A network built on top of a base blockchain that processes transactions separately and…
Token
A digital asset issued on an existing blockchain rather than having its own. Tokens…
Blockchain
A shared record of transactions maintained by many independent computers, where each block of…
NFT
A token representing a unique item rather than an interchangeable unit, recorded on a…
Gas Fee
The payment for the computation a blockchain transaction consumes, paid in the network's own…
Ethereum
A blockchain designed to run programs — smart contracts — as well as move…