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
Bitcoin
The first cryptocurrency, launched in 2009, running on a proof-of-work blockchain with a supply…
Exchange
A venue for trading assets. A centralised exchange holds customer funds and matches orders…
Liquidity Pool
A pot of two or more tokens locked in a contract that traders swap…
Proof of Work
A consensus method in which participants compete to solve a computational puzzle to add…
Blockchain
A shared record of transactions maintained by many independent computers, where each block of…
Self-Custody
Holding your own keys rather than leaving assets with an exchange or custodian.