Glossary

A type of decentralized exchange that uses mathematical formulas to price assets instead of an order book. Liquidity is provided by users who earn fees in return.

The holding of assets on behalf of someone else. Custodial platforms hold your assets for you. Non-custodial platforms (like Terminal One) let you hold your own assets.

Financial services and products built on public blockchains, accessible to anyone with a wallet and without intermediaries like banks or brokers.

A trading platform that operates without a central authority. Users trade directly from their wallets using smart contracts. Examples: Uniswap, Curve.

The fee paid to blockchain validators for processing transactions. Paid in the native token of the chain (ETH on Ethereum, MATIC on Polygon).

The ease with which an asset can be bought or sold without significantly affecting its price. High liquidity means large orders can be filled with minimal slippage.

Data or transactions that are recorded directly on a blockchain. On-chain activity is transparent, permanent, and verifiable by anyone.

Physical or traditional financial assets that have been tokenized and brought on-chain. Examples include treasury bills, gold, real estate, and private credit.

The finalization of a transaction — when ownership officially transfers. Traditional finance takes 1-3 days (T+1, T+2). On-chain settlement is instant and final.

The difference between the expected price of a trade and the actual execution price. Higher slippage occurs in lower-liquidity markets. Terminal One minimizes slippage through cross-chain routing.

Self-executing code stored on a blockchain that automatically carries out agreed-upon terms when conditions are met. Used for everything from token swaps to lending protocols.

The process of representing ownership of a real-world asset as a digital token on a blockchain. The token provides a verifiable, transferable record of ownership.

The total value of assets deposited in a DeFi protocol. A common metric for measuring the scale and adoption of a protocol.

A software application that stores private keys and allows users to interact with blockchains. Non-custodial wallets give users full control over their assets.

The return generated from holding an asset over time. In on-chain capital markets, yield comes from sources like Treasury bill interest, lending fees, or staking rewards.