Everything you need to know about on-chain capital markets. From total beginner to professional trader.
Start Here — What Is This All About?
What Are On-Chain Capital Markets?
On-chain capital markets are financial markets that operate on blockchain infrastructure. Any wallet can access any asset, globally, instantly, with no custodian holding your assets.
How Tokenization Works
Tokenization is the process of representing ownership of a real-world asset as a digital token on a blockchain. Here is exactly how that process works.
Why BlackRock, Goldman, and Franklin Templeton Are Building On-Chain
BlackRock, Goldman Sachs, and Franklin Templeton are not making bets on crypto. They are solving real operational problems with blockchain infrastructure.
The Assets — What You Can Trade
Tokenized Treasury Bills
US Treasury bills, tokenized and accessible to any wallet. Earning real yields with instant settlement and no brokerage account required.
Tokenized Gold
Physical gold from London Good Delivery vaults, represented as on-chain tokens. Fractional, transferable, and tradeable 24/7.
Using Terminal One — Step by Step
Getting Started on Terminal One
Connect your wallet, explore 500+ assets, and make your first on-chain trade in under 5 minutes. Here is exactly how.
Understanding Orbit
Orbit is Terminal One's real-time market scanner. Three columns — Rising, Falling, Volume — show you where the entire on-chain market is moving right now.
How You Earn on Terminal One
Every swap earns points. Every referral pays fees. Every battle stakes real points. Here is the complete breakdown of how you earn on Terminal One.
Key Concepts — Understanding How It Works
What Is a Crypto Wallet?
A crypto wallet stores the private key that proves you control your assets. Not the assets themselves — the proof of ownership. Here is everything you need to know.
What Is Cross-Chain Routing?
Terminal One routes trades across 7 blockchains simultaneously, finding the best execution path automatically. Here is how it works.
Glossary — Every Term Defined
DeFi (Decentralized Finance)
Financial services and products built on public blockchains, accessible to anyone with a wallet and without intermediaries like banks or brokers.
RWA (Real-World Assets)
Physical or traditional financial assets that have been tokenized and brought on-chain. Examples include treasury bills, gold, real estate, and private credit.
Tokenization
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.
Wallet
A software application that stores private keys and allows users to interact with blockchains. Non-custodial wallets give users full control over their assets.
Smart Contract
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.
Gas
The fee paid to blockchain validators for processing transactions. Paid in the native token of the chain (ETH on Ethereum, MATIC on Polygon).
Slippage
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.
Liquidity
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.
DEX (Decentralized Exchange)
A trading platform that operates without a central authority. Users trade directly from their wallets using smart contracts. Examples: Uniswap, Curve.
Yield
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.
Custody
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.
On-Chain
Data or transactions that are recorded directly on a blockchain. On-chain activity is transparent, permanent, and verifiable by anyone.
Settlement
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.
AMM (Automated Market Maker)
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.
TVL (Total Value Locked)
The total value of assets deposited in a DeFi protocol. A common metric for measuring the scale and adoption of a protocol.