$DOGE
Heating UpSnapshot Window: 2026-07-26 14:30 UTC · ← Back to Crypto Overview
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How liquidity pools actually work, (importantly) the thing that replaced the order book in DeFi (and why "impermanent loss" trips up almost everyone) DEXs have settled over $13 trillion in volume, and almost none of it touched an order book. It all ran through liquidity pools. Understand the pool and modern DeFi stops feeling like jargon. My understanding of what it is: a smart contract holding a pair of tokens that people trade against. No matching buyers to sellers - everyone trades against one shared reserve. That's the whole trick. An order book needs a counterparty for every trade; a pool is always available because the reserve is the counterparty. How it works - any feedback is welcome!:
Brother Feng has also fallen for the crypto circle's siren song.