The finance library

Crypto finance is full of people who sound very confident and explain very little. This library is the opposite. Each guide starts from zero, defines every term the first time it shows up, uses worked examples with real numbers, and is upfront about what can go wrong.

You don't have to read them in order, but if you're new, the order below builds up nicely: first how markets behave, then the dollar-like tokens everything runs on, then how to read the data, then where yield comes from, and finally the tax side of all of it.

• Markets

  Crypto market cycles: bull, bear and everything in between

  The four phases crypto keeps looping through, the emotions behind them, the halving story, and how deep bear markets really go.

  10 min read

• Markets

  Stablecoins explained: pegs, reserves and what can go wrong

  How arbitrage holds a peg, the three designs, and the real stories of UST, USDC and DAI under stress.

  8 min read

• Research

  On-chain analysis 101: reading the blockchain like a trading desk

  How to read a transaction, the metrics analysts watch (exchange flows, MVRV, SOPR), and the traps to avoid.

  7 min read

• DeFi

  DeFi yield strategies: where the money comes from

  Lending, liquidity pools, staking and farming, with worked examples of APY and impermanent loss, plus red flags.

  8 min read

• Regulation

  Crypto tax basics: what every trader should know

  Which events are commonly taxed, how cost basis works, DeFi edge cases, and a record-keeping system that actually works.

  7 min read

How to get the most out of these guides

• Read the TL;DR first. Every article opens with a short summary. If that's all you need today, great. Come back for the detail when you need it.
• Do the worked examples yourself. Swap in your own numbers. Understanding why impermanent loss happens, or how a swap creates a tax event, sticks much better when you've done the maths once.
• Follow the links sideways. The guides link to each other where concepts overlap, so you can fill gaps without starting from scratch.
• Check the "updated" date. Crypto changes fast. Every article shows when it was last reviewed.

Quick glossary

The terms you'll see most often across the library. Each one is explained in more depth in the guide linked next to it.

Bull market and bear market

Long periods of rising and falling prices. See market cycles.

Capitulation

The point in a sell-off where holders give up and sell, often near a bottom.

Stablecoin

A token designed to stay worth a fixed amount, usually one US dollar. See stablecoins explained.

Peg

The target price a stablecoin tries to hold.

Collateral

Assets locked up to secure a loan or back a token.

Liquidation

When a protocol automatically sells a borrower's collateral because its value fell too low.

APR and APY

Annual rates without and with compounding. See DeFi yield.

Impermanent loss

The value a liquidity provider loses compared with simply holding, when prices move.

Exchange flows

Coins moving onto or off exchanges. See on-chain analysis.

Realized cap and MVRV

A network's aggregate cost basis, and market value divided by it.

Cost basis

What you paid for an asset, including fees. See crypto tax basics.

Disposal

Selling, swapping, spending or otherwise getting rid of an asset, which can trigger tax.