Explainers

Crypto concepts in plain language: what the words mean, how the mechanics work, where the risks hide, and what changes once the position is yours.

Plain-language explainers for the words crypto uses as if everyone already knew them: what a seed phrase is and why no tracker should ask for it, what read-only access means on an exchange versus on a chain, what an xpub is and where it belongs. Each one opens with the answer, then the mechanics, then where the risk hides.

They are written to be cited, so the definitions are precise and the examples are concrete.

All Guides Self-custody Compare Taxes Explainers

Explainers

Oct 13, 2026 · 5 min read

How liquidation works on Hyperliquid and Lighter

Both venues close a position once its margin falls to the maintenance level, but the rules differ: Hyperliquid’s margin tiers, Lighter’s two thresholds.

Explainers

Oct 2, 2026 · 4 min read

Lighter fees explained: Standard, Plus and Premium accounts

Lighter charges standard accounts nothing to trade. What zero fees cost in latency, what Plus and Premium accounts pay, and how LIT staking cuts fees.

Explainers

Oct 1, 2026 · 6 min read

Tokenized stocks in September 2026: the month the pools arrived

2,635 new DEX pools, 3,575 stocks from seven issuers and 413 of 17,791 contracts with a market. September 2026 in numbers from TrueHold’s terminal.

Explainers

Sep 21, 2026 · 4 min read

Perp PnL explained: why your number and the exchange’s disagree

Perp PnL is four numbers pretending to be one: unrealized, realized, funding and fees. What each moves on, and why two screens rarely agree.

Explainers

Sep 18, 2026 · 4 min read

Tokenized stock multipliers: why one token is not always one share

A multiplier says how many shares one tokenized-stock token stands for. Why it drifts with dividends, jumps on splits, and how to price a token with it.

Explainers

Sep 18, 2026 · 7 min read

Tokenized stocks explained: what you own, who issues them, where they trade

A tokenized stock tracks a listed share from a blockchain address. What you actually own, how seven issuers differ, who may buy and where the tokens trade.

Explainers

Sep 1, 2026 · 3 min read

What is a seed phrase, and why no app should ask for it

Twelve or twenty-four words that are your entire wallet: how seed phrases work, how they get stolen, and the one rule that stops most crypto theft.

Explainers

Sep 1, 2026 · 2 min read

What is an xpub? Watch-only Bitcoin, explained

The extended public key that derives every address in a Bitcoin wallet, what it makes possible, and the privacy trade it quietly carries.

Explainers

Sep 1, 2026 · 2 min read

What is read-only access?

The permission model that lets software see your balances without touching them: key scopes on exchanges, the public address itself on chains.