Finance, with the middlemen replaced by code.
Same ledger. No building, no counter, no opening hours — and anyone can read it.
TraditionalYouTellerManagerLedger · bank only
DeFi — 24/7Your walletCodeLedger · public
You supply two assets. Traders pay you to swap between them.
An on-chain exchange has no market maker on a desk. Instead, liquidity providers deposit pairs of assets — say ETH and a dollar stablecoin — into a shared pool. Anyone who swaps through that pool pays a small fee, and the fee is split among whoever supplied the liquidity. That is a liquidity provider, or LP.
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Price now
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1 · DepositTwo assets, placed inside a price range you choose.
2 · EarnEvery swap that crosses your range pays you a fee.
3 · WatchIf price leaves the range, fees pause until it returns — so the range is the whole job.
Three books. One main line.
On-chain liquidityThe main line.Concentrated positions on Aerodrome and Uniswap, backed by ETH held on Aave. Monitored by an in-house tracker, every few minutes.
OptionsDeribit, alongside the book.ETH options written and managed next to the liquidity positions — part hedge, part income.
US equitiesA slower, separate book.Listed companies, held on a longer clock. Kept apart from everything above.