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DeFi Reference — Ethereum & Solana

Mechanisms, math, risks, and the papers behind them — for both chains, side by side.

Every topic page has the same ten sections: a TL;DR, an Explain it simply section (analogy, ELI5, walkthrough, misconceptions), the mechanism and math, a worked numeric example, where it is used on Ethereum and on Solana, risks and real incidents, open problems, an Ethereum-vs-Solana comparison, a Reference doc section that summarises the primary source and tells you how to read it, and the full source list.

Foundations

Accounts, tokens, fees, block production and roadmaps on both chains.

Exchange & AMMs

Constant-function math, concentrated liquidity, LVR, batch auctions, order books, hooks.

Lending & stablecoins

Money markets, liquidations, CDPs, delta-neutral dollars, payments.

MEV & market structure

From the Dark Forest to PBS, MEV burn, Jito bundles and based rollups.

Built from Paradigm’s writing and papers, ethresear.ch, and Solana primary sources (Helius, Anza, Jito, protocol docs). Numbers are date-stamped; every claim links to its source.