Glossary

Refine your knowledge of crypto-related vocabulary and learn the technical terms used by Crystal.

Generic Terms:

• CLOB (Central Limit Order Book): An exchange architecture that matches user trades with an existing book of user-placed limit orders.

• AMM (Automatic Market Maker): A decentralized exchange model where swap quotes are algorithmically determined based on the reserves in a user-supplied liquidity pool.

• Maker order: An order that adds liquidity to the order book, such as a limit order, is called a maker order.

• Taker order: An order that removes liquidity from the order book, such as a market order, is called a taker order.

• Blockchain: A shared, immutable ledger that facilitates transactions across a network.

• Smart Contract: A computer program located on the blockchain that executes deterministically when transacted with.

• On-chain: Computation or activity that takes place directly on the blockchain.

• Off-chain: Computation or activity that occurs outside of the blockchain.

• DeFi (Decentralized Finance): An umbrella term for peer-to-peer financial applications utilizing blockchain technology.

• CEX (Centralized Exchange): An exchange managed by a central authority operating on off-chain servers.

• DEX (Decentralized Exchange): An exchange operated by smart contracts located on the blockchain rather than off-chain servers.

• EVM (Ethereum Virtual Machine): The computation engine that executes smart contracts on networks such as Ethereum and Monad.

• Gas: Comparable to electricity or energy in the real world, gas is required to perform any action on the blockchain. Gas fees fluctuate based on the complexity of the action and the network's congestion level.

• Wrapped Monad: An ERC-20 wrapper of Monad that allows it to be more easily integrated in DeFi.

Crystal Technical Terms:

• Scale Factor: The power of ten quote asset amounts are multiplied by to allow for trading at decimal prices. For example, a scale factor of 13 would multiply the quote asset amount by 10**13 for the purpose of calculation only.

• Bid-Ask Spread: The area consisting of price levels above the highest buy order but below the lowest sell order.