Money is turning into software. Learn how it works.
Protocol Insights explains crypto, stablecoins, payments and the rules around them from primary sources — regulators, central banks, statistics agencies and the protocols' own documentation. No ads, no affiliate links, no price tips.
The lead explainers
All sections →- Stablecoins & Payments · Beginner
What is a stablecoin?
Tokens designed to stay at $1: what backs them, how redemption works, and why runs happen.
- Fintech · Beginner
How do card payments work?
Issuer, acquirer and network explained, plus who pays interchange and how disputes work.
- Regulation · Beginner
SEC vs CFTC: who regulates crypto?
Securities vs commodities, spot vs derivatives: how the two US agencies divide crypto oversight.
The asset file
All profiles →
BTCBitcoin
ETHEther and the Ethereum network
SOLSolana
XRPXRP
USDTTether
USDCUSD Coin
DAIDai
LINKChainlink
LTCLitecoin
ADACardano
AVAXAvalanche
DOTPolkadotFact files, not price pages: what each asset is, who runs it and what can go wrong. Logos shown for identification only.
Section fronts
Directory →Crypto Basics
What is cryptocurrency?
Digital money kept on a shared ledger: how it works, how it differs from a bank account, and the risks.
Networks & Ecosystems
What is Solana?
A single fast layer 1: proof of history, parallel execution, lamport fees and the hardware trade-off.
DeFi
Decentralized exchanges and AMMs explained
How a pool and a formula replace the order book — and why big trades get worse prices.
Stablecoins & Payments
How do stablecoins keep their peg?
Primary vs secondary markets, arbitrage with real fee schedules, and the three things that break a peg.
Fintech
What is fintech?
What the word covers, how fintech apps plug into banks, and which protections change.
Markets & Macro
How interest rates affect markets
From the policy rate to bond prices, share prices and crypto: what is established and what is debated.
Regulation
MiCA explained
The EU's crypto rulebook: token types, issuer duties, exchange licences and the dates that matter.
Security & Privacy
Seed phrases explained
What the 12 or 24 recovery words actually encode, and how to keep them out of reach.
Mining, Staking & Infrastructure
Proof of work vs proof of stake
Two ways to pick who writes the next block — and what each one asks an attacker to put on the line.
Calculators that show their working
All tools →- APR to APY converter
Turn a nominal APR into the yearly yield with compounding, or reverse it.
- Compound interest calculator
Starting sum plus monthly deposits at a fixed rate, with the formula and a worked example.
- Crypto profit calculator (with fees)
Profit or loss after buy and sell fees, plus the break-even sell price.
- Dollar-cost averaging calculator
Average cost, units and gain or loss when you buy a fixed amount at a list of prices.
- Currency conversion fee calculator
Total cost of a conversion: fixed fee plus the rate markup against the mid-market rate.
- Inflation and purchasing power calculator
How much a sum loses in buying power at a steady yearly inflation rate, with the formula.
The glossary
A–Z →- Address
The public string that receives coins and tokens, how it is derived and how to check it.
- Airdrop
Tokens sent to many wallets at once — the tax angle and the scam angle.
- APR vs APY
Simple rate versus compounded yield, with the official formula and a worked example.
- Bid-ask spread
The gap between buy and sell prices, and how to turn it into a cost you can compare.
More from the desk
Every page →- Networks & Ecosystems · Beginner
Layer 1 vs layer 2
Base chains settle; layer 2s batch transactions on top. What each layer does and who you end up trusting.
- DeFi · Intermediate
Liquidity pools and impermanent loss
Why a liquidity provider can trail a simple hold — with the numbers for every price move.
- Markets & Macro · Beginner
What is inflation?
How the CPI and HICP turn price tags into one number, what drives inflation, and who it hurts.
- Stablecoins & Payments · Beginner
USDT vs USDC
Issuer, licence, reserves, reports, redemption and freeze rules, compared side by side from primary documents.
- Networks & Ecosystems · Intermediate
Ethereum rollups explained
Optimistic vs zero-knowledge rollups: fraud proofs, validity proofs, blobs and the seven-day exit.
- Security & Privacy · Intermediate
Token approvals and wallet drainers
What you allow when you click Approve, how drainers exploit it, and how to revoke old permissions.
- Mining, Staking & Infrastructure · Intermediate
Liquid staking explained
Receipt tokens for staked ETH: rebasing vs wrapped designs, withdrawal queues, discounts and smart contract risk.
- Markets & Macro · Intermediate
What is market liquidity?
Tightness, depth and resiliency: how much it really costs to trade, and why liquidity dries up in a crisis.
- Regulation · Intermediate
The crypto travel rule
Why exchanges ask who owns the receiving wallet, what data travels with your transfer, and the thresholds.