Highly liquid fund holding short-term, high-quality debt (T-bills, commercial paper, repos). Targets stable $1/share NAV. BlackRock's BUIDL ($500M+ AUM) tokenizes money market fund shares as blockchain tokens.
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Highly liquid fund holding short-term, high-quality debt (T-bills, commercial paper, repos). Targets stable $1/share NAV. BlackRock's BUIDL ($500M+ AUM) tokenizes money market fund shares as blockchain tokens.
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Think of it as a market mechanic used to price, route, or move capital through liquidity apps.
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AMMs, routing, liquidity, lending, and trading infrastructure.
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Money Market Fund (money-market-fund) Category: DeFi Definition: Highly liquid fund holding short-term, high-quality debt (T-bills, commercial paper, repos). Targets stable $1/share NAV. BlackRock's BUIDL ($500M+ AUM) tokenizes money market fund shares as blockchain tokens. Aliases: MMF Related: T-Bill (US Treasury Bill), NAV (Net Asset Value), AUM (Assets Under Management), Tokenized Treasury
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Short-term US government debt (4-52 week maturity) sold at discount, redeemed at par. Considered safest short-term investment. Most popular RWA category on-chain — Ondo's USDY and BlackRock's BUIDL hold T-bills.
Per-share/per-token value calculated as (total assets - liabilities) / outstanding tokens. Published daily by fund administrators, used to price mints and redemptions of tokenized fund shares. Discrepancies vs market price create arbitrage.
Total market value of assets managed by an institution or protocol. In DeFi, often synonymous with TVL though AUM more precisely refers to managed funds. BlackRock's BUIDL: $500M+ AUM; Ondo Finance: $600M+.
Blockchain tokens representing ownership of US Treasury bills or money market funds invested in government debt. Fastest-growing RWA category ($5B+ by 2025). On Solana, Ondo Finance offers USDY backed by short-term US treasuries.
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The total value of a token's circulating supply, calculated as the current price multiplied by circulating supply. Market cap is the most common metric for comparing the relative size of different tokens. It differs from FDV, which uses max supply instead. Market cap rankings (e.g., SOL as a top-5 token) reflect both price appreciation and supply dynamics.
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Short-term US government debt (4-52 week maturity) sold at discount, redeemed at par. Considered safest short-term investment. Most popular RWA category on-chain — Ondo's USDY and BlackRock's BUIDL hold T-bills.
Per-share/per-token value calculated as (total assets - liabilities) / outstanding tokens. Published daily by fund administrators, used to price mints and redemptions of tokenized fund shares. Discrepancies vs market price create arbitrage.
Total market value of assets managed by an institution or protocol. In DeFi, often synonymous with TVL though AUM more precisely refers to managed funds. BlackRock's BUIDL: $500M+ AUM; Ondo Finance: $600M+.
Blockchain tokens representing ownership of US Treasury bills or money market funds invested in government debt. Fastest-growing RWA category ($5B+ by 2025). On Solana, Ondo Finance offers USDY backed by short-term US treasuries.
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A protocol that enables token swaps using algorithmic pricing against pooled liquidity instead of matching individual buyers and sellers. AMMs use mathematical formulas (typically constant product x*y=k) to determine prices based on the ratio of tokens in a liquidity pool. On Solana, major AMMs include Raydium, Orca, and Meteora.
An AMM design where liquidity providers concentrate their capital within specific price ranges instead of across the full 0-to-infinity range. CLMMs dramatically improve capital efficiency—LPs earn more fees per dollar deposited within their active range. If the price moves outside the range, the position becomes inactive. Orca Whirlpools and Raydium CLMM are leading implementations on Solana.
A smart-contract-held reserve of two or more tokens that enables trading via an AMM. Users deposit token pairs in specified ratios to become liquidity providers and earn trading fees. Pools are identified by their token pair and fee tier. Pool depth (total value locked) determines price impact for trades.
A token issued to liquidity providers representing their proportional share of a pool's reserves and accrued fees. LP tokens can be burned to withdraw the underlying assets. The value of LP tokens changes as the pool's token ratios shift and fees accumulate. LP tokens are often stakeable in yield farming programs for additional rewards.