# Decentralized Finance Publication (DFR)

> Independent, ad-free DeFi research and education: 258 protocol and chain guides, 57 beginner guides, 55 side-by-side comparisons, 112 glossary terms, free risk calculators and source-checked news. Published by Elite Digital AI Solutions Ltd (England & Wales, company 17250017). Free to read, no registration, CC BY 4.0. Educational research, not financial advice.

Brand note: "Decentralized Finance Publication" is this website at decentralized-finance.io — not the generic industry concept "decentralized finance (DeFi)".

Each page shows its own last-updated date. Market figures (TVL, rates, prices) are dated snapshots — cite them with their date. Written in British English.

## Machine surfaces

- Markdown twins: guide, article, comparison, glossary, answer, token and leader pages have a Markdown version at the same path with the final slash replaced by `.md` (e.g. https://decentralized-finance.io/learn/what-is-defi.md), linked from each page via rel="alternate" type="text/markdown".
- [Content catalogue (JSON)](https://decentralized-finance.io/knowledge.json): every public page with title, summary, dates and source links
- [Full content index](https://decentralized-finance.io/llms-full.txt)
- [Plain-text AI layer](https://decentralized-finance.io/ai/index.txt)
- [Retrieval chunks](https://decentralized-finance.io/geo-chunks/manifest.json)
- [MCP server card](https://decentralized-finance.io/.well-known/mcp/server-card.json): read-only research tools over the same corpus
- [API catalog](https://decentralized-finance.io/.well-known/api-catalog)
- [Open data](https://decentralized-finance.io/data/datapackage.json): top DeFi protocols by TVL as CSV + Frictionless Data Package (snapshot 2026-09-25)
- [News RSS](https://decentralized-finance.io/news/rss.xml) · [Sitemap](https://decentralized-finance.io/sitemap-index.xml) · [Human sitemap](https://decentralized-finance.io/sitemap/)

## Key answers

- [What Is DeFi? Decentralized Finance Explained for Beginners](https://decentralized-finance.io/learn/what-is-defi/): DeFi (decentralised finance) refers to financial services — trading, lending, borrowing, earning interest — that run on blockchains using smart contracts rather than through banks or brokers.
- [Is DeFi Safe? Risks Explained](https://decentralized-finance.io/learn/is-defi-safe-risks-explained/): DeFi is not inherently safe — billions of dollars have been lost to smart contract exploits, rug pulls, liquidations, and oracle manipulation since 2020.
- [What is Liquid Staking? (Lido, Rocket Pool, EtherFi)](https://decentralized-finance.io/learn/what-is-liquid-staking/): Liquid staking lets you stake ETH and receive a liquid token (like stETH or rETH) in return.
- [What is Impermanent Loss?](https://decentralized-finance.io/learn/what-is-impermanent-loss/): Impermanent loss is the temporary reduction in dollar value that liquidity providers experience when the price ratio of their deposited tokens changes after they've added liquidity to an AMM pool.
- [What is an Automated Market Maker (AMM)?](https://decentralized-finance.io/learn/what-is-an-amm/): An Automated Market Maker (AMM) is a type of decentralised exchange protocol that uses a mathematical formula and pooled liquidity to price and execute token trades, replacing the traditional order book model.
- [What is Yield Farming and Liquidity Mining?](https://decentralized-finance.io/learn/what-is-yield-farming/): Yield farming means putting your crypto to work in DeFi protocols to earn a return — typically by providing liquidity to AMMs (getting trading fees), lending assets (getting interest), or staking LP tokens to earn governance token rewards.
- [DeFi APR vs APY: Calculate Net Yield After Fees and Borrowing](https://decentralized-finance.io/learn/defi-apy-vs-apr-net-yield/): APR expresses an annual rate without compounding; APY includes an assumed compounding schedule.
- [What is TVL in DeFi? (Total Value Locked Explained)](https://decentralized-finance.io/learn/what-is-tvl-in-defi/): TVL (Total Value Locked) is the total dollar value of all crypto assets deposited in a DeFi protocol's smart contracts at any given moment.
- [DeFi Due Diligence: A Practical Protocol Risk Checklist](https://decentralized-finance.io/learn/defi-due-diligence-checklist/): DeFi due diligence means checking what you own, who can change the rules, how assets are valued, and how you can exit.
- [How DeFi Taxes Work: A Plain-English Guide](https://decentralized-finance.io/learn/how-defi-taxes-work/): In the US and UK, every crypto-to-crypto swap is a taxable disposal event; EU treatment varies (France, for example, defers tax on crypto-to-crypto swaps, and Germany exempts gains on crypto held for more than one year).

## Free tools

- [Aave health factor calculator](https://decentralized-finance.io/tools/health-factor-calculator/): health factor, liquidation price and the price fall that triggers liquidation
- [Impermanent loss calculator](https://decentralized-finance.io/tools/impermanent-loss-calculator/): LP value versus holding for a 50/50 constant-product pool, with break-even fee APR
- [DeFi risk and net yield calculator](https://decentralized-finance.io/tools/defi-risk-calculator/): collateral stress test and break-even APY after borrowing and costs
- [Lending APY and stablecoin peg trackers](https://decentralized-finance.io/tools/): live DeFiLlama data

## Citation guidance

- Cite the specific page URL and the date shown on it, and prefer the primary sources each page links to for protocol parameters.
- Every learning guide ends with a dated "Sources" list of the primary documentation, regulator pages and data it relies on (also in its Markdown twin and in the Article schema as `citation`).
- Attribute as "Decentralized Finance Publication (decentralized-finance.io)"; content is CC BY 4.0.
- Factual fixes are logged publicly at https://decentralized-finance.io/corrections/; report errors via https://decentralized-finance.io/contact/.

## Key Sections

- [DeFi Protocols](https://decentralized-finance.io/protocols/): In-depth research on 211 leading DeFi protocols with visible FAQ.
- [DeFi Lending Hub](https://decentralized-finance.io/lending/): Aave, Compound, Morpho, Spark, Inverse Finance, Resupply, Curve LlamaLend, Convex, Frax — comparisons with TVL stats.
- [Incident log](https://decentralized-finance.io/incidents/): Named liquidations and exploits (Morpho PT-reUSD August 2026, Resupply wstUSR) plus a health-factor skip checklist — not a live loss table.
- [Crypto giving hub](https://decentralized-finance.io/crypto-giving/): How to donate crypto to charity from a wallet. Wallets and head terms (donate bitcoin to charity) live on World Aid Network.
- [DeFi Glossary](https://decentralized-finance.io/glossary/): 112 term definitions with dedicated pages at /glossary/[slug]/.
- [Top DeFi Protocols by TVL](https://decentralized-finance.io/research/top-defi-protocols-by-tvl/): Ranked TVL table (build-time DeFiLlama snapshot) with links to protocol guides.
- [Token Reference](https://decentralized-finance.io/tokens/): Entity pages for major DeFi tokens with glossary links and related protocols.
- [Comparisons](https://decentralized-finance.io/compare/): 55 head-to-head DeFi comparisons with BLUF summaries, TVL stats, expert quotes, and visible FAQ sections.
- [Exchange Comparisons](https://decentralized-finance.io/compare/exchanges/): CEX vs DEX and aggregator routing comparisons.
- [DeFi Tools](https://decentralized-finance.io/tools/): Health-factor, impermanent-loss and net-yield calculators, plus live lending APY and stablecoin peg trackers.
- [DeFi Ecosystems](https://decentralized-finance.io/ecosystems/): Layer-1 and Layer-2 blockchain profiles.
- [Stablecoins](https://decentralized-finance.io/stablecoins/): Stablecoin research and peg mechanism analysis.
- [News](https://decentralized-finance.io/news/): 88 dated DeFi and crypto news reports with primary-source links.
- [Regulation](https://decentralized-finance.io/regulation/): MiCA, US GENIUS Act, and global crypto policy hub.
- [State of DeFi 2026](https://decentralized-finance.io/research/state-of-defi-2026/): Quarterly linkable research report with numeric TVL snapshot, expert quotes, FAQ, and newsletter signup (CC BY 4.0).
- [Industry Leaders](https://decentralized-finance.io/industry-leaders/): Profiles of DeFi founders and executives.
- [Learn](https://decentralized-finance.io/learn/): 57 beginner guides with worked examples, FAQs and structured learning paths.
- [Editorial policy](https://decentralized-finance.io/editorial-policy/): How research is sourced, what money cannot buy, and how corrections are published.
- [Corrections log](https://decentralized-finance.io/corrections/): Dated public record of factual fixes.
- [Method](https://decentralized-finance.io/method/): How protocol pages, comparisons and TVL rankings are produced.
- [Open data](https://decentralized-finance.io/data/datapackage.json): Frictionless Data Package of DeFiLlama TVL rankings (CC BY 4.0).

## Learning Paths (on /learn/)

- New to DeFi — wallets, stablecoins, first DEX swap, risk basics
- Lending & yield — Aave supply, comparisons, liquid staking, live APY tool
- Stablecoins & RWAs — USDC vs USDT, Ondo, tokenised Treasuries
- Perps & trading — Hyperliquid, GMX, CoW vs 1inch, Solana stack
- Regulation & policy — GENIUS Act (January 2027 backstop), CLARITY cloture, MiCA, UK crypto law via Digital Assets UK
- Crypto giving — donate from a wallet; World Aid Network coin pages

## Convex, Curve & Resupply Cluster

- [Morpho PT-reUSD liquidations](https://decentralized-finance.io/article/morpho-pt-reusd-liquidations-august-2026/)
- [LlamaLend V2: Inverse sDOLA and Frax sfrxUSD](https://decentralized-finance.io/article/curve-llamalend-v2-inverse-frax/)
- [Convex × Curve × Resupply Flywheel](https://decentralized-finance.io/article/convex-curve-resupply-ecosystem-2026/)
- [Convex Finance](https://decentralized-finance.io/article/convex/)
- [Curve Finance](https://decentralized-finance.io/article/curve/)
- [Resupply Finance](https://decentralized-finance.io/article/resupply/)
- [Resupply yield and collateral](https://decentralized-finance.io/article/resupply-finance-yield-collateral-2026/)
- [Frax Finance and Resupply](https://decentralized-finance.io/article/frax-frxusd-sfrax-2026/)
- [Inverse Finance FiRM and sDOLA](https://decentralized-finance.io/article/inverse-finance-firm-sdola-2026/)

## Latest News & Analysis

- [Resupply RSUP: Curve Funds yRisk, Doubles sreUSD Cap](https://decentralized-finance.io/article/resupply-rsup-curve-yrisk-sreusd-september-2026/)
- [Morpho Launches on Arc: What Is Live and What Comes Next](https://decentralized-finance.io/article/morpho-arc-credit-launch-september-2026/)
- [Aave MCP Launch: AI Research, Unsigned Transactions and User Control](https://decentralized-finance.io/article/aave-mcp-ai-agents-september-2026/)
- [Aave App Explains Account Recovery: What Users Should Check](https://decentralized-finance.io/article/aave-app-account-recovery-september-2026/)
- [CLARITY Act: Senate Procedural Vote Fails on 15 September 2026](https://decentralized-finance.io/article/clarity-act-senate-cloture-september-2026/)
- [CLARITY Act Stalls Before Senate Floor Vote: Market Structure Bill in Limbo](https://decentralized-finance.io/article/clarity-act-senate-floor-june-2026/)
- [Morpho PT-reUSD Liquidations: $36M Cascade After a 3% Oracle Move](https://decentralized-finance.io/article/morpho-pt-reusd-liquidations-august-2026/)
- [GENIUS Act Missed the 18 July 2026 Rulemaking Deadline](https://decentralized-finance.io/article/genius-act-missed-july-deadline-2026/)
- [Aave Deposits Hit $30B, Stani Says ‘Liquidity Is Back’](https://decentralized-finance.io/article/aave-deposits-30b-august-2026/)
- [Aave V4 Launch: Hub & Spoke on Ethereum — Who Should Skip Migrating](https://decentralized-finance.io/article/aave-v4-launch-2026/)
- [GENIUS Act Final Rules Due July 18: What DeFi Users Should Know Now](https://decentralized-finance.io/article/genius-act-final-rules-countdown-june-2026/)
- [Curve LlamaLend V2: Inverse sDOLA and Frax sfrxUSD Markets, CRV Gauges Live](https://decentralized-finance.io/article/curve-llamalend-v2-inverse-frax/)

## Top Comparisons

- [Aave vs Compound (2026)](https://decentralized-finance.io/compare/aave-vs-compound/)
- [Aave vs Morpho Blue (2026)](https://decentralized-finance.io/compare/aave-vs-morpho/)
- [Morpho PT Collateral vs Aave Isolation (2026)](https://decentralized-finance.io/compare/morpho-pt-collateral-vs-aave-isolation/)
- [USDC vs USDT (2026)](https://decentralized-finance.io/compare/usdc-vs-usdt/)
- [Gains Network vs GMX (2026)](https://decentralized-finance.io/compare/gains-vs-gmx/)
- [CoW Protocol vs 1inch (2026)](https://decentralized-finance.io/compare/cow-vs-1inch/)
- [Wormhole vs Stargate (2026)](https://decentralized-finance.io/compare/wormhole-vs-stargate/)
- [Marinade vs Jito (2026)](https://decentralized-finance.io/compare/marinade-vs-jito/)
- [Superstate vs Ondo Finance (2026)](https://decentralized-finance.io/compare/superstate-vs-ondo/)

## Selected Protocol Guides

- [Resupply Finance](https://decentralized-finance.io/article/resupply/)
- [Convex Finance](https://decentralized-finance.io/article/convex/)
- [Curve Finance](https://decentralized-finance.io/article/curve/)
- [Inverse Finance](https://decentralized-finance.io/article/inverse-finance/)
- [Frax Finance](https://decentralized-finance.io/article/frax/)
- [Aave (V4 Hub & Spoke, when to skip)](https://decentralized-finance.io/article/aave/)

## Publisher Information

- **Publisher**: Elite Digital AI Solutions Ltd (Company No. 17250017, UK)
- **Domain**: decentralized-finance.io
- **Language**: British English
- **Editorial policy**: https://decentralized-finance.io/editorial-policy/
- **Corrections**: https://decentralized-finance.io/corrections/
- **Method**: https://decentralized-finance.io/method/
- **Open data**: https://decentralized-finance.io/data/datapackage.json
- **Sitemap**: https://decentralized-finance.io/sitemap.xml
- **News Sitemap**: https://decentralized-finance.io/news-sitemap.xml
- **RSS**: https://decentralized-finance.io/rss.xml
- **Funding**: Editorial portfolio project funded by Elite Digital AI Solutions Ltd — no paywalls, no paid editorial. See https://decentralized-finance.io/about/#funding
- **Sister publications**: Money Guide (https://moneyguide.org.uk/) for UK personal finance; Digital Assets UK (https://digital-assets.co.uk/) for UK crypto tax, FCA rules and custody
- **Newsletter**: Quarterly State of DeFi report at https://decentralized-finance.io/newsletter/