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Steve

@stevebeachy

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Crypto Lesson with /⁠sense Have you ever minted an NFT ? If so, you have interacted with a smart contract. 🔧 How Smart Contracts Work : A step by step guide. Code the Contract Developers write the smart contract using a blockchain-compatible language (e.g., Solidity for Ethereum). It includes: The rules (e.g., “If A sends 1 ETH, then B receives a token”). The logic to enforce and execute those rules. Deploy to Blockchain The contract is published (deployed) to a blockchain like Ethereum, Solana, or Avalanche. It gets a unique address and becomes immutable (unchangeable). Triggered by Users or Apps Users or decentralized applications (dApps) interact with the contract—often by sending a transaction. This triggers the contract to check whether its conditions are met. Automatic Execution If the conditions are met, the contract automatically executes its instructions: Transfers cryptocurrency. Issues NFTs. Executes trades. Updates records (like ownership or access rights).
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Crypto Lesson with /sense What is a liquidity pool ? A crypto liquidity pool is a collection of cryptocurrencies locked in a smart contract that provides liquidity for decentralized trading, lending, and other DeFi services. 🔍 In Simple Terms A liquidity pool is like a pot of tokens provided by users so others can trade, swap, or borrow crypto without needing a traditional buyer or seller on the other side. 🧱 How It Works Users (called liquidity providers, or LPs) deposit equal values of two tokens (e.g., ETH and USDC) into a pool. The pool enables other users to swap between those tokens using an automated market maker (AMM) instead of a traditional order book. In return, LPs earn a share of the trading fees generated by swaps in the pool. 🧮 Example: Alice deposits $1,000 of ETH and $1,000 of USDC into a pool. Bob swaps USDC for ETH using that pool. A small fee (e.g., 0.3%) is taken from Bob's trade and distributed to Alice and other LPs.
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Crypto Lesson with /sense What is slippage in a crypto transaction ? Slippage in a crypto transaction refers to the difference between the expected price of a trade and the actual price at which it is executed. 🔍 Why Does Slippage Happen? Market Volatility Crypto prices can change rapidly. If the market moves while your order is being filled, you may end up buying or selling at a worse price than expected. Low Liquidity If you're trading a large amount or using a token with low trading volume, there may not be enough buyers or sellers at your desired price. Your order "eats through" the available orders, moving the price. Order Type Market Orders are most vulnerable to slippage because they execute immediately at the best available price even if it's significantly different than expected. Limit Orders can avoid slippage, but may not fill if the market doesn’t hit your specified price.
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