Crypto guides that explain the mechanics

44 guides on wallets, custody, stablecoins, DeFi, staking and tax. Each one explains how something works and what can go wrong before it points you at any product. Free to read, no sign-up.

New to crypto? Read these in order

Compare services →
  1. 01What Is a Crypto Wallet? Hot vs. Cold Storage ExplainedWhat a wallet actually stores9 min
  2. 02Custodial vs. Non-Custodial Wallets: Who Really Controls Your Crypto?Who controls your coins10 min
  3. 03How to Set Up a Hardware Wallet Step by StepMoving funds into cold storage9 min
  4. 04How to Store Your Seed Phrase Safely (Without Losing It)Backing up a recovery phrase10 min
  5. 05What Is a Stablecoin and How Does It Stay 'Stable'?How a stablecoin holds its peg11 min
  6. 06What Is DeFi? A Beginner's Guide to Decentralized FinanceThe building blocks of DeFi10 min
  7. 07How Crypto Staking Works: Earning Rewards by Securing a NetworkEarning by securing a network9 min
  8. 08How to Spot and Avoid Common Crypto ScamsThe scams that take the most money10 min
44 of 44
Exchange Withdrawal Freezes: Why They Happen and What to DoBeginner · 8 min read

Exchange Withdrawal Freezes: Why They Happen and What to Do

Four different things get called a frozen withdrawal, and they need four different responses. The first job is working out which one you are in.

Why Stablecoins Depeg: The Four MechanismsIntermediate · 9 min read

Why Stablecoins Depeg: The Four Mechanisms

A stablecoin at $0.94 can be minutes from recovery or days from zero. The difference is which of four mechanisms is doing the breaking.

How to Revoke Token Approvals Before They Drain YouBeginner · 7 min read

How to Revoke Token Approvals Before They Drain You

Most wallet losses are not stolen keys. They are approvals granted months ago to a contract that later turned hostile — and revoking them takes about a minute.

What Proof of Reserves Actually Proves (And What It Doesn't)Intermediate · 8 min read

What Proof of Reserves Actually Proves (And What It Doesn't)

A Merkle-tree snapshot is evidence, not a solvency statement. Here is exactly what an exchange proves when it publishes reserves, and the three gaps every programme leaves open.

How to Spot and Avoid Common Crypto ScamsBeginner · 10 min read

How to Spot and Avoid Common Crypto Scams

Most crypto scams follow a handful of predictable scripts — fake support, phishing links, and rug pulls — and each one has a tell if you know where to look.

How Cross-Chain Bridges Work (and Why They're Risky)Intermediate · 12 min read

How Cross-Chain Bridges Work (and Why They're Risky)

Cross-chain bridges move billions between blockchains every week — and have lost billions more to exploits. Here's how the plumbing actually works and how to size up the risk before you use one.

Crypto Options Explained: Greeks, Implied Volatility, and StrategiesAdvanced · 15 min read

Crypto Options Explained: Greeks, Implied Volatility, and Strategies

Crypto options pricing runs on the same mechanics as equity options, with one crucial difference: the underlying never stops trading. Here's how the Greeks and implied volatility actually work in a 24/7 market.

Perpetual Futures Explained: How Crypto Derivatives WorkIntermediate · 12 min read

Perpetual Futures Explained: How Crypto Derivatives Work

Perpetual futures now trade several multiples of spot crypto volume most days. Understanding how perps and funding rates actually work is the difference between using leverage deliberately and being liquidated by it.

Cost Basis Methods for Crypto Taxes: FIFO, LIFO, and HIFO ExplainedIntermediate · 10 min read

Cost Basis Methods for Crypto Taxes: FIFO, LIFO, and HIFO Explained

The same crypto sale can generate wildly different taxable gains depending on which accounting method calculates it. Understanding FIFO, LIFO, and HIFO for crypto taxes is one of the few legal levers holders actually have over their own tax bill.

Crypto Taxes 101: What Every Beginner Needs to KnowBeginner · 9 min read

Crypto Taxes 101: What Every Beginner Needs to Know

The taxable events every new crypto holder needs to track from day one — trades, swaps, staking rewards and more — explained without the jargon.

What Is a Crypto Wallet? Hot vs. Cold Storage ExplainedBeginner · 9 min read

What Is a Crypto Wallet? Hot vs. Cold Storage Explained

A plain-language breakdown of how crypto wallets actually work, and why the choice between hot and cold storage is the first real security decision every holder makes.

Custodial vs. Non-Custodial Wallets: Who Really Controls Your Crypto?Beginner · 10 min read

Custodial vs. Non-Custodial Wallets: Who Really Controls Your Crypto?

A myth-busting look at the difference between letting an exchange hold your keys and holding them yourself, with the real-world collapses that made the distinction matter.

How DeFi Lending Protocols Work: Collateral, Rates, and LiquidationsIntermediate · 12 min read

How DeFi Lending Protocols Work: Collateral, Rates, and Liquidations

A step-by-step look at how overcollateralized borrowing works on protocols like Aave and Compound, and exactly what triggers a liquidation when the market turns.

DEX vs. CEX: How Decentralized and Centralized Exchanges DifferIntermediate · 11 min read

DEX vs. CEX: How Decentralized and Centralized Exchanges Differ

Every crypto trade happens through one of two fundamentally different plumbing systems. Understanding the DEX vs. CEX trade-offs — custody, liquidity, execution, cost — matters more than picking a side.

How DAO Governance Voting Actually Works (and Its Flaws)Advanced · 13 min read

How DAO Governance Voting Actually Works (and Its Flaws)

Token-weighted voting was meant to replace corporate boardrooms with open, on-chain democracy. In practice it has produced its own aristocracy — and its own exploits.

How to Set Up a Hardware Wallet Step by StepBeginner · 9 min read

How to Set Up a Hardware Wallet Step by Step

Moving funds off an exchange and into cold storage for the first time is simpler than it looks — provided you follow the sequence in the right order and don't skip the verification steps.

How Automated Market Makers (AMMs) Work Under the HoodIntermediate · 10 min read

How Automated Market Makers (AMMs) Work Under the Hood

No order book, no market makers standing by — just a formula and a pool of reserves. Here's the mechanics behind the constant-product curve that prices most of DeFi.

How Crypto Oracles Work: Bringing Real-World Data On-ChainIntermediate · 11 min read

How Crypto Oracles Work: Bringing Real-World Data On-Chain

Smart contracts can't see the outside world on their own. Oracles are the systems that feed them prices, events, and data — and getting that design wrong has cost DeFi protocols hundreds of millions.

How Crypto Staking Works: Earning Rewards by Securing a NetworkBeginner · 9 min read

How Crypto Staking Works: Earning Rewards by Securing a Network

A plain-English walkthrough of proof-of-stake staking — what you're actually doing, how rewards are calculated, and the risks worth knowing before you lock up a single coin.

Impermanent Loss Explained: The Hidden Risk of Providing LiquidityIntermediate · 11 min read

Impermanent Loss Explained: The Hidden Risk of Providing Liquidity

Providing liquidity looks like free yield until you compare it against simply holding the two assets — the gap between those outcomes is impermanent loss, and it's bigger than most LPs realise.

Limit Orders vs. Market Orders: A Beginner's Guide to Crypto TradingBeginner · 8 min read

Limit Orders vs. Market Orders: A Beginner's Guide to Crypto Trading

The choice between a limit order and a market order comes down to a simple trade-off: control the price and wait, or take whatever price is available right now.

Liquid Staking Explained: Earning Yield Without Losing LiquidityIntermediate · 11 min read

Liquid Staking Explained: Earning Yield Without Losing Liquidity

How liquid staking tokens let holders earn network rewards while keeping their capital free to lend, trade, or post as collateral.

How Protocols Are Fighting MEV: PBS, Encrypted Mempools, and MoreAdvanced · 14 min read

How Protocols Are Fighting MEV: PBS, Encrypted Mempools, and More

Sandwich bots have extracted billions from ordinary swaps since the Merge. Here's what the actual technical countermeasures — PBS, encrypted mempools, and private order flow — do and don't fix.

What Is MEV? How Bots Extract Value from Blockchain TransactionsAdvanced · 11 min read

What Is MEV? How Bots Extract Value from Blockchain Transactions

An inside look at maximal extractable value: how searchers, builders and validators profit from transaction ordering, and who ultimately pays for it.

How NFT Royalties Work (and Why They're Disappearing)Intermediate · 10 min read

How NFT Royalties Work (and Why They're Disappearing)

Creator royalties were once pitched as NFTs' killer feature over traditional art. A few years and one marketplace price war later, most of that promise has quietly evaporated — here's how NFT royalties actually work and why enforcement collapsed.

On-Chain Forensics: How Investigators Trace Stolen CryptoAdvanced · 14 min read

On-Chain Forensics: How Investigators Trace Stolen Crypto

Blockchains are pseudonymous, not anonymous — every transaction is public and permanent. Here's how forensics firms actually turn that transparency into traced, and often frozen, stolen funds.

How to Read On-Chain Metrics Like a Crypto AnalystIntermediate · 13 min read

How to Read On-Chain Metrics Like a Crypto Analyst

Price tells you what the market thinks. On-chain metrics tell you what's actually happening underneath it. Here's a starter toolkit for reading network health directly from the ledger.

Real-World Asset Tokenization Explained: Bringing Bonds and Real Estate On-ChainAdvanced · 13 min read

Real-World Asset Tokenization Explained: Bringing Bonds and Real Estate On-Chain

Tokenization takes a claim on a bond, a building, or a bar of gold and represents it as a transferable token on a public blockchain. Here's how the mechanics actually work, and why the technology is the easy part.

What Is Restaking? How EigenLayer and Shared Security WorkAdvanced · 12 min read

What Is Restaking? How EigenLayer and Shared Security Work

Restaking lets the same staked ETH secure a dozen other systems at once, turning idle collateral into rented security. Here's the actual mechanics behind EigenLayer and the shared-security model it popularised.

The Risks of Restaking: Slashing Cascades and Systemic ExposureAdvanced · 12 min read

The Risks of Restaking: Slashing Cascades and Systemic Exposure

Restaking multiplies yield by putting the same capital to work across several protocols at once — but it multiplies the ways that capital can be slashed, too. A close look at where the compounding risk actually sits.

Optimistic vs. ZK Rollups: How Layer 2 Scaling Actually WorksIntermediate · 13 min read

Optimistic vs. ZK Rollups: How Layer 2 Scaling Actually Works

A side-by-side breakdown of the two dominant rollup architectures, what each trades away to scale Ethereum, and where the gap between them is closing.

The Risks of Tokenized RWAs: Custody, Legal, and Redemption ExplainedAdvanced · 12 min read

The Risks of Tokenized RWAs: Custody, Legal, and Redemption Explained

A tokenized bond is only as good as the custodian holding it, the legal entity issuing it, and your ability to actually redeem it. A framework for the risks that live off-chain in every RWA tokenization deal.

Sandwich Attacks Explained: How Front-Running Works in DeFiAdvanced · 12 min read

Sandwich Attacks Explained: How Front-Running Works in DeFi

A step-by-step breakdown of how sandwich bots front-run pending swaps in the mempool, with a worked example and the concrete settings that shrink the attack window.

How to Store Your Seed Phrase Safely (Without Losing It)Beginner · 10 min read

How to Store Your Seed Phrase Safely (Without Losing It)

A practical, low-tech guide to backing up a crypto recovery phrase so it survives theft, fire, and your own future forgetfulness.

Fiat-Backed vs. Crypto-Backed vs. Algorithmic Stablecoins ComparedIntermediate · 12 min read

Fiat-Backed vs. Crypto-Backed vs. Algorithmic Stablecoins Compared

A side-by-side breakdown of how fiat-backed, crypto-backed and algorithmic stablecoins each maintain their peg, and the specific failure mode that has taken each category down.

Staking Risks: Understanding Slashing and Validator DowntimeIntermediate · 10 min read

Staking Risks: Understanding Slashing and Validator Downtime

How delegators can lose principal to slashing and downtime penalties, well before any price volatility comes into the picture.

Understanding Tokenomics: Supply, Emissions, and Vesting SchedulesIntermediate · 13 min read

Understanding Tokenomics: Supply, Emissions, and Vesting Schedules

A token's price chart tells you nothing about the supply mechanics working against it. Here's a framework for reading tokenomics properly before you decide what a token is actually worth holding.

What Are Layer 2s? How They Make Blockchains Faster and CheaperBeginner · 9 min read

What Are Layer 2s? How They Make Blockchains Faster and Cheaper

Layer 2s sit on top of blockchains like Ethereum to process transactions faster and far more cheaply, without asking you to trust anyone new.

What Are NFTs? Understanding Digital Ownership on the BlockchainBeginner · 8 min read

What Are NFTs? Understanding Digital Ownership on the Blockchain

NFTs explained from first principles — what the token actually proves, where the technology is genuinely useful, and where the hype outran the substance.

How to Use a Blockchain Explorer to Track Any TransactionBeginner · 8 min read

How to Use a Blockchain Explorer to Track Any Transaction

A blockchain explorer turns an impenetrable string of numbers into a readable record of who sent what, when, and whether it actually confirmed.

What Is a Stablecoin and How Does It Stay 'Stable'?Beginner · 11 min read

What Is a Stablecoin and How Does It Stay 'Stable'?

An accessible breakdown of how fiat-backed, crypto-backed and algorithmic stablecoins each try to hold their peg — and the real failures that show what happens when they don't.

Coins vs. Tokens: What's the Difference in Crypto?Beginner · 8 min read

Coins vs. Tokens: What's the Difference in Crypto?

Coin or token? The words get used interchangeably in headlines, but the distinction matters for how an asset is built, secured and valued.

What Is DeFi? A Beginner's Guide to Decentralized FinanceBeginner · 10 min read

What Is DeFi? A Beginner's Guide to Decentralized Finance

A first-principles map of decentralized finance — the building blocks, the big protocol categories, and the honest risks — before you send a single transaction.

Yield Farming Explained: How to Evaluate DeFi ReturnsIntermediate · 12 min read

Yield Farming Explained: How to Evaluate DeFi Returns

A framework for separating sustainable DeFi yield from token-emission dilution before you deploy a single dollar of capital.

How these guides are written

Every guide is written by the person on our desk who covers that subject — security, regulation, DeFi, markets or on-chain data — and carries their byline and the date it was last reviewed. The team page lists who covers what.

The guides deliberately stop short of telling you what to buy. They explain a mechanism, show where it fails, and then link to the relevant rating if a comparison of specific services is useful. Those ratings are scored against a published rubric, set out in our methodology, and the editorial policy covers corrections and commercial disclosure. Keeping the explanation and the recommendation in separate places is the point: you should be able to understand staking without being sold a validator.

What the guides cover

Custody and security. What a wallet actually stores, how to back up a recovery phrase so it survives fire and forgetfulness, and the scams that take the most money from ordinary users. Devices are compared in the hardware wallet ratings.

DeFi mechanics. What DeFi is, how automated market makers price a trade, impermanent loss, and how to tell real yield from token emissions. The protocols themselves sit under DeFi protocols and lending.

Staking and yield. How staking works, liquid staking, slashing and downtime, and what restaking adds to the risk. Providers are ranked under staking and liquid staking.

Markets and infrastructure. DEX versus CEX, order types, MEV, layer 2s, oracles and cross-chain bridges. Live prices are on the market pages.

Tax and record-keeping. The taxable events new holders miss, and how cost basis methods change the bill. These are general explanations of how the rules work, not advice on your position.

Common questions

Where should I start if I am completely new to crypto?
Follow the eight-step path at the top of this page in order. It starts with what a wallet actually stores, moves through custody and backups, then covers stablecoins, DeFi and staking, and ends with the scams that take the most money from beginners. Each step assumes the one before it.
Are these crypto guides free?
Yes. Every guide is free to read in full, with no sign-up, paywall or email required.
Who writes the guides?
The OBOL desk, with each guide bylined by the writer who covers that beat — security, regulation, DeFi, markets or on-chain data. Every byline links to that writer's page listing what else they have covered.
How current are the guides?
Each guide shows the date it was last reviewed, on its card here and at the top of the article. They are revised when the mechanics change — a protocol upgrade, a new regulation, a fee structure — rather than on a fixed schedule.
Do the guides recommend specific products?
The guides explain how something works and what can go wrong. Where a comparison of specific services is useful, they link to the relevant rating, which scores services against a published rubric. The explanation and the recommendation are kept separate on purpose.

Next steps

Back to top ↑