THE MERIDIAN
Notes on crypto, DeFi, AI, and the behavior beneath the price.
DeFi Education Series: Start Here | The Complete Reading Guide
Explore the ChemistDeFi education series in order: 17 lessons covering DeFi foundations, wallets, swaps, liquidity, lending, leverage, and Layer 2 networks.
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17 essaysPart 17: What Are Layer 2 Networks and Why Do They Exist?
Understand why Layer 2 networks exist, how they relate to Ethereum, and the scaling, transaction-cost, and security trade-offs behind using them.
Part 16: Leverage in DeFi: How Borrowing Can Amplify Risk
Explore how borrowing creates leverage in DeFi, why exposure can compound, and how market moves and debt costs amplify the risks of a position.
Part 15: How Interest Rates Work in DeFi Lending Protocols
See how utilization and interest-rate curves connect supply yield with borrowing costs—and why changing rates, incentives, and liquidity conditions matter.
Part 14: LTV, Health Factor, and Liquidation Risk
Connect loan-to-value, health factor, and liquidation thresholds. Learn how collateral prices and borrowing decisions change the safety of a lending position.
Part 13: Lending 101: Understanding Supply and Borrow in Simple Terms
Understand DeFi lending from both sides: supplying assets, borrowing against collateral, and the basic mechanics that connect lenders with borrowers.
Part 12: LP Operations: Tracking, Rebalancing, Exit Planning
A practical framework for managing a liquidity position: tracking performance, deciding when to rebalance, and planning an exit before conditions change.
Part 11: LP Strategies: Which Pool, Which Risk, Which Outcome?
Compare liquidity-provider strategies by pool structure, asset exposure, and expected outcomes. Understand the risks behind choosing where to provide liquidity.
Part 10: Impermanent Loss: Why Your Position Changes Even When You Do Nothing
Learn why a liquidity position changes as prices move, how impermanent loss compares with holding, and why fees alone do not tell the full story.
Part 09: Liquidity Pools: The Hidden Engine Behind Every DEX Swap
Explore the reserves and pricing mechanics behind liquidity pools. See how swaps change a pool and why providing liquidity is different from simply holding tokens.
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Crypto, DeFi, AI, and the behavior beneath the price.