Glossary
Launchpad
A platform that sells new token allocations through a lottery, a tiered sale, or a pool.
A launchpad is an interface for buying a token at launch: committing funds beforehand, a lottery for oversubscribed sales, or a liquidity pool with a time limit to get in.
The structure is a timing advantage. Early participants can buy at a price set before the market knows demand, at the cost of accepting the token terms without much scrutiny.
Lock-up periods are the usual catch. An allocation that cannot be sold for months is not a cheaper price, it is a different risk profile, and it should be compared with the same lens as any other commitment of capital.
Related terms
Airdrop
Free tokens distributed to wallet addresses, usually to reward early users of a protocol.
AMM
Automated Market Maker — a protocol that prices assets with a formula instead of an order book.
APR vs APY
APR is the yearly rate without compounding; APY includes compounding and is always higher.
ATH
All-Time High — the highest price an asset has ever traded at.
Bear Market
A prolonged decline, conventionally 20% or more from recent highs.
Bull Market
A prolonged rise driven by new demand, easy credit and rising confidence.