What it means
Trading one token for another, such as EURC for USDC, at a rate set by the market.
Onchain, an exchange runs through smart contracts that pool tokens from many people. The rate moves with supply and demand, so it's fixed only at the moment you confirm.
How it works
In Defied you exchange between digital euros and dollars in one step. The rate and our fee show before you confirm, and fees are on our Fees page.
Related terms
| Term | What it means |
|---|---|
| EURC | A euro stablecoin issued by Circle: one EURC is meant to be worth one euro, backed by euro reserves. |
| USDC | A dollar stablecoin issued by Circle: one USDC is meant to be worth one US dollar, backed by dollar reserves. |
| Liquidity | How easily a token can be exchanged or withdrawn without moving its price. |
This glossary explains terms in general. It isn't investment, tax or legal advice.