Glossary

Custodial wallet
- A type of cryptocurrency wallet where a third-party service provider manages the user's private keys and funds. Custodial wallets offer ease of use and convenience but require trust in the service provider to secure the assets.
MEV
- Maximum Extractable Value (MEV) is the value that can be extracted on blockchains by validators and network participants by re-ordering, inserting, or censoring transactions - these participants find value through reordering transactions
Noncustodial wallet
- A type of cryptocurrency wallet where the user has full control over their private keys and funds. Noncustodial wallets do not rely on third-party services, ensuring that only the wallet owner has access to their assets.
Passkeys
- Passkeys are a new authentication paradigm developed by Apple, Google, Microsoft, and the FIDO Alliance. They are poised to replace passwords and (in our view) seed phrases in the world of crypto wallets
- Unlike most other trading bots, we don’t store your private keys anywhere. Instead, we leverage your devices passkeys and a recovery email to give you a CEX-like UX without compromising on security. Your wallet is fully non-custodial and embedded directly in Telegram. No seed phrases. Ever. More information can be found in our blogpost Passkeys
Priority fee
- An additional fee paid to prioritize the execution of a transaction over others. You can think of this as a tip 💵. Higher priority fees increase the likelihood of a transaction being processed quickly, especially during periods of high network congestion.
Slippage
- The difference between the expected price of a trade and the actual price at which the trade is executed. Slippage occurs in fast-moving markets and during high volatility. See an example below:
  - You want to buy a coin at a price of $10. When your order is confirmed, you realize that it got filled at a higher price of $11, 10% slippage
    This scenario is an example of negative slippage because you bought in at a higher price than you wanted to, which decreases your total buying power. A higher slippage value increases the odds a transaction will complete, but also increases the price you may pay per token