Glossary
Find definitions of key terms here
- 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
- 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
- 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:
- Seed Phrase
- A crypto seed phrase is a set of 12 or 24 random words that acts like the master key to your Solana wallet. If you lose access to your wallet, you can use this phrase to recover your funds, so it’s important to keep it safe and never share it with anyone. At Bullpen we use 12 word seed phrases
Updated 9 days ago