Maximal extractable value (MEV) is the profit that whoever orders transactions in a block can capture by including, excluding or reordering them. Users experience it as front-running and worse trade prices.
An automated market maker (AMM) is a type of decentralized exchange that prices trades with a formula over a pool of tokens. It replaces order matching, so anyone can trade against the pool at any time.
A gas fee is the charge paid to a blockchain network to process a transaction or run smart contract code. It is priced per unit of computation and rises when the network is busy.
A decentralized exchange (DEX) is a trading venue built from smart contracts, where users swap tokens directly from their own wallets. No company takes custody of funds, and trades settle on chain.
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