Splash has two definitions.

1. Splash is a decentralized open-source protocol for efficient market-making and trading on Cardano.

2. Splash is a DAO with governance and a distributed business model.

Grasping all Splash concepts may not be trivial. However, after understanding them all you will obtain a superpower. Refer to the FAQ if you have a specific question.

The easiest way to understand Splash is to think of it as a decentralized exchange for Cardano Native Assets. Unlike centralized exchanges that match buy and sell orders (aka CLOB exchanges), or constant product Automated Market Maker (AMM) exchanges, Splash uses different types of AMM liquidity pools, the Temporal Liquidity Book (TLB), and combines them all. This allows different types of market makers to earn interest by providing liquidity as efficiently as they want, and traders to benefit from the best prices by tapping all liquidity in a single order. This approach opens up limitless opportunities for both sides of the market.