Live Protocol refers to a set of rules and standards that govern how transactions and communications occur in real-time on a blockchain or decentralized network. It is essentially the operational framework that enables the functionality of smart contracts and decentralized applications (dApps).When a protocol is described as “live,” it means that it is currently operational and actively processing transactions. This contrasts with protocols still in development or testing phases. A live protocol can facilitate various activities, such as token transfers, decentralized finance (DeFi) operations, or non-fungible token (NFT) transactions.The effectiveness of a live protocol is often measured by its speed, scalability, and security. Users engage with these protocols to interact with blockchain technology easily, ensuring that transactions are executed correctly and efficiently. Various protocols may focus on specific use cases, contributing to a diverse ecosystem of applications and services.