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Learn · DeFi

DeFi, chapter by chapter.

DeFi means decentralised finance. Follow how tokens move through pools, lending and vaults. Explore potential returns alongside losses, fees and withdrawal limits.

14 interactive chapters. Follow them in order or select the topic you want to understand.

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  1. Chapter 1 · Start here

    Uniswap V2: pools, swaps and LP returns

    Make a swap, follow the fee, and compare providing liquidity with holding. See why fee income can fall short of impermanent loss.

    Open chapter 1
  2. Chapter 2

    Uniswap V3: concentrated liquidity

    Choose a price range. Watch your token inventory change, move out of range, and test whether fees cover the shortfall against holding.

    Open chapter 2
  3. Chapter 3

    Aave: lending and collateral

    Follow supply and borrowing through a lending pool. Change the collateral price, compare borrowing limits with liquidation thresholds, and watch the health factor respond.

    Open chapter 3
  4. Chapter 4

    Chainlink: prices reach the chain

    Combine price observations, trigger a feed update, and interrupt publication. See why an application must check when a price was last updated.

    Open chapter 4
  5. Chapter 5

    Polymarket: prices, shares and resolution

    Split a complete set, fill an order across several prices, and compare selling with settlement. Follow a disputed result through an illustrative resolution process.

    Open chapter 5
  6. Chapter 6

    Native staking: rewards and penalties

    Advance a validator scenario. Compare rewards with operating costs, penalties and changes in ETH value, then follow an exit.

    Open chapter 6
  7. Chapter 7

    Liquid staking: claim versus market price

    Follow a staking claim through rewards and losses. Compare a market sale with queued redemption and inspect how much can actually be withdrawn.

    Open chapter 7
  8. Chapter 8

    Lending yield: income and withdrawal liquidity

    Trace borrower interest to suppliers. Compare accounting value with available cash under normal, stressed and loss scenarios.

    Open chapter 8
  9. Chapter 9

    Liquidations: follow the tokens

    Repay debt, transfer collateral and sell into limited liquidity. Check whether an eligible liquidation is executable or profitable.

    Open chapter 9
  10. Chapter 10

    Vault accounting: assets, shares and fees

    Deposit assets, receive shares and reconcile gains, fees and losses. Separate the value of a claim from the cash available to redeem it.

    Open chapter 10
  11. Chapter 11

    Morpho vaults: allocation and risk

    Allocate across fictional lending exposures. Follow the effect of caps, fees, losses and withdrawal liquidity on the same deposit.

    Open chapter 11
  12. Chapter 12

    Leveraged yield: returns and losses

    Combine a staking position and borrowing. Change rates and collateral prices; compare net equity with an unlevered holding.

    Open chapter 12
  13. Chapter 13

    Stablecoins: backing and redemption

    Mint and redeem in a fictional reserve-backed system. Compare market price, reserve losses and immediate redemption capacity.

    Open chapter 13
  14. Chapter 14

    Transaction ordering and slippage

    Reorder the same swaps against the same initial pool. Inspect each output, minimum-output check and reverted transaction.

    Open chapter 14

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