Crypto & DeFi
Tokens, stablecoins, AMMs, staking, and the market structure of decentralized finance.
Recommended first: Foundations of Markets
Tick lessons off as you go, saved in this browser, no account needed.
- 1Proof of Work
Mining
Proof of Work: How Crypto Mining Secures a Chain
- 2Proof of Stake
Validation
Proof of Stake: How Validators Secure a Chain
- 3ERC-20
Token standard
ERC-20 Token Standard: The Rules for Fungible Tokens
- 4Stablecoins
Collateralized
Fiat-Backed Stablecoins: How USDC and USDT Hold $1
- 5Pegging
Holding the peg
Stablecoin Peg Mechanisms: How Pegs Hold
- 6AMMs
Constant product
Constant-Product AMM: How x*y=k Pools Price Trades
- 7Impermanent Loss
LP risk
Impermanent Loss: Why LPs Underperform Holding
- 8Yield Farming
On-chain yield
Yield Farming: How DeFi Pays You to Provide Capital
- 9Perps
Perpetual swaps
Perpetual Swaps: Futures That Never Expire
- 10Layer 2
Optimistic rollups
Optimistic Rollups: Cheap Layer 2 With Fraud Proofs
- 11TVL
Value locked
Total Value Locked: Measuring Capital in DeFi
- 12Governance
Token design
Governance Tokens: How DeFi Voting Power Works