Understanding DeFi
Traditional finance rebuilt in code — automated market makers, impermanent loss, stablecoins, over-collateralised lending, oracles, and where the yield actually comes from.
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What actually happens when a smart contract runs?
Start the first lessonUnit 1 Smart Contracts & Composability
- What actually happens when a smart contract runs?
- What does "permissionless" really mean — and what does it not protect you from?
- Why can DeFi protocols plug into each other like Lego bricks?
- If the code is the contract, what happens when the code is wrong?
Practice Check · Unit 1 A short check · cannot be failed Start
Unit 2 AMMs and Liquidity
- How can a pool of tokens quote a price with no order book?
- Why does a bigger trade get a worse price in the same pool?
- Why can a liquidity provider end up worse off than someone who just held?
- What do fees have to earn before liquidity providing breaks even?
Practice Check · Unit 2 A short check · cannot be failed Start
Unit 3 Stablecoins & Lending
- What is a stablecoin actually pegged to?
- What happened when an algorithmic stablecoin lost its peg?
- Why must you post more collateral than you borrow?
- What is a health factor, and how does a liquidation actually work?
Practice Check · Unit 3 A short check · cannot be failed Start
Unit 4 Where Yield Comes From
- Where does a DeFi yield actually come from?
- Why do the highest advertised APYs decay fastest?
- How does an off-chain price get on-chain — and how is it attacked?
- Understanding DeFi — course checkpoint
Practice Check · Unit 4 A short check · cannot be failed Start
Last Course exam
One exam, the whole course Unlocks when you have read all 16 lessons
Passing it earns the course certificate.