DeFi
Decentralized finance from first principles: DEXs, lending, stablecoins, yield, and the risks the APY numbers don't show.
Start with guide 1- 1
What Is DeFi?
Decentralized finance in plain terms: what it replaces, what's genuinely new, and the risk trade-offs.
- 2
How DEXs Work: AMMs and Liquidity Pools
Constant-product AMMs, pools, and how a swap executes without an order book.
- 3
Impermanent Loss Explained
The LP risk everyone underestimates, with worked examples and when fees compensate.
- 4
DeFi Lending and Borrowing
Overcollateralized loans, utilization rates, and liquidations on Aave-style money markets.
- 5
Yield Farming and Where Yield Comes From
The only question that matters in DeFi: who is paying you, and why? Sustainable vs emissions yield.
- 6
Staking Explained: PoS, Rewards, and Risks
What staking secures, real vs nominal yield, slashing, and liquid staking derivatives.
- 7
Wrapped Tokens and Bridges
How assets move across chains, why bridges are hack magnets, and safer bridging habits.
- 8
Layer 2s: Rollups and Scaling
Optimistic vs ZK rollups, why L2s exist, and what changes for users and fees.
- 9
DAOs and Token Governance
How on-chain governance works, delegate systems, and governance attack vectors.
- 10
DeFi Risk Map: Smart Contract, Oracle, and Economic Risk
A taxonomy of how DeFi positions actually lose money, beyond price risk.
- 11
Reading DeFi Metrics: TVL, Volume, and Revenue
What TVL does and doesn't measure, protocol revenue vs emissions, and where to check the data.
- 12
A DeFi Safety Checklist
Approvals hygiene, contract verification, position monitoring — the operational routine for using DeFi.