DeFi Deep Dive: Lending, AMMs & Yield

Move past the brand names. How Compound, Aave, Uniswap, Curve, and Pendle actually work — and how to reason about yield without getting rekt.

4 lessons · 3 hr · advanced

1. 1Lending Markets from First PrinciplesInterest-rate models, liquidation engines, collateral factors — the mechanics behind Aave & Compound.35 min
2. 2AMM Math: Constant Product, StableSwap, Concentrated LiquidityHow x·y=k, Curve's StableSwap invariant, and Uniswap V3/V4 ticks actually price trades — and why each design exists.40 min
3. 3Yield Strategies & Real Yield vs. EmissionsTelling protocol revenue from token-emission subsidies. Pendle, Lido, Convex/Aura, GMX, Synthetix — and the "ponzinomics" critique.35 min
4. 4Impermanent Loss & LP Risk ModelingConcrete IL math, hedging, and the LVR (Loss-Versus-Rebalancing) view of concentrated liquidity.30 min

Educational only — not financial advice.