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Decentralized Finance (DeFi) Primitives

Cam Harvey

DeFi and the Future of Finance is a set of four courses that focus on decentralized finance. The second course is called DeFi Primitives. It is recommended that you take the first course, DeFi Infrastructure, before this course. In this course, we talk about transaction mechanics and introduce both fungible and non-fungible tokens – or NFTs. The course explores the important issue of custody (holding private keys). The course then explores supply adjustment which includes the minting and burning of tokens. The mechanics of bonding curves are introduced. The course then explores the role of direct as well as indirect incentives in the DeFi system. We then analyze swaps or decentralized exchange. We begin by contrasting DEX with centralized exchange (e.g., Coinbase or Binance). The course details the mechanics of Automated Market Makers and provides a number of detailed examples. There is a discussion of impermanent loss as well as (legal) front-running. We end the course by exploring both collateralized and flash loans.

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What's inside

Syllabus

Mechanics
The first module explores some key primitives such as how Ethereum transactions occur including the differences between externally owned accounts and contract accounts. We then explore fungible and non-fungible (NFT) tokens and miner extractable value.
Read more
Supply and Ownership
The second module focuses on supply adjustment (minting and burning), the atomic nature of transactions in Ethereum, as well as incentives. The concept of a keeper in the Ethereum ecosystem is introduced.
Loans and Swaps
The third module introduces decentralized exchange and explores in considerable detail Automated Market Makers. The module also introduces the idea of collateralized loans as well as uncollateralized flash loans.
Joining the World of DeFi
The final module shows step-by-step how to set up a MetaMask wallet allowing the student to join the world of DeFi. The second part of the module conducts a deep dive into some of the key blockchain concepts such as digital signatures and consensus mechanisms (including Proof of Stake).

Good to know

Know what's good
, what to watch for
, and possible dealbreakers
Examines transaction mechanics, which are fundamental to blockchain development
Teaches both fungible and non-fungible tokens, which are widely used in cryptocurrency
Explores important issue of custody, which can be challenging in DeFi
Provides an overview of supply adjustment mechanisms, such as minting and burning
Introduces bonding curves, which are commonly used in DeFi
Involves exploring the role of incentives in the DeFi system
Advises taking a prerequisite course on DeFi, which may not be suitable for all learners
Taught by Cam Harvey, an established instructor with expertise in DeFi
Emphasizes understanding swaps and decentralized exchange
Compares decentralized exchange (DEX) with centralized exchange, providing a comprehensive view
Examines Automated Market Makers (AMMs), which are commonly used in decentralized finance
Explores legal aspects of DeFi, such as front-running
Provides a high-level overview of collateralized and flash loans
Includes a module on joining the world of DeFi, which provides practical guidance
Covers blockchain concepts such as digital signatures and consensus mechanisms

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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Decentralized Finance (DeFi) Primitives with these activities:
Identify mentors who specialize in DeFi
Connect with experienced individuals to guide your learning.
Browse courses on Mentorship
Show steps
  • Reach out to professionals in the DeFi industry.
  • Attend networking events and meetups.
  • Ask for introductions from friends, colleagues, or alumni.
  • Follow industry thought leaders on social media.
Attend online meetups and conferences focused on DeFi
Expand your knowledge and connect with professionals in the DeFi industry.
Browse courses on Networking
Show steps
  • Search for online meetups and conferences related to DeFi.
  • Register and attend the events.
  • Engage in discussions and ask questions.
  • Network with other attendees and exchange ideas.
Participate in workshops to learn about new DeFi projects
Gain hands-on experience working on DeFi projects.
Browse courses on Decentralized Finance
Show steps
  • Identify workshops related to DeFi projects.
  • Register and attend the workshops.
  • Follow the instructions and participate in the activities.
  • Ask questions and seek guidance from the facilitators.
  • Complete the project or exercise as outlined in the workshop.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Follow tutorials on Automated Market Makers (AMMs)
Expand your understanding of AMMs by following in-depth tutorials.
Show steps
  • Search for high-quality tutorials on AMMs.
  • Follow the tutorials and complete the exercises.
  • Experiment with different parameters and strategies.
Write a blog post explaining custody in DeFi
Enhance your understanding of custody by writing a blog post about it.
Show steps
  • Research and gather information about custody in DeFi.
  • Organize your thoughts and outline the blog post.
  • Write the blog post in a clear and engaging manner.
  • Proofread and edit the blog post.
  • Publish the blog post on a relevant platform.
Create a decentralized exchange dashboard
Build a dashboard to track and analyze the performance of different decentralized exchanges.
Show steps
  • Choose a programming language and framework for building the dashboard.
  • Design the dashboard's interface and layout.
  • Integrate APIs from different decentralized exchanges.
  • Create visualizations and charts to display data.
  • Deploy the dashboard to a web server.
Complete coding challenges on decentralized finance protocols
Test your understanding of DeFi protocols by solving coding challenges.
Browse courses on Decentralized Finance
Show steps
  • Identify platforms that offer coding challenges on DeFi protocols.
  • Choose a coding challenge and read the instructions carefully.
  • Implement the solution using the appropriate programming language.
  • Test and debug your code to ensure it meets the requirements.
  • Submit your solution and review the results.
Contribute to open-source projects in the DeFi ecosystem
Make valuable contributions to the DeFi community while gaining practical experience.
Browse courses on Decentralized Finance
Show steps
  • Identify open-source projects in the DeFi ecosystem.
  • Review the documentation and codebase.
  • Identify areas where you can contribute.
  • Submit pull requests with your proposed changes.
  • Collaborate with other contributors and maintainers.

Career center

Learners who complete Decentralized Finance (DeFi) Primitives will develop knowledge and skills that may be useful to these careers:
DeFi Analyst
DeFi Analysts research and analyze DeFi applications. They provide insights and recommendations to investors, traders, and other stakeholders in the DeFi ecosystem. The DeFi Primitives course can help DeFi Analysts build a foundation in the underlying mechanics of DeFi applications. The course covers topics such as transaction mechanics, fungible and non-fungible tokens, supply adjustment, and incentives. This knowledge can be used to develop research and analysis that helps investors make informed decisions.
See salaries and explore the career path for DeFi Analyst
Quant Analyst
Quant Analysts use mathematical and statistical models to analyze financial data. They develop trading strategies and risk management models for hedge funds, investment banks, and other financial institutions. The DeFi Primitives course can help Quant Analysts build a foundation in the underlying mechanics of DeFi applications. The course covers topics such as transaction mechanics, fungible and non-fungible tokens, supply adjustment, and incentives. This knowledge can be used to develop trading strategies and risk management models that take advantage of the unique features of DeFi applications.
See salaries and explore the career path for Quant Analyst
Blockchain Developer
Blockchain Developers implement and maintain blockchain technology for a variety of organizations. They may specialize in a particular type of blockchain, such as Bitcoin or Ethereum, or they may work with a variety of different blockchains. The DeFi Primitives course can help Blockchain Developers build a foundation in the underlying mechanics of DeFi applications. The course covers topics such as transaction mechanics, fungible and non-fungible tokens, supply adjustment, and incentives. This knowledge can be applied to the development of a variety of DeFi applications.
See salaries and explore the career path for Blockchain Developer
Cryptocurrency Trader
Cryptocurrency Traders buy and sell cryptocurrencies for profit. They typically use a variety of trading strategies to identify profitable opportunities in the market. The DeFi Primitives course can help Cryptocurrency Traders understand the mechanics of DeFi applications. This knowledge can be used to develop trading strategies that take advantage of the unique features of DeFi applications.
See salaries and explore the career path for Cryptocurrency Trader
Risk Manager
Risk Managers identify, assess, and mitigate risks for organizations. They develop and implement risk management strategies to protect organizations from financial losses, legal liability, and other risks. The DeFi Primitives course can help Risk Managers understand the mechanics of DeFi applications. This knowledge can be used to identify and assess risks associated with DeFi applications and develop mitigation strategies to protect organizations from these risks.
See salaries and explore the career path for Risk Manager
Software Engineer
Software Engineers design, develop, and maintain software applications. They work with a variety of programming languages and technologies to create software that meets the needs of users. The DeFi Primitives course can help Software Engineers build a foundation in the underlying mechanics of DeFi applications. The course covers topics such as transaction mechanics, fungible and non-fungible tokens, supply adjustment, and incentives. This knowledge can be used to develop software applications that interact with DeFi applications.
See salaries and explore the career path for Software Engineer
Systems Analyst
Systems Analysts design and implement computer systems for organizations. They work with users to understand their needs and develop systems that meet those needs. The DeFi Primitives course can help Systems Analysts understand the mechanics of DeFi applications. This knowledge can be used to design and implement systems that interact with DeFi applications.
See salaries and explore the career path for Systems Analyst
Data Scientist
Data Scientists use data to solve business problems. They collect, clean, and analyze data to identify patterns and trends. This information can be used to make better decisions and develop new products and services. The DeFi Primitives course can help Data Scientists understand the mechanics of DeFi applications. This knowledge can be used to collect and analyze data from DeFi applications to identify patterns and trends. This information can be used to develop new products and services that meet the needs of DeFi users.
See salaries and explore the career path for Data Scientist
Product Manager
Product Managers develop and manage products for organizations. They work with engineers, designers, and marketers to create products that meet the needs of users. The DeFi Primitives course can help Product Managers understand the mechanics of DeFi applications. This knowledge can be used to develop products that interact with DeFi applications.
See salaries and explore the career path for Product Manager
Investment Banker
Investment Bankers provide financial advice to corporations and governments. They help companies raise capital, merge with other companies, and acquire other businesses. The DeFi Primitives course can help Investment Bankers understand the mechanics of DeFi applications. This knowledge can be used to advise clients on how to use DeFi applications to raise capital and grow their businesses.
See salaries and explore the career path for Investment Banker
Marketing Manager
Marketing Managers develop and execute marketing campaigns for organizations. They work with a variety of marketing channels to reach target audiences and promote products and services. The DeFi Primitives course may be useful to Marketing Managers who want to understand the mechanics of DeFi applications. This knowledge can be used to develop marketing campaigns that target DeFi users.
See salaries and explore the career path for Marketing Manager
Sales Manager
Sales Managers lead sales teams and develop sales strategies for organizations. They work with sales representatives to close deals and generate revenue. The DeFi Primitives course may be useful to Sales Managers who want to understand the mechanics of DeFi applications. This knowledge can be used to develop sales strategies that target DeFi users.
See salaries and explore the career path for Sales Manager
Customer Success Manager
Customer Success Managers help customers get the most value from products and services. They work with customers to identify their needs and develop solutions to their problems. The DeFi Primitives course may be useful to Customer Success Managers who want to understand the mechanics of DeFi applications. This knowledge can be used to help customers use DeFi applications to meet their financial goals.
See salaries and explore the career path for Customer Success Manager
Business Development Manager
Business Development Managers identify and develop new business opportunities for organizations. They work with potential customers to develop partnerships and joint ventures. The DeFi Primitives course may be useful to Business Development Managers who want to understand the mechanics of DeFi applications. This knowledge can be used to identify and develop new business opportunities in the DeFi space.
See salaries and explore the career path for Business Development Manager
Financial Analyst
Financial Analysts research and analyze financial data to make investment recommendations. They work with a variety of financial data to identify investment opportunities and assess the risks associated with those opportunities. The DeFi Primitives course may be useful to Financial Analysts who want to understand the mechanics of DeFi applications. This knowledge can be used to identify investment opportunities in the DeFi space and assess the risks associated with those opportunities.
See salaries and explore the career path for Financial Analyst

Reading list

We've selected eight books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Decentralized Finance (DeFi) Primitives.
Cover image
Mastering Bitcoin
Save
Provides a comprehensive overview of the Ethereum blockchain and its underlying technology. It covers topics such as smart contracts, decentralized applications (dApps), and the Ethereum Virtual Machine (EVM).
Mastering Bitcoin: Programming the Open Blockchain
Paperback
$$
Mastering Bitcoin
Kindle Edition
$$
Cover image
Blockchain Revolution
Save
Provides a comprehensive overview of the blockchain technology and its potential impact on various industries. It discusses topics such as the use of blockchain in supply chain management, healthcare, and finance.
Blockchain Revolution: How the Technology Behind...
Paperback
$$
Blockchain Revolution: How the Technology Behind...
Paperback
$$
(Español) La revolución blockchain [The Blockchain Revolution]
Audible Audiobook
$$
Blockchain Revolution, Business Adventures Twelve...
Paperback
$$
(Português) Blockchain revolution (Portuguese Edition)
Kindle Edition
$
(Deutsch) Die Blockchain-Revolution: Wie die Technologie...
Kindle Edition
$$
Cover image
Cryptoassets: The Innovative Investor's Guide to...
Save
Provides a comprehensive overview of the cryptocurrency market and its investment opportunities. It discusses topics such as the different types of cryptocurrencies, the risks and rewards of investing in cryptocurrencies, and the future of the cryptocurrency market.
Cryptoassets: The Innovative Investor's Guide to...
Hardcover
$$
Cryptoassets: The Innovative Investor's Guide to...
Kindle Edition
$$
Cover image
Principles of Economics
Save
Provides a comprehensive overview of the history and economics of Bitcoin. It argues that Bitcoin superior form of money to fiat currencies and that it has the potential to revolutionize the global financial system.
Principles of Economics
Hardcover
$$
Principles of Economics
Kindle Edition
$
Cover image
Mastering Ethereum
Save
Provides a comprehensive overview of the Ethereum blockchain and its underlying technology. It covers topics such as smart contracts, decentralized applications (dApps), and the Ethereum Virtual Machine (EVM).
Mastering Ethereum: Building Smart Contracts and...
Paperback
$$
Mastering Ethereum: Building Smart Contracts and...
Kindle Edition
$$
Cover image
The Blockchain and the New Architecture of Trust
Save
Provides a comprehensive overview of the blockchain technology and its potential impact on various industries. It discusses topics such as the use of blockchain in supply chain management, healthcare, and finance.
The Blockchain and the New Architecture of Trust
Paperback
Check
The Blockchain and the New Architecture of Trust
Kindle Edition
Check
Cover image
Understanding the Basics About Bitcoin & Other...
Save
Provides a comprehensive overview of the blockchain technology and its potential impact on various industries. It discusses topics such as the use of blockchain in supply chain management, healthcare, and finance.
Understanding the Basics About Bitcoin & Other...
Kindle Edition
$
Cover image
Blockchain
Save
Provides a comprehensive overview of the blockchain technology and its potential impact on various industries. It discusses topics such as the use of blockchain in supply chain management, healthcare, and finance.
Blockchain: Blueprint for a New Economy
Paperback
$$
QUANTUM COMPUTING: PHYSICS, BLOCKCHAINS, AND DEEP...
Hardcover
$$$
Blockchain Economics: Implications of Distributed...
Hardcover
$$$
Blockchain. Fundament nowej gospodarki
Paperback
$$
Blockchain: Blueprint for a New Economy
Kindle Edition
$$
Blockchain Economics: Implications Of Distributed...
Kindle Edition
$$$
Quantum Computing: Physics, Blockchains, And Deep...
Kindle Edition
$$$

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Course image
Effort
4 weeks of study, 2-3 hours/week
Level
Intermediate
Via
Coursera
Institution
Duke University
Instructor
Cam Harvey
Language
English
Transcripts
Español Français Português Deutsch Italiano 中文 العربية 한국어 日本語 हिंदी Nederlands Svenska Pусский Türkçe Polski Ελληνικά українська мова magyar nyelv Bahasa Indonesia ไทย қазақша اُردُو, فارسی বাংলা tiếng Việt پښتو آذربایجان دیلی
This course belongs to a collection called Decentralized Finance (DeFi): The Future of Finance. It's comprised of four courses:
  1. Decentralized Finance (DeFi) Deep Dive
  2. Decentralized Finance (DeFi) Infrastructure
  3. Decentralized Finance (DeFi) Primitives (viewing)
  4. Decentralized Finance (DeFi) Opportunities and Risks
Good to know
Examines transaction mechanics, which are fundamental to blockchain development
Teaches both fungible and non-fungible tokens, which are widely used in cryptocurrency
Explores important issue of custody, which can be challenging in DeFi
Provides an overview of supply adjustment mechanisms, such as minting and burning
Introduces bonding curves, which are commonly used in DeFi
Involves exploring the role of incentives in the DeFi system
Advises taking a prerequisite course on DeFi, which may not be suitable for all learners
Taught by Cam Harvey, an established instructor with expertise in DeFi
Emphasizes understanding swaps and decentralized exchange
Compares decentralized exchange (DEX) with centralized exchange, providing a comprehensive view
Examines Automated Market Makers (AMMs), which are commonly used in decentralized finance
Explores legal aspects of DeFi, such as front-running
Provides a high-level overview of collateralized and flash loans
Includes a module on joining the world of DeFi, which provides practical guidance
Covers blockchain concepts such as digital signatures and consensus mechanisms
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