Crypto
24 lessons in this track so far, in the order we suggest reading them.
Crypto Basics
BeginnerBitcoinBitcoin is the first and largest cryptocurrency, with a fixed supply of 21 million coins. Learn how it works, halvings, what moves its price and how to trade it.BeginnerEthereumEthereum is a programmable blockchain that runs smart contracts, with ether (ETH) as its native asset. Learn how it works, proof of stake, gas and price drivers.BeginnerAltcoinsAltcoins are cryptocurrencies other than Bitcoin, from smart contract platforms to memecoins. Learn the main types, how to evaluate them and the risks.BeginnerBlockchain BasicsA blockchain is a shared ledger secured by cryptography and consensus. Learn blocks, hashes, keys, wallets, proof of work and proof of stake, and finality.BeginnerStablecoinsStablecoins are crypto tokens designed to hold a steady value, usually $1. Learn how fiat backed, crypto backed and algorithmic stablecoins work, and their risks.BeginnerCentralized vs Decentralized ExchangesCentralised exchanges hold your funds and match orders; decentralised exchanges trade from your wallet via smart contracts. Compare costs, safety and how each works.BeginnerCrypto Spot TradingSpot trading means buying and selling actual crypto at current prices. Learn order types, pairs, fees, sizing, custody and how spot differs from derivatives.
Crypto Derivatives
IntermediatePerpetual FuturesPerpetual futures are crypto derivatives with no expiry, kept close to spot by funding payments. Learn how perps work, leverage, margin, funding and the main risks.IntermediateFunding RatesFunding rates are periodic payments between longs and shorts on perpetual futures. Learn how they are calculated, what extreme funding means and how to use it.IntermediateCrypto Futures and BasisDated crypto futures trade at a premium or discount to spot called the basis. Learn CME and exchange futures, how to annualise basis and what it tells traders.IntermediateLiquidations in CryptoA liquidation is the forced closing of a leveraged crypto position when margin runs out. Learn how liquidation prices work, cascades, heatmaps and how to avoid them.IntermediateInsurance Funds and Auto-DeleveragingAuto deleveraging closes profitable positions when liquidations cannot be absorbed. Learn how ADL works, how traders are ranked and how to reduce the risk.IntermediateMark Price vs Index PriceCrypto derivatives use three prices: last, index and mark. Learn how each is calculated, why mark price triggers liquidations and why gaps between them matter.IntermediateFunding and Basis ArbitrageFunding and basis arbitrage buys crypto spot and shorts perps or futures to earn the premium while staying neutral. Learn the mechanics, returns and risks.
On-Chain and DeFi
AdvancedOn-Chain AnalyticsOn chain analytics studies public blockchain data such as addresses, flows and holder behaviour. Learn key metrics like MVRV and SOPR, data tools and their limits.AdvancedWallet and Exchange FlowsExchange inflows, outflows, whale wallets and stablecoin flows reveal how crypto is moving. Learn the key flow metrics, how to read them and their pitfalls.AdvancedDeFi BasicsDeFi offers trading, lending and borrowing through smart contracts instead of banks. Learn the building blocks, where yields come from and the risks.AdvancedOraclesOracles bring outside data like prices and event results onto blockchains. Learn how Chainlink feeds and UMA's optimistic oracle work, and how attacks happen.AdvancedMEVMEV is value extracted by reordering or inserting blockchain transactions. Learn sandwich attacks, arbitrage and liquidation MEV, and how to protect trades.AdvancedMempools and GasPending crypto transactions wait in the mempool and pay fees to be included. Learn how Bitcoin fees and Ethereum gas work, EIP 1559 and how to avoid overpaying.AdvancedBridge and Smart Contract RiskSmart contract bugs and cross chain bridge hacks have cost crypto users billions. Learn how bridges work, famous exploits, warning signs and how to reduce your risk.AdvancedStaking and RestakingStaking locks proof of stake tokens to secure a network and earn rewards; restaking reuses staked tokens for more yield. Learn how both work and the risks.AdvancedToken Unlocks and VestingToken unlocks release locked tokens held by teams and investors on a schedule. Learn vesting terms, cliffs, how unlocks can pressure prices and how to research them.AdvancedTokenomics and Protocol RevenueTokenomics covers a token's supply, demand and value capture. Learn fees vs revenue, buybacks and burns, valuation ratios and how to spot weak token designs.