←Stage 54 · Premium
Crypto

Staking, Lending & Liquidity

Crypto pays a yield in a dozen different ways, and every one of them is somebody's cost. This stage is about naming who pays, and out of what. You'll learn what staking locks up, what a health factor is, how a pool prices with no order book at all, and how to compute impermanent loss before you deposit. Eleven lessons, and the arithmetic is the point.

Stage 54 of the TradeWize crypto track: earning a yield and knowing its bill. Staking and slashing, the health factor, how a pool prices without an order book, and impermanent loss as arithmetic.

0 / 11 done
StartLesson 1 · Yield Is Someone Else's Cost
What you’ll leave with11 lessons · 6-line playbook
  • Before I take a yield I ask who pays it, and what that payer does in a bad month.
  • Staked coins are not liquid coins, and I size them knowing that.
  • Every wrapper adds a party who can fail. I count them.
  • A borrow position needs a buffer sized for a night I am asleep.
  • Impermanent loss is a number I can compute before I deposit, so I compute it.
  • I spend as little time bridged as the task requires.

All lessons

  1. 01Yield Is Someone Else's Cost
  2. 02Staking — Locking Coins to Secure a Chain
  3. 03Unbonding, Lock-Ups and Slashing
  4. 04Liquid Staking and Restaking
  5. 05Lending On-Chain — Supply, Borrow and the Health Factor
  6. 06Getting Liquidated by a Smart Contract
  7. 07AMMs — How a Pool Prices Without an Order Book
  8. 08Providing Liquidity — What You're Actually Selling
  9. 09Impermanent Loss, as Arithmetic
  10. 10Bridges and the Cross-Chain Risk
  11. 11The Yield Risk Ledger