Each track is a short course on one part of the subject. Start here assumes nothing; the others can be read in any order.
64min
Start here10 课程. One phrase covers seven very different instruments; telling them apart is the first skill, because each is measured and fails differently.
75min
DeFi10 课程. A loan against deposits worth more than the debt, granted by code that never learns the borrower's name, and the parameters that follow from that.
77min
How networks work10 课程. Consensus is not agreement about truth or value; it is agreement about the order of transactions and which valid history counts.
78min
Institutional access and regulation10 课程. The listed wrapper, the parts it is made of, and the specific ways a share differs from coins held in a wallet.
80min
Market structure10 课程. A balance on an exchange screen is a database entry and a claim on a company, not a coin the account holder controls.
68min
Protocol economics10 课程. A protocol fee is charged by software rather than billed by a company, and the payer, the currency and the recipient are three separate facts.
91min
Risk12 课程. Risk here stacks in separate layers - price, code, keys, counterparties, liquidity and law - and each layer fails in its own way.
58min
Stablecoins and payments8 课程. A stablecoin is a token designed to hold a fixed value; the mechanism that holds it there determines how the token behaves under stress.
64min
Supply and issuance10 课程. Circulating, total, maximum and fully diluted supply answer four different questions, which is why data sources rarely publish the same figure.
47min
Using this site6 课程. A guided pass through every tab of an asset page: what each one measures, what it cannot show, and which site-wide section it connects to.
90min
Valuation12 课程. A share is an enforceable claim on audited cash flows; a token usually is not, and that single difference reshapes every ratio built on it.
