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Duke University

Decentralized Finance (DeFi) Primitives

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.

Status: FinTech
Status: Cryptography
IntermediateCourse6 hours

Featured reviews

AS

5.0Reviewed Jan 30, 2022

DeFi Primitives gives an excellent idea of the exciting new world we are heading to in decentralized finance. Also highlights the need to contain energy costs and carbon emissions as we go along.

SP

5.0Reviewed Jul 12, 2022

I​ like the way the professor communicates in this course. He is very clear and I can understand him. Thank-you.

RT

5.0Reviewed Jul 19, 2022

W​ell designed and clear examples/analogies. Easy enough while some concepts are complex.

EL

5.0Reviewed Nov 21, 2021

Well taught!! I Suggest this to people who wants to start and know more about DeFi nd Crypto.

TM

5.0Reviewed Dec 29, 2021

Course is very insightful. It broadens the scope of understanding the mechanisms involved from minute to complex transactions.

PS

5.0Reviewed Feb 18, 2023

Excellent for anybody who want to lean about Decentralized Finance. As I am an old Blockchain learner the 4th week of the course was way too easy.Thanks,Paras

LT

5.0Reviewed May 26, 2022

Great content and explanation by Prof. Harvey! Love how he explain the terms using simple and understandable analogies that is applicable.

LL

4.0Reviewed Feb 19, 2022

Es increible todo el conocimiento que se adquiere en este curso. Lo recomiendo!!

CA

5.0Reviewed Feb 16, 2026

Thank you so much, Dr Campbell. You explained very well and made me laugh with your great humour! Best wishes.

VM

5.0Reviewed Sep 17, 2025

Excellent insights. The videos are slow paced to address all type of listeners. Thanks

IS

5.0Reviewed Aug 30, 2023

It was actually quite great. I am excited to learn more about DeFi as well as the programming perspectives!

YD

5.0Reviewed Apr 7, 2022

Amazing! Lots of very useful information. Every second of this course provided interesting and education content.

All reviews

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