BR Academy

DeFi Finance Masterclass: AMMs, Lending, Stablecoins and Risk

Master DeFi protocols, AMM math, lending markets, and portfolio construction with real 2026 tools and numbers.

Intermediate31 lessons13.63 hoursCertificate

About this course

DeFi is reshaping finance, but most courses skip the math and the risk. This course teaches you how decentralised finance actually works—from AMM mechanics and impermanent loss to lending market liquidations, stablecoin design, and yield sources.

You’ll learn the math behind Uniswap v2 and v3, model utilisation curves in Aave and Compound, evaluate stablecoin designs and their failure modes, and understand perpetual futures and options protocols. Most importantly, you’ll build the frameworks to evaluate DeFi protocols, manage risk, and construct a diversified portfolio.

By the end, you can calculate slippage, identify liquidation risk, trace where yield comes from, and use on-chain tools (Dune, Glassnode) to monitor your positions. You’ll have a due diligence checklist and a capstone project that demonstrates your ability to evaluate and model a live protocol.

Built for finance professionals, analysts, and serious investors who want to move beyond blog posts and understand DeFi deeply enough to build strategies and manage risk.

What you will be able to do

Can calculate impermanent loss and slippage for any AMM position using Uniswap v2/v3 math
Can model utilisation curves and liquidation risk in lending markets (Aave, Compound)
Can evaluate stablecoin designs and identify failure modes
Can calculate yield sources and trace where protocol revenue comes from
Can perform due diligence on a DeFi protocol using on-chain risk frameworks
Can construct a diversified DeFi portfolio with position sizing and hedging
Can use Dune Analytics and on-chain tools to monitor protocol health and personal risk

Curriculum 7 modules · 31 lessons

1AMM Fundamentals and Uniswap v25 lessons

The Constant Product Formula Preview18 min
How Uniswap v2 Works 22 min
Slippage and Price Impact 20 min
Providing Liquidity and LP Tokens 24 min
Impermanent Loss with Numbers 26 min

2Advanced AMMs and Concentrated Liquidity5 lessons

Uniswap v3 and Concentrated Liquidity 25 min
Choosing Ranges and Capital Efficiency 23 min
Fee Tiers and Rebalancing 20 min
Curve, Balancer, and Specialized AMMs 22 min
Arbitrage and MEV in AMMs 24 min

3Lending Markets and Credit Risk5 lessons

How Lending Markets Work 20 min
Interest Rate Models 22 min
Aave and Compound Deep Dive 26 min
Liquidation Mechanics and Risk 24 min
Lending Strategies and Yield Farming 23 min

4Stablecoins and Algorithmic Stability5 lessons

Collateralised, Algorithmic, and Hybrid 24 min
USDC, USDT, and Fiat-Backed Designs 22 min
DAI and Over-Collateralisation 25 min
Terra Luna and Failure Modes 23 min
Stablecoin Evolution and Regulation 20 min

5Derivatives and Perpetuals5 lessons

Perpetual Futures Mechanics 26 min
Funding Rates and Arbitrage 24 min
Options and Structured Products 23 min
Leverage, Liquidation Cascades, and Risk 25 min
Hedging and Directional Strategies 22 min

6Yield, Risk and Portfolio Construction5 lessons

Where Yield Really Comes From 25 min
On-Chain Risk Frameworks 26 min
Protocol Due Diligence Checklist 24 min
Building a DeFi Portfolio 27 min
Dune, Glassnode, and On-Chain Analytics 23 min

7Capstone Project1 lesson

Evaluate and Model a Live DeFi Protocol 120 min

Taught by Block Relations

Research & Education · Built for a finance professional, analyst, or serious investor with basic crypto knowledge (what a blockchain is, how wallets work) who needs to understand DeFi protocols deeply enough to evaluate opportunities, manage risk, and build strategies. You can read a smart contract interface but not audit code.