What Made DeFi Fun

About the journal

This is a collection of the ideas that made DeFi feel concrete to me. Most began as financial primitives developed in public. Many sounded implausible until their mechanisms were tested in real markets.

I am revisiting them through short essays and interactive visualisations, with an emphasis on how they work, why they mattered, and what they made possible.

If I have overlooked an important idea, or if you would like to collaborate on a topic, reach me at @rohanphw.

Topics

01

x · y = k

Why can you buy almost all the ETH in a Uniswap pool, but never the last bit?

02

Pool Together

A lottery where you keep your ticket money even when you lose.

03

Alchemix

A loan that slowly repays itself while you wait.

04

Curve Wars

Why DeFi protocols started bribing voters for control of Curve's rewards.