DeFi University

7 modules · 27 lessons · about 18 hours

Crypto and DeFi Interest-Rate Spreads

Master utilization and the supply-rate split on Aave, Morpho, Euler, Kamino, and HyperLend. Separate a cross-venue carry from a loop and finish with a spread memo.

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Module 1: Shared objects

  1. 1Utilization is the price of liquidity9 minExercise
  2. 2Who is paid8 minExercise
  3. 3Why two rates on the same asset differ8 minExercise
  4. 4Rewards are not interest8 minExercise
  5. ?Module 1 quiz

Module 2: Aave

  1. 5Two slopes9 minExercise
  2. 6The reserve factor7 minExercise
  3. 7The kink is a kill, not a target8 minExercise
  4. ?Module 2 quiz

Module 3: Morpho

  1. 8The adaptive curve10 minExercise
  2. 9Morpho’s supply formula9 minExercise
  3. 10Isolation and where bad debt lands10 minExercise
  4. ?Module 3 quiz

Module 4: Euler

  1. 11Four interest-rate families9 minExercise
  2. 12Per-second storage, annualized screen8 minExercise
  3. 13Protocol fee and vault interest fee8 minExercise
  4. 14Governed versus finalized9 minExercise
  5. ?Module 4 quiz

Module 5: Kamino

  1. 15The poly-linear borrow curve9 minExercise
  2. 16Kamino supply and the reserve factor8 minExercise
  3. 17Getting out: the queue and the caps9 minExercise
  4. 18When the curve is not enough9 minExercise
  5. ?Module 5 quiz

Module 6: HyperLend

  1. 19HyperLend: one venue, two rate engines9 minExercise
  2. 20The rate that moves with time9 minExercise
  3. 21Read a live reserve8 minExercise
  4. ?Module 6 quiz

Module 7: The spread

  1. 22Cross-venue carry is a spread9 minExercise
  2. 23Looping is leverage9 minExercise
  3. 24Fixed versus float7 minExercise
  4. 25Stablecoin basis is not a rate8 minExercise
  5. 26Costs8 minExercise
  6. 27The spread memo10 minExercise
  7. ?Module 7 quiz