DeFi, NFTs, and Web3 Systems
Program Overview
CRYPTO 301 explores the application layer of blockchain systems with systematic focus on decentralized finance protocols, non-fungible token standards, and the technical infrastructure of Web3 applications. The program emphasizes mechanism analysis over product description, treating DeFi protocols as coordination systems with specific mathematical properties.
Students analyze the mechanics of automated market makers, lending protocols, and derivative systems with attention to invariant functions, liquidation mechanisms, and capital efficiency trade-offs. The curriculum examines how composability enables complex financial products and the systemic risks that emerge from protocol interdependencies and shared collateral.
The program covers NFT standards, metadata architectures, and the technical foundations of decentralized applications beyond finance. Students examine smart contract design patterns, upgrade mechanisms, and the security considerations specific to application-layer development. Oracle systems receive particular attention as critical infrastructure connecting on-chain and off-chain data.
Throughout the curriculum, emphasis is placed on identifying failure modes, understanding historical exploits, and developing systematic approaches to risk assessment. Students learn to analyze protocols as adversarial environments where economic incentives and technical vulnerabilities interact.
Learning Outcomes
Upon successful completion of CRYPTO 301, students will be able to:
- Analyze automated market maker mechanics including constant product formulas, concentrated liquidity, and impermanent loss dynamics
- Evaluate lending protocol designs including collateralization ratios, liquidation mechanisms, interest rate models, and bad debt scenarios
- Assess NFT standards including ERC-721, ERC-1155, and metadata architectures with attention to on-chain versus off-chain trade-offs
- Examine smart contract design patterns including proxy upgrades, access control, and reentrancy guards
- Understand oracle systems including price feed aggregation, manipulation resistance, and the oracle problem in decentralized systems
- Identify and categorize smart contract vulnerabilities and common exploit patterns
Assessment Structure
Competency is demonstrated through multiple assessment types.
Protocol Mechanics Examination
Technical assessment covering DeFi protocol mechanics, smart contract patterns, and system interactions. Includes quantitative problems requiring calculation of AMM outputs, liquidation thresholds, and protocol fee accrual. Duration: 120 minutes. Tests precise understanding of mechanism behavior.
Risk Analysis Report
Comprehensive written analysis (3500-4500 words) of risks in a selected DeFi protocol or system of interacting protocols. Must include systematic categorization of risk types (smart contract, oracle, governance, economic), assessment of historical incidents, and reasoned evaluation of mitigation measures.
Smart Contract Audit Exercise
Applied exercise in identifying vulnerabilities and design issues in provided smart contract code. Students receive Solidity contracts and must produce a structured audit report identifying issues by severity, explaining attack vectors, and recommending remediations. Evaluated on completeness and accuracy of findings.
Progression
Completion of CRYPTO 201 is required. Students must demonstrate competency in protocol architecture analysis before engaging with application-layer complexity. Understanding of consensus and network properties provides essential context for evaluating DeFi security assumptions.
CRYPTO 201
CRYPTO 401
Intended Audience
Students with foundational blockchain knowledge seeking to understand application-layer protocols in depth. Relevant for those interested in DeFi analysis, smart contract development, security auditing, or protocol design. Assumes comfort with technical documentation and basic familiarity with programming concepts.
Credential Issued
Certificate of Completion — CRYPTO 301
Verifiable through the MIDAS credential registry. Confirms completion of structured coursework and demonstrated competency through assessment.