2026/2027
Децентрализованные финансы
ID 1096761
Статус:
Маго-лего
Кто читает:
Банковский институт
Где читается:
Банковский институт
Когда читается:
1 модуль
Охват аудитории:
для своего кампуса
Преподаватели:
Цангль Наталия Евгеньевна
Язык:
английский
Кредиты:
3
Контактные часы:
30
Course Syllabus
Abstract
In general this course aims to: •Explain fundamental concepts underpinning decentralized finance (DeFi) such as blockchain, distributed ledgers, consensus mechanisms, smart contracts. •Give understanding of the ecosystem of decentralized financial applications and differentiate them from traditional financial systems. •Identify and compare major categories of DeFi including stablecoins, lending, borrowing, decentralized exchanges, derivatives, payments and more. •Analyze the economic incentives, governance mechanisms, risks and regulations associated with leading DeFi protocols. •Evaluate transparency, accessibility, efficiency, and other benefits afforded by decentralized finance. •Demonstrate limitations and challenges confronting the DeFi ecosystem related to scalability, interoperability, security, user experience. •Show application of DeFi platforms to execute basic financial transactions such as taking loans, making payments, trading derivatives. •Perform perspectives on the future evolution of decentralized finance and its potential disruption of mainstream financial industry.
Learning Objectives
- Explain fundamental concepts underpinning decentralized finance (DeFi) such as blockchain, distributed ledgers, consensus mechanisms, smart contract
- Give understanding of the ecosystem of decentralized financial applications and differentiate them from traditional financial systems
- Identify and compare major categories of DeFi including stablecoins, lending, borrowing, decentralized exchanges, derivatives, payments and more
- Analyze the economic incentives, governance mechanisms, risks and regulations associated with leading DeFi protocols
- Evaluate transparency, accessibility, efficiency, and other benefits afforded by decentralized finance
- Demonstrate limitations and challenges confronting the DeFi ecosystem related to scalability, interoperability, security, user experience
- Show application of DeFi platforms to execute basic financial transactions such as taking loans, making payments, trading derivatives.
- Perform perspectives on the future evolution of decentralized finance and its potential disruption of mainstream financial industry
Expected Learning Outcomes
- Define the five-layer architecture of the DeFi stack and locate the principal risk of any given protocol within it.
- Classify a stablecoin by its peg mechanism and name the specific failure mode of each class.
- Explain the mechanics of an automated market maker, a lending pool interest rate model, a liquidation, and a perpetual futures funding rate.
- Reproduce the taxonomy of attack vectors and name the canonical incident for each.
- State the current legal and tax position of digital currencies and digital rights in the Russian Federation, including the calendar of entry into force of Federal Law No. 282-FZ.
- Calculate the effective execution price and slippage of a trade in a constant-product pool.
- Calculate impermanent loss and decompose the profit and loss of a liquidity provider into fees, loss-versus-rebalancing and costs.
- Calculate the health factor, liquidation price and maximum sustainable leverage of a multi-asset collateral position, and estimate the protocol’s bad debt under a stated price shock
- Construct an adjusted measure of total value locked, identifying double counting and recursive leverage
- Complete a nine-factor due diligence checklist for a protocol and produce a reasoned admission decision.
- Determine the legal admissibility of a given transaction for a Russian resident with reference to the applicable provision, as in force on the date of the assessment.
- Prepare individually an investment memorandum on a DeFi instrument containing a quantified risk assessment, a scenario stress test and an operational recommendation with a stated limit.
- Identify the weakest assumption in one’s own analysis and state the conditions under which the conclusion would reverse.
- Distinguish structural growth from growth financed by token incentives.
Course Contents
- The map of DeFi
- The settlement layer
- Exchange
- Credit
- Risk and security
- The institutional perimeter
- Regulation and synthesis
Assessment Elements
- Final examwritten test
- Course project (individual investment memorandum)An individual investment memorandum on one DeFi instrument
- in-class quizzesA quiz is conducted at the end of every session, in the last 10 minutes, on the material of that session.
Interim Assessment
- 2026/2027 1st module0.25 * in-class quizzes + 0.25 * Course project (individual investment memorandum) + 0.5 * Final exam
Bibliography
Recommended Core Bibliography
- Yaga, D., Mell, P., Roby, N., & Scarfone, K. (2019). Blockchain Technology Overview. https://doi.org/10.6028/NIST.IR.8202
- Zilibotti, F., Van Reenen, J., Lelarge, C., Aghion, P., & Acemoglu, D. (2007). Technology, Information, and the Decentralization of the Firm. Scholarly Articles. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.hrv.faseco.4481506
Recommended Additional Bibliography
- Paweł Szewczyk. (2019). Application of Blockchain Technology in Supply Chain Management. Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska : Modernity of Industry and Sciences, 14, 591–600. https://doi.org/10.29119/1641-3466.2019.136.45