Memorize Crypto and DeFi Fundamentals: 80 Flashcards from Proof of Work to Impermanent Loss
Learn crypto and DeFi with 80 flashcards: proof of work vs stake, mining, wallets, AMMs, liquidity pools, flash loans, tokenomics, DAOs and the risks of DeFi.
Studying. But it's also a video game. 🎮
Flashcards, quizzes and games that make you actually remember.
Posted by
FLIP IT TeamRelated reading
Learn Blockchain and Crypto Fundamentals: 72 Flashcards from the Genesis Block to the Trilemma
Study deck YK8316: 72 flashcards covering blockchain, proof-of-work, wallets, DeFi and NFTs, plus two cards to fix before your first review session.
Crypto vocabulary moves faster than textbooks: by the time you understand proof of work, the conversation is about liquidity pools and flash loans. The Crypto Trading, DeFi & Tokenomics deck on Flip It (deck code YS4856, 80 cards) fixes that with one flashcard per concept, written in plain English and arranged from Bitcoin basics to the DeFi stack.
Study this deck: Crypto Trading, DeFi & Tokenomics
1 / 10Cryptocurrency
Tap the card for the answer · swipe right if you knew it, left if not
Three layers, 80 cards
Blockchain fundamentals (first ~35 cards). Cryptocurrency, blockchain, distributed ledger, Bitcoin and Satoshi Nakamoto (2009), altcoins, proof of work vs proof of stake, mining, hash and hash rate (TH/s), mining pools, ASICs, nodes, block reward, gas fees, genesis block, SHA-256 vs Scrypt, soft and hard forks, Byzantine fault tolerance, timestamps, hardware and paper wallets, stablecoins, memecoins, privacy coins (Monero, Zerocoin, Zerocash, CryptoNote), pseudonymity, altseason, El Salvador adopting Bitcoin as legal tender (June 2021), the FTX collapse (November 2022).
DeFi protocols and mechanics. DeFi, DApps, DEX vs CEX, Uniswap, AMMs and the constant product formula x × y = k, liquidity pools and liquidity providers, yield farming, liquidity mining, impermanent loss, slippage, price impact, front running, DEX aggregators, oracles, Layer 2 scaling, wrapped tokens (WBTC), MetaMask, MakerDAO/Sky and DAI/USDS, Compound and COMP, Aave and flash loans, TVL, collateral, over-collateralization, liquidation.
Tokenomics and governance. Tokenomics, supply caps and decreasing issuance, governance tokens, DAOs, the five layers of the DeFi stack (settlement, asset, protocol, application, aggregator), composability, interoperability, permissionless blockchains, KYC, FATF guidance (October 2021), rug pulls, and the main risks and adoption challenges of DeFi.
Sample cards
| Front | Back |
|---|---|
| Proof of stake (PoS) | Transactions are validated by holders of the cryptocurrency, who must show ownership of a certain amount |
| Hash rate | The measure of mining power, typically in TH/s; the speed at which a miner can generate hashes |
| Tokenomics | The economics of a token: supply mechanisms, distribution, incentives, and how its value is created and sustained |
| AMM (Automated Market Maker) | A protocol that uses liquidity pools and mathematical formulas to price and execute trades without order books |
| Constant product formula | x × y = k, where x and y are token quantities in a pool and k stays constant |
| Impermanent loss | The temporary loss to liquidity providers when the price ratio of tokens in a pool changes significantly |
| Flash loan | An uncollateralized loan that must be borrowed and repaid within a single blockchain transaction |
| Liquidation in DeFi | The automatic sale of a borrower's collateral when its value falls below the required threshold |
| Wrapped token | A tokenized version of a coin from another chain, e.g. WBTC is Bitcoin on Ethereum |
| Rug pull | A scam where developers abandon a project and take investors' funds |
Study tips specific to this deck
Follow one token through the stack. Take ETH: it is mined or staked (consensus cards), stored in MetaMask (wallet cards), swapped on Uniswap through a liquidity pool (AMM cards), deposited in Aave as collateral (lending cards) and liquidated if its price drops (risk cards). Reviewing the deck in that order turns 80 definitions into a single process you can replay.
Work the formula, not just the words. For the constant product card, do a two-line calculation: a pool with 10 ETH and 20,000 USDC has k = 200,000; buying 1 ETH leaves 9 ETH, so USDC must rise to 22,222, meaning you paid 2,222. That one example explains slippage, price impact and impermanent loss at once.
Group the risk cards. Rug pull, front running, impermanent loss, smart contract bugs, irreversibility and FTX all answer the same exam question: what can go wrong. Review them together.
Open flip-it.app, search deck code YS4856, and finish the fundamentals block before touching DeFi.
Ready to learn faster? 🚀
Join FLIP IT for free and turn studying into a game.