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Why can you buy almost all the ETH in a Uniswap pool, but never the last bit?
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.
Why can you buy almost all the ETH in a Uniswap pool, but never the last bit?
A lottery where you keep your ticket money even when you lose.
A loan that slowly repays itself while you wait.
Why DeFi protocols started bribing voters for control of Curve's rewards.
How $5 million in USDC became $110 million in withdrawals.