Finance Track Reorder — Design
Date: 2026-04-19
Problem
The finance-main-path track (19 notes) has ordering issues:
- Volatility (derivatives) wedged between microstructure notes
- DeFi block (9 notes) makes the track too long and mixes TradFi/DeFi
- IPO and trading-venues tacked on at the end with duplicate step numbers
- Black-Scholes missing despite being referenced by Greeks and DeFi notes
- Greeks placed before Black-Scholes (Greeks are B-S partial derivatives)
- Glosten-Milgrom uses “martingale” without definition
Solution
Split into two tracks. Reorder the main path.
finance-main-path (11 notes)
| Step | Note | Block |
|---|---|---|
| 1 | market-fundamentals | Foundations |
| 2 | settlement-and-clearing | Foundations |
| 3 | trading-fundamentals | Microstructure |
| 4 | order-books | Microstructure |
| 5 | glosten-milgrom-model | Microstructure |
| 6 | trading-venues | Market structure |
| 7 | ipo-process | Market structure |
| 8 | volatility | Derivatives |
| 9 | options-basics | Derivatives |
| 10 | black-scholes (stub) | Derivatives |
| 11 | the-greeks | Derivatives |
defi-learning-path (9 notes, new track)
Prerequisite: finance-main-path through step 11.
| Step | Note |
|---|---|
| 1 | blockchain-transaction-lifecycle |
| 2 | constant-product-amm |
| 3 | bonding-curves |
| 4 | impermanent-loss |
| 5 | lp-profitability |
| 6 | lp-as-short-vol |
| 7 | mev-fundamentals |
| 8 | sandwich-attacks |
| 9 | pump-fun-economy |
Additional fixes
- Create black-scholes stub (step 10)
- Add inline martingale definition in glosten-milgrom-model
- Add concrete numerical example for margin math in settlement-and-clearing