Academy pathway 01 · self-guided beta

Depth Foundations

Build the vocabulary needed to inspect a crypto asset without turning one headline number into a complete thesis.

the question

What can price hide about liquidity, custody, leverage, and exit risk?

The reading material and fixed self-check are available now. The project is a guided brief only. There is no upload, grading, instructor review, cohort, paid enrollment, certification, or accreditation.

Level: foundation
Lessons: 4
Delivery: Self-guided beta
Advice: None

learning outcomes

What you should be able to demonstrate

01
Separate price, market value, liquidity depth, and executable exit size.
02
Explain wallets, custody, stablecoins, exchanges, leverage, and common failure paths in plain language.
03
Distinguish an issuer claim from a public observation and an unresolved off-chain gap.

lesson soundings

Follow each question into the instrument

Every lesson ends with an evidence practice and a source-backed Bathymark destination.

01
lesson 1
Price is not depth
Why can two venues show the same price but offer very different exits?
- Price is the most recent agreement, while depth describes how much can trade around it.
- Spread, slippage, price impact, route count, and venue concentration describe different parts of execution.
- Market value multiplies price by supply. It does not measure the amount available at that price.
Evidence practice
Open one Exit Sounding observation and identify its notional, block, route, price impact, reference divergence, and stated limit.
Open Exit SoundingInspect a point-in-time exit observation.
Sources and limits for this lesson
- Bathymark Exit SoundingA quote is a point-in-time simulation. It does not guarantee later execution or holder eligibility.
- Bathymark Crypto GlossaryShort definitions are a starting point, not a substitute for source inspection.
- Uniswap Concentrated Liquidity ConceptsProtocol concepts do not guarantee pool depth, route quality, or execution at a later time.
02
lesson 2
Wallets, custody, and settlement
What does a blockchain prove, and what can remain outside it?
- A wallet controls keys and submits transactions. It does not automatically identify the person or legal entity behind an address.
- A token transfer can be public while custody, reserve, and redemption workflows remain partly off-chain.
- Finality, chain selection, bridge use, and privileged contract controls all affect settlement risk.
Evidence practice
Trace one product from its token contract to its issuer, control path, oracle, and redemption relationship. Mark every unresolved node.
Open the Intelligence GraphTrace product relationships without collapsing unknowns.
Sources and limits for this lesson
- Bathymark Intelligence GraphA mapped relationship does not prove solvency, signer identity, legal enforceability, or the absence of an unrecognized dependency.
- Bathymark The HelmAn unresolved control path is not evidence that a contract is immutable.
- Ethereum Developer DocumentationProtocol documentation does not assess a specific token, contract deployment, or investment outcome.
03
lesson 3
Stablecoins are not one instrument type
Why is a token above one dollar not automatically depegged?
- A fixed USD peg, fixed non-USD peg, rebasing token, and accumulating-NAV token need different reference calculations.
- Market price, backing, primary redemption, and secondary-market depth are separate questions.
- A missing or stale price cannot be interpreted as a calm peg.
Evidence practice
Choose one fixed-reference instrument and one accumulating-NAV instrument, then state the correct comparison basis for each.
Open Stablecoin MonitorCompare reference-aware instruments and coverage states.
Sources and limits for this lesson
- Bathymark Stablecoin MonitorA market-price observation cannot prove reserves, solvency, legal rights, or universal redemption access.
- Bathymark MethodologyA methodology explains the method. It does not guarantee a market outcome.
- Bathymark Data SourcesPublic availability does not make every source complete, current, or suitable for raw redistribution.
04
lesson 4
Leverage, liquidation, and misleading claims
What does crowding reveal, and what does it leave unknown?
- Open interest measures contracts still open. Funding describes which side pays to keep perpetual markets near spot.
- Neither metric reveals future direction by itself, and both can change faster than a static explanation.
- Urgency, guaranteed outcomes, selective screenshots, and hidden commercial influence are evidence problems, not merely tone problems.
Evidence practice
Rewrite one directional claim as a sourced market-condition statement with a limit and invalidation.
Open Perpetual MarketsRead leverage only when public coverage passes.
Sources and limits for this lesson
- Bathymark Perpetual MarketsOpen interest and funding do not reveal direction or future liquidation by themselves.
- FINRA Crypto and Blockchain Education ProgramBathymark is not affiliated with FINRA and this curriculum is not FINRA training or approval.
- ASIC: Discussing Financial Products and Services OnlinePublic guidance is not legal advice and does not determine the status of a specific product communication.

private progress

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Price is not depthWallets, custody, and settlementStablecoins are not one instrument typeLeverage, liquidation, and misleading claimsGuided project: Price, market value, and executable liquidityDeterministic self-check

guided project · no submission

Price, market value, and executable liquidity

Explain why one asset can look large on a market-value screen while offering a constrained exit at a stated size.

Brief available · review planned

Deliverables

One selected product or asset with a stable public Bathymark route.
A plain-language distinction between price, market value, and depth.
One point-in-time exit or liquidity observation with its source receipt.
One unresolved field and one condition that would change the conclusion.

Evidence gate

Every factual claim names its source and links to it.
Every market observation includes the observation time or source cadence.
Every number includes a unit, denominator, and calculation path where derived.
Missing inputs remain missing and do not become zero, calm, flat, or safe.
The conclusion includes a limit and a measurable condition that would change it.

Bathymark does not currently accept, grade, review, or certify this project. Keep your work locally or publish it through a tool whose terms and source rights you have reviewed.

deterministic self-check

Test the evidence boundary

Choose an answer, then check it. These fixed questions do not call a model and do not produce a grade or credential.

01A token has a large market value. What does that prove about a one-million-dollar exit?

The exit will execute near the quoted priceThe token supply multiplied by price is large, but exit quality still needs depth evidencePrimary redemption is open to every holder

02Which reading is analytically safest when a yield-bearing token trades above one dollar?

It is definitely depeggedIt is definitely overvaluedFirst classify the instrument and compare price with the correct reference or NAV

evidence shelf

Sources for this pathway

Each source has a narrow job. Its limit remains attached so a lesson cannot claim more than the evidence supports.

bathymark

Bathymark Methodology

Reviewed 2026-07-11

Supports

Metric definitions, source discipline, known limits, and the boundary between information and financial advice.

Does not prove

A methodology explains the method. It does not guarantee a market outcome.

bathymark

Bathymark Data Sources

Reviewed 2026-07-11

Supports

The open sources, cadence, runtime role, and redistribution boundaries used by Bathymark.

Does not prove

Public availability does not make every source complete, current, or suitable for raw redistribution.

bathymark

Bathymark Stablecoin Monitor

Reviewed 2026-07-11

Supports

Reference-aware stablecoin supply and peg observations with instrument taxonomy and source limits.

Does not prove

A market-price observation cannot prove reserves, solvency, legal rights, or universal redemption access.

bathymark

Bathymark Exit Sounding

Reviewed 2026-07-11

Supports

Stored standardized direct-market quote observations and separately sourced primary-redemption terms.

Does not prove

A quote is a point-in-time simulation. It does not guarantee later execution or holder eligibility.

bathymark

Bathymark Intelligence Graph

Reviewed 2026-07-11

Supports

Mapped product control, dependency, oracle, redemption, and source relationships.

Does not prove

A mapped relationship does not prove solvency, signer identity, legal enforceability, or the absence of an unrecognized dependency.

bathymark

Bathymark The Helm

Reviewed 2026-07-11

Supports

Recognized control paths, proxy state, ownership reads, roles, and fixed-block observations.

Does not prove

An unresolved control path is not evidence that a contract is immutable.

bathymark

Bathymark Perpetual Markets

Reviewed 2026-07-11

Supports

Public perpetual-market open interest, funding, and crowding context when source coverage passes.

Does not prove

Open interest and funding do not reveal direction or future liquidation by themselves.

bathymark

Bathymark Crypto Glossary

Reviewed 2026-07-11

Supports

Plain-language definitions linked to the live Bathymark tools that use them.

Does not prove

Short definitions are a starting point, not a substitute for source inspection.

official guidance

Ethereum Developer Documentation

Reviewed 2026-07-11

Supports

First-party explanations of Ethereum accounts, transactions, blocks, gas, nodes, and smart contracts.

Does not prove

Protocol documentation does not assess a specific token, contract deployment, or investment outcome.

official guidance

Uniswap Concentrated Liquidity Concepts

Reviewed 2026-07-11

Supports

The mechanism by which liquidity can be allocated within selected price ranges.

Does not prove

Protocol concepts do not guarantee pool depth, route quality, or execution at a later time.

official guidance

FINRA Crypto and Blockchain Education Program

Reviewed 2026-07-11

Supports

A neutral education model covering digital-asset foundations, products, risks, fraud, and applied scenarios.

Does not prove

Bathymark is not affiliated with FINRA and this curriculum is not FINRA training or approval.

official guidance

ASIC: Discussing Financial Products and Services Online

Reviewed 2026-07-11

Supports

Australian guidance on factual information, recommendations, opinions, misleading conduct, and financial-services licensing boundaries.

Does not prove

Public guidance is not legal advice and does not determine the status of a specific product communication.

sounding open dataReading the waterlineLive sources are loading. Nothing is filled with placeholder market data.