Decentralized finance has soared in popularity since 2020, accounting for hundreds of billions of dollars in trade volume over the past two years. During this tutorial, we will begin by overviewing the core differences between centralized and decentralized finance, with a focus on those platforms underlying infrastructure (Blockchain), their design, their microstructure (Order books and Automated Market Makers), and what impact those differences have in the methodology used to value cryptocurrencies in a hybrid (on-chain and off-chain) world. Topics that will be talked about deeply include the impact of the blockchain’s inherent latency to design choices (AMMs vs Orderbooks or Hybrid DeFi Derivatives platforms), and similarities between high-frequency trading attacks and attacks observed on DeFi protocols. The DeFi protocols categories we will go through include decentralized exchanges, lending protocols, and DeFi derivatives. This tutorial will address these topics from a descriptive point of view to understand how it works in reality and from a quantitative point of view to model them. The presentation will also include open problems and future perspectives.