What is DeFi?What is DeFi?
DeFi - What in the world is Decentralized Finance? The Most Comprehensive Guide
DeFi is short for Decentralized Finance. Decentralized Finance includes digital assets, protocols, smart contracts, and dApps built on a blockchain.
Given the flexibility and amount of development, the Ethereum platform is the primary choice for the DeFi application, but that doesn’t mean it’s the only blockchain platform.
Think of DeFi as an open financial ecosystem where you can build various small financial tools and services in a decentralized manner. Since these are applications built on a particular blockchain, they can be combined, modified, and integrated according to your needs. Just like a lego!
What is DeFi Offering?
DeFi is offering you control of your own assets.
Though many new-age banks and fintech firms promise to provide more control to the users, in reality, you are still trusting in them to manage your funds. The objective of DeFi is to give you full control of your assets, and it can because of decentralization and blockchain technology. Also, many developers of financial apps are adopting open-source protocols for trading through decentralized exchanges.
The amount of USD locked in DeFi ecosystem is rapidly growing and up to date is over 7 Billion USD
defipulse.com
DeFi. It is not a trend; it is a fundamental shift in the way that participants engage with the cryptoasset market, and we believe that it has only just begun.
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