Decentralized Finance (DeFi) refers to a financial system based on blockchain technology that aims to reinvent existing financial systems, such as exchanges, using Busan-style protocols and smart contracts.
- DeFi eliminates the need for intermediaries, allowing users to access financial services directly from their wallets.
- The main functions of DeFi include lending, borrowing, trading, and asset management.
- All of this wealth management is done on a blockchain network.
DeFi is of considerable interest due to its potential to democratize finance, provide financial services to people without bank accounts, and provide greater transparency and security compared to traditional financial systems.
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