What does defi mean in crypto?
In the world of cryptocurrency, DeFi stands for Decentralized Finance. It refers to a financial system that operates on a decentralized network, typically blockchain, without the need for intermediaries like banks or financial institutions. DeFi aims to provide open and permissionless access to various financial services, empowering individuals globally to have greater control over their own finances.
Key features of DeFi include smart contracts, which automate and enforce the terms of financial agreements, and decentralized applications (DApps), which facilitate the creation and execution of these contracts. DeFi encompasses a wide range of activities such as lending, borrowing, trading, asset management, and yield farming.
Overall, DeFi has gained significant attention and popularity in the crypto space due to its potential to revolutionize traditional financial systems and offer innovative financial solutions that are more inclusive and accessible to all.
Last updated 10/16/2023, 12:58:32 AM
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