Decentralized Finance (DeFi)
Decentralized finance (DeFi) is a movement that aims to use blockchain technology and smart contracts to create financial services and applications that are decentralized, transparent, and open to all. DeFi seeks to create an alternative financial system that is not controlled by traditional financial institutions and is instead operated by a decentralized network of users.
DeFi includes a wide range of applications and services, including decentralized exchanges, lending and borrowing platforms, and stablecoins. These applications and services are built on decentralized platforms, such as Ethereum, and they use smart contracts to execute their functions. Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. They are stored on the blockchain and are executed automatically when certain conditions are met.
DeFi has the potential to disrupt traditional financial models and create more inclusive and efficient financial systems. It has gained significant traction in recent years, and the DeFi market has grown to billions of dollars in value.
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