DeFi What is DeFi? * DeFi is short for …


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DeFi

What is DeFi?
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DeFi is short for decentralized finance that includes digital assets, protocols, smart contracts and dApps built by blockchain. We can think of DeFi as an open financial ecosystem where various small financial tools and services can be built in a decentralized way.
As it is about decentralized applications built on a particular blockchain, they can be combined, modified and integrated according to your needs.

DeFi gives people control of their own assets. Although many banks 🏦 and new age fintech companies promise to provide more control to users, but in reality, they still manage your funds. DeFi’s goal is to give you full control of your assets – it’s all accomplished from decentralization and blockchain technology. Also, many financial application developers are adopting open source protocols to operate through decentralized exchanges.

The fact that all protocols are open source allows anyone to create new financial products on top of them. Developers around the world can collaborate with each other to create new products that lead to faster innovation and a secure network. Anyone can store, trade and invest their assets in blockchain safely and obtain much higher returns than the traditional financial system. As there are no intermediaries to manage your assets, the same person has full control of your investments.
The various products involved in DeFi are also collectively known as open finance, since it is an ecosystem on the blockchain, digital assets, open protocols are integrated with conventional financial structures.
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