What is decentralized finance – DeFi?

Decentralized finance or DeFi is a monetary system that is built on public blockchains. The components of open finance consist of protocols, digital assets, dApps (decentralized applications), and smart contracts, which are built on blockchain.

Learn About - defi dapps development

While many of us know Ethereum and Bitcoin as cryptocurrencies, very few of us know that they are open source, vast networks which allows users to develop apps that enable financial activity to brew centralized institutions’ involvement.

The introduction of decentralized finance has unlocked a world of new possibilities for users to interact with the Ethereum blockchain in ways that were not possible before. By using DeFi, users can lend or borrow Ethereum-based assets, earn interest on their crypto holdings, trade digital assets without having to use a centralized exchange, and much more.