WHAT IS DeFi?

Decentralized Finance (DeFi) refers to financial services and applications that use blockchain technology, such as Ethereum, to revolutionize traditional financial systems by making them more open, accessible, and decentralized. In traditional finance, banks act as intermediaries that control transactions and fees. In contrast, in DeFi, smart contracts on a blockchain power the system, performing actions automatically after certain conditions are met. For example, in a DeFi lending platform, you can borrow money without involving a traditional bank by locking up cryptocurrency as collateral in a smart contract that automatically calculates interest rates, monitors collateral value, and enforces repayment. All transactions are transparent on the blockchain, eliminating the need for a traditional intermediary. While DeFi offers greater accessibility and transparency, it is important to acknowledge potential risks. Smart contracts or other unexpected issues can pose vulnerabilities, so it is imperative to conduct research and comprehend these risks before investing.

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