DeFi is built on the Ethereum blockchain network. The major objective of DeFi is to create a permissionless, open-source and transparent system for the users that operate efficiently without the help of any central authority. It allows users to view and manage their digital assets.
How DeFi works?
DeFi consumes low trading fees when compared with other traditional finance networks.
Since DeFi is an open-source ecosystem, it provides the users to access their records without any complications.
Unlike traditional finance, DeFi does not face any failure or risk factors as it is deployed on top of Blockchain.
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DeFi (Decentralized Finance) is the merger of the traditional bank service with decentralized technologies. DeFi can also go under the name open source due to its inclusive format. These services include items such as saving & checking accounts, loans, asset trading, insurance, and more.
DeFi is commonly applied in many use cases. Here are the top-listed use cases of Decentralized Finance: