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Question

How decentralized finance works?


Answers (1)

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Arsalan Afzal
Feb 24, 2022 06:44:16

There are a few different ways to think about decentralized finance (DeFi). At its simplest, DeFi is the use of smart contracts on blockchain networks to create financial products and services that don't require a third party. This could include anything from decentralized exchanges (DEXs) to peer-to-peer lending platforms to digital asset wallets. More broadly, DeFi can be seen as an evolution of the traditional financial system. While centralized institutions like banks and stock exchanges have been around for centuries, they're now being challenged by new technologies that allow for more transparency, security, and efficiency. In this way, DeFi can be seen as a way of moving towards a more democratic and equitable financial system.

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