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Question

How does decentralized finance work?


Answers (1)

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Arsalan Afzal
Feb 22, 2022 06:12:19

By definition, decentralized finance refers to the use of open protocols to manage digital assets and liabilities. This could include anything from blockchain-based asset management to peer-to-peer lending and borrowing. In a nutshell, decentralized finance removes the need for centralized third parties such as banks or governments to act as middlemen in financial transactions. This not only cuts out expensive fees but also helps to preserve user privacy. Plus, it encourages more decentralized and democratic forms of governance when it comes to our financial systems.

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