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What is decentralised finance?

Answers (1)

Arsalan Afzal
Feb 13, 2022 05:54:10

Decentralised finance (DeFi) is a term for financial applications that run on a blockchain or other decentralised infrastructure. DeFi includes protocols, applications and libraries that allow users to create contracts, borrow money, earn interest and trade without the need for a central authority. The first DeFi application was Bitcoin itself, which allowed users to send value without the need for a third party. Since then, dozens of other projects have been created that build on top of Bitcoin or use their own blockchain-based infrastructure. DeFi is still in its early days, but there is huge potential for it to revolutionise how financial products are created and accessed.

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