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Question

What is decentralized finance crypto?


Answers (1)

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Arsalan Afzal
Feb 15, 2022 12:40:14

Decentralized finance (DeFi) is a term used to describe financial applications that run on a decentralized network. DeFi applications are built on top of blockchain platforms like Ethereum and use smart contracts to automate trust-less transactions. One of the most popular DeFi applications is 0x, a protocol for decentralized exchange. Other notable applications include MakerDAO, which uses smart contracts to create stable currencies, and Dharma, which allows users to borrow and lend cryptocurrencies. DeFi is still in its early stages, but it has the potential to revolutionize the way we interact with the financial system. With DeFi, we can finally have a financial system that is secure, transparent, and censorship-resistant.

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