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Question

What's decentralized finance?


Answers (1)

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Arsalan Afzal
Feb 24, 2022 06:46:20

Decentralized finance, or "DeFi" for short, is a new way of thinking about money that doesn't rely on traditional financial institutions. With DeFi, you can create and use financial products that don't require a middleman. This makes it possible to do things like borrow money without going through a bank, or invest in projects without relying on a broker. DeFi is made possible by blockchain technology, which allows transactions to be recorded and verified without the need for a third party. This makes it possible to create decentralized versions of traditional financial products, like loans and investments. DeFi products are growing in popularity because they offer lower fees and more transparency than traditional products.

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