What Exactly Is DeFi?

[oliviasmith]

The goal of DeFi is to get rid of the third parties that are involved in all financial transactions. It eliminates the fees that banks and other financial companies charge for using their services.

We. a leading DeFi Development Company, offers world-class exclusive DeFi development services and solutions for you to start an independent financial business across global countries.

 

[Bard Racheal]

Crypto currency other wise known as digital money, is a peer to peer digital money built on blockchain.

It had various categories which are DEFI, NFTS, UTILITY TOKENS and so on.

Decentralized finance (Defi)is a type of Crypto currency that can work independently without the help of banks, because it is a financial service that uses peer to peer payments.

DEFI uses smart contracts on a blockchain.
This system called Defi is used to represent the Crypto space. Which it's major aim is to build a new financial system with the power of blockchain.

It gives it's users the chance to borrow and trade Crypto currencies.

Bitcoin is a good example of Defi.
Bitcoin was the first ever Crypto currency that started in the year two thousand and nine.

It is a decentralized Crypto that has a peer to peer trade on the blockchain.

Further more; one of the early examples of Defi is stable coin.

WHAT IS STABLE COIN?
Stable coin is a very unique type of Crypto,it is a Crypto currency that doesn't have a tendency of changing quickly, and unpredictably.It is also pegged to an asset, such as gold, a Crypto, or Fiat currency, E.g: USD.
This makes it stand at a stable price.

Defi brings to us a great financial revolution.

 

[Setho]

Decentralized finance also known as defi is an internet native project that is aimed to replace the traditional banks that will know for handling money in the today's eco-system . Decentralized finance as the name implies has been created so that they are not going to be any central authority in the whole of the system and transactions that have been made a permanent and can be close verified on the block chain . There are different aspects of decentralized finance ecosystem .

The first characteristic is that there is nobody who is going to be controlling transactions and it is completely and anonymous . If you can be able to go and make payments as well as swap from one cryptocurrency to another anywhere there is a third-party liquidity provider without interference from anywhere at financial institutions .

You can also be able to make money through decentralized finance through stakings and pools . In this place you are going to inject your own cryptocurrency into it and then they are going to distribute some kind of rewards if you are able to hold for the whole of the stake in time . It is still very much a work in progress but the idea is a very good night.