DeFi is short for Decentralized Finance. DeFi is an ecosystem-based on a point-to-point protocol on a blockchain system and a decentralized financial application. The advantage is that it breaks away from the traditional financial framework, provides multiple investment targets, and utilizes decentralized procedures with smart contracts. The software systems used are open source code, and the core logic is automatically matched by decentralized records. The process is irrevocable and does not require an intermediary third party to establish trust. Users can directly trust the DeFi system.
The most common application of DeFi is to complete the lending process through smart contracts on the blockchain. They not only support interoperability between different protocols and users, but also increase transparency and reduce the artificial risk of traditional financial lending. DeFi lending has the following advantages: assets do not need to go through third-party intermediaries, nor do they need to be regulated by the government; interest rates are automatically adjusted based on market supply and demand.
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