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What is DeFi? How to use DeFi products

Jun 14, 2022

DeFi – an ecosystem of decentralized applications (Dapps) that provide financial services, based on distributed networks without any centralized governing body.

First of all, DeFi projects — blockchains, distributed ledgers for recording transactions. Currently, most DeFi services are running on the Ethereum, BSC, Tron, Polygon networks due to their capabilities and popularity among developers. However, DeFi activity is also growing on other blockchains.

Benefits of Defi:

  • Easy access to financial services;
  • The rules for the implementation of processes and operations are written in the smart contract;
  • Control over the ecosystem is evenly distributed among all network members;
  • Transactions are completed quickly and without a chain of intermediaries;
  • The source code of applications is open for study;
  • Unlike the traditional financial sector, there are no controlling organizations that require complex forms to be filled out.

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