Decentralized Finance (DeFi) is the first step one day it may fulfill all our financial needs. In this way, we get loans and issuing security with the exchanging services, market, and also trading, etc. Here we created an innovation, likely unique and it combined all the applications.
Now let see about what is DeFi:
This is the blockchain-based form of finance and here there is no need for intermediaries change such as brokerages or exchanges and also it offers traditional finance. Here it utilizes smart contracts on the blockchain, Ethereum is the most common in this defi.
Here this is the open traditional financial services and this ecosystem is based on the blockchain infrastructure. The dApps were running on the blockchain and it provided a Peer-to-peer network that every dapp combined and so the smart contract worked as a connector.
Rise of DeFi:
It is more flexible on blockchain nowadays all defi projects are combined with ethereum and this is the most famous blockchain protocol. Some of the blockchains like ethereum support smart contracts are programs (ie called LOC) Line Of Code and it executes some functions and also it gives some set of conditions. The engineers can create dapps by a combination of smart contracts.
Here the dapps are the backbone of defi, the developer set up these dapps to fulfill the customer requirements so by using this defi a third party is absent, and also the regards are limitless.
Is it different:
Here no one can control this defi app and they don’t need to require human intervention. Every time the developers check and update their apps. This is global and permissionless, and it gives opportunities to all over the world who are logged in this process.
The user experience is so flexible and also in the future, it becomes more flexible, by nature this is open-source so anyone can debug it, rewrite, and also review the code, the transactions are so transparent, the users do not carry their information.
How can we access it:
In accessing defi we all must have a crypto wallet in this case hardware wallets are recommended it supports browsing the dapps and it makes a visualize in a wide range.
Here all our defi has a unique pair id(encryption) and the wallet is not a centralized one the responsibility or take over by the users by using a private key.
“SUCCESS of Defi is heard in this topic because our dapps work in the ethereum blockchain through the smart contract our dapps use the internal currency to exchange it.”