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What is Defi & how does it work?

What Is DeFi? Decentralized finance (DeFi) applications aim to cut out the middlemen of our everyday finances. DeFi is short for “decentralized finance,” an umbrella term for a variety of financial applications in cryptocurrency or blockchain geared toward disrupting financial intermediaries.

Why is Defi important?

That’s important because centralized systems and human gatekeepers can limit the speed and sophistication of transactions while offering users less direct control over their money. DeFi is distinct because it expands the use of blockchain from simple value transfer to more complex financial use cases. Read more: What Is a Decentralized Application?

When did Defi start?

Since Bitcoin essentially holds many DeFi characteristics, no firm start date exists for the inception of the DeFi sector, other than Bitcoin’s launch in 2009. Following 2017, however, several ecosystems — such as Compound Finance and MakerDAO — gained prevalence, popularizing additional financial capabilities for crypto and DeFi.

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