Why is DeFi the new big thing in Crypto Space?
DeFi is the new big thing in Crypto Space. It is a term that stands for Decentralised Finance. It covers a wide range of financial applications that operate on the Blockchain. DeFi has the potential to revolutionise how we interact with finance.
DeFi is still in its early days, but it has already attracted interest from investors and developers. Some DeFi applications are already available, including exchanges, wallets, and lending platforms. And new DeFi applications are being developed every day.
If you’re interested in getting involved in DeFi, there are a few things you need to know. This post will explain what DeFi is, how it works, and why it’s such a big deal.
What is DeFi?
DeFi is a term that stands for decentralised finance, and it covers a wide range of financial applications that operate on the Blockchain.
How Does DeFi Work?
DeFi applications are built on smart contract-enabled Blockchains like Ethereum, Cardano, Solana, etc. Smart Contracts are programs that automatically execute transactions when certain conditions are met.
DeFi applications use smart contracts to offer a wide range of financial services, including lending, borrowing, trading, and payments. And because they’re built on Blockchain, they can be integrated to create new and innovative financial products.
Why is DeFi a Big Deal?
DeFi is already revolutionising the finance sector without the need for intermediaries and mediators while offering lower transaction costs, faster settlement times, and more transparency. And because DeFi is built on Blockchain, it has the potential to be integrated with a wide range of other applications.
DeFi is still in its early days, but it has already attracted a lot of interest from investors and developers. And as more DeFi applications are built, we’re likely to see even more innovation in this space.
If you’re interested in getting involved in DeFi, jump into the comment section. Let’s talk. It is time to stop reading and start investing.