DeFi, also acknowledged as Decentralized Finance, is a blockchain-based form of finance that doesn't rely on traditional financial intermediaries such as brokerages, exchanges, or banks to offer financial services. It endeavors to establish a permissionless financial system that is available to everyone and does not require a gatekeeper.
The main benefits of Decentralized Finance development are multifold:
- Openness: DeFi is open to all people, regardless of location or income level. It only requires internet access to use its financial services.
- Transparency: Blockchain's transparency means that each transaction is public, making the system less susceptible to corruption and malfeasance.
- Interoperability: DeFi applications can easily communicate with each other as they are all built on the Ethereum platform, thus providing more financial services options.
- Flexibility: With DeFi, users can retain full control over their assets and interact directly with the financial system.
- Accessibility: DeFi offers financial services to individuals who are not catered by traditional banking systems.
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