What is Defi and How Does it work?
DeFi is the Shortened version of the term “Decentralized Finance” it aims to revamp the traditional financial systems such as lending, borrowing, derivatives, and exchanges with automation in the replacement of middleman. DeFi is an open-source and transparent financial service ecosystem it can be suitable for everyone and operate without any central authority. Users can easily interact with this ecosystem through peer-to-peer (P2P) and decentralized applications (dapps). “DeFi is offering you to control of your own assets” DeFi is also known as open finance platform, it covers end to end financial services which include lending, borrowing, and trading under decentralized infrastructure such as smart contracts and immutable blockchain technology. DeFi can be combined, modified, and integrated according to your needs. Role of Smart contract in DeFi DeFi mainly involved in smart contracts. A smart contract is a virtual contract that is built by using the blockchain platform for immu...