Decentralized finance (DeFi) refers to a financial system that operates without traditional intermediaries such as banks or financial institutions. It is built on blockchain technology and smart contracts, allowing for peer-to-peer transactions and financial services. DeFi platforms offer various services such as lending, borrowing, trading, and more, all without the need for a central authority. This decentralized approach aims to provide greater financial inclusion, transparency, security, and accessibility to users around the world.
