Decentralized finance (DeFi) is an aim to create a transparent, opensource, and permissionless financial system so that it is available to everyone.
Users like you and me have full control over our assets and there is no third regulatory body or central authority, its a peer-to-peer decentralized application.
Advantages of DeFi?
In today’s traditional financing there are institutions that govern the financing such as banks and laws for arbitration of our finances.
Whereas DeFi has no intermediaries and governing bodies for arbitration.
DeFi applications reduce the cost of the overall operations associated with providing and use of these products for smooth user experience.