What Defi ecosystem has offered to you?
These days, if you join any group that loves technology, you will hear the word Defi. in this article, we are going to first talk about what is defi and second, what you can do in a defi ecosystem?
Defi or decentralized finance is an umbrella term for peer-to-peer financial services on public blockchains. Defi lets you do lots of the things that banks support and offer including earn interest, borrow, lend, buy insurance, trade derivatives, trade assets, and more…without paperwork and third party also in a fast and secure way.
let me explain with an example:
Imagine you have finally found your dream home and you want to buy it. but wait a second, you don’t have enough money. probably you will directly go to the bank and ask for a loan, Regardless of the paperwork and high-interest rates, you should finally repay the loan amount in installments to the bank.
here is where blockchain and Defi become your miracle. you can borrow money from Defi-based projects and you can repay the loan in any way you like. For example, you can repay the entire amount at once, or in one-year or six-month installments.
In fact, this system tries to reduce people’s dependence on banks and government banking systems, for example, for this borrowing from a bank scenario, you end up having to mediate from banks, but in defi, there are no intermediation and repayment of profits to banks.
If you are looking for a place where you can use thousands of Defi’s services, visit our website and social networks.
