Decentralized finance (DeFi) Decentralized finance (DeFi) is a financial system that operates on blockchain technology, and its purpose is to provide open and accessible financial services to anyone with an internet connection. DeFi has exploded in popularity in recent years, with its market cap growing from just over $1 billion in early 2020 to over $100 billion in 2021. In this essay, we will explore the fundamentals of DeFi, its benefits and drawbacks, and its potential to revolutionize the traditional financial system. Table of Content: for Decentralized finance (DeFi) I. What is DeFi? II. How DeFi Works? III. The Advantages of DeFi IV. The Challenges of DeFi V. Potential Impact of DeFi VI. Frequently Asked Questions VII. Conclusion I. What is DeFi? Decentralized finance (DeFi) is a financial system that operates on blockchain technology, such as Ethereum, and aims to create a decentralized, open, and transparent financial system. DeFi applications enable users to tra
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