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Taking a Leap to DeFi: The Currency of the future
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Taking a Leap to DeFi: The Currency of the future
After the launch of the Ethereum Blockchain in 2017 came the idea of having Decentralised Finance. Since then, the DeFi space has increasingly attracted attention from many key opinion leaders, influencers, and investors.
The general idea is to decentralise financial activities and bring financial control to individuals without the help of banks or the government. DeFi has been transforming the financial world, and with that said, many analysts and participants in the financial space consider the network to be the future.
Decentralised Finance (DeFi) is a component of Web3 based on secure distributed ledgers made possible by Blockchain and Smart contracts.
What is Decentralized Finance?
Decentralised finance (DeFi) is a sector within the cryptocurrency industry focused on providing decentralised financial services. It consists of numerous financial services created by developers that anyone can access. These services differ from centralised alternatives, as they are run by groups of individuals through decentralised organisations and give users greater control over their funds.
Is DeFi the future of asset management?
In reality, banking institutions failed to bank over 1 billion people because of security, accessibility, and reliability issues. However, DeFi is safe, accessible, and reliable to all the parties involved.
Far from traditional financial institutions, DeFi also lets you remain in the custody of your financial assets. This is one of the modern and decentralised ways of doing things. DeFi technology is the future since it brings solutions to traditional financial problems.
How to use DeFi protocols?
Networks like Binance Smart Chain or Ethereum are where most DeFi protocols are built, and thereโs an ever-growing number of competing blockchain networks with support for smart contracts. Thatโs why choosing a network is essential before deciding to use services on DeFi.
What are DeFi services?
After selecting an application to interact with and funding a wallet, itโs time to start using DeFi services. The most straightforward actions would be to either trade using a decentralised exchange (DEX), provide liquidity and earn fees over time, or lend funds using a lending protocol.
There are hundreds of possibilities, so instead of individually going over every project, hereโs an overview of which products and services are available and what you should consider before using them.
To start using a wallet compatible with DeFi protocols, all you need to do is head over to the website of these protocols and connect your wallet to them. This is done via a pop-up window or a button that says โconnectโ on one of the upper corners of the website.
Making your crypto work for you with DeFi
One of the enormous benefits of DeFi is the possibility of actually earning yields. Unlike traditional finance, the space introduces many options for the average investor. Among the yielding options: Staking, yield farming, liquidity mining, gaming for earnings, and trading.
Itโs important to understand that while there are numerous products and services in DeFi, the sector is highly interconnected and composable, meaning that complex strategies to improve yields are possible. Still, a bug in one protocol could lead to losses in another.
The main advantage of using DeFi is that there are no trusted third parties, however. Anyone can review the code in the Smart Contracts DeFi protocols use since most protocols are run by decentralised autonomous organisations (DAOs) and not centralised companies.
The DeFi ecosystem offers a few services that potential users need to understand before diving into space.
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