What is Decentralized Lending?

In the traditional financial system, users must have a bank account and complete identity verification to access financial services.

Lending requires them to provide a wealth of personal and secondary information for review, which can sometimes be a cumbersome process.

In Decentralized Finance (DeFi) services, anyone who can provide collateral can borrow directly without revealing their information to a third party.

Borrowers borrow and pay interest by using their crypto assets as collateral. Lenders earn interest by depositing their assets on the platform.