Hello everyone! I am a newcomer to the crypto world, and I am particularly interested in DeFi (Decentralized Finance) recently. What is DeFi? Simply put, it is a financial world built on blockchain technology, without bank intermediaries, allowing you to control your own funds. For example, staking can earn annual yields, liquidity mining allows you to participate in new projects, and there is even decentralized lending, where you can borrow or lend cryptocurrencies at any time! The total value locked (TVL) in DeFi protocols on Ethereum (such as Uniswap, Aave) has exceeded hundreds of billions of dollars, and Cardano and Solana are rapidly catching up, showing great potential.
However, as a newbie, I also found that DeFi has risks. For instance, vulnerabilities in smart contracts can lead to financial losses, and during market volatility, it is easy to get liquidated. Therefore, I suggest everyone start with small amounts, study the project whitepapers, and enable 2FA to protect your accounts. I saw this task in Binance Square and thought it was a great opportunity to learn about DeFi! Do you have any DeFi experiences to share?
