DeFi is an abbreviation of "Decentralized Finance" which describes a financial ecosystem that operates on blockchain technology using smart contracts.
🤑DeFi seeks to bring traditional financial services to a decentralized environment without a central intermediary.
🤑Blockchain technology plays an important role in DeFi by enabling secure and transparent decentralized networks.
🤑DeFi characteristics include non-custodial, open to all, interoperability, security, and transparency.
🤑Examples of DeFi services include lending, exchange, staking, and insurance protocols.
🤑The use of DeFi has potential and benefits, but also has risks that need to be considered due to the lack of regulation and security risks