Developers coined the term DeFi (defy) to illustrate eliminating regulatory parties and intermediaries from transactions, as multiple parties being involved in a transaction lead to low transparency and money loss for the user in a traditional financial system.
• DeFi allows clarity and transparency, giving users confidence and an understanding of where their money is circulating.
• It is an open finance technology that supports financial transactions using cryptocurrency and blockchain.
• DeFi platforms are easily scalable; new products and methods of transactions can be easily built where rules and restrictions related to transactions can be minimized.
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