DeFi Intermediate
DeFi, or decentralised finance, means financial services such as lending, trading and earning yield, run on public blockchains without a bank or broker in the middle.
In place of an institution, DeFi relies on smart contracts anyone can use. That can bring openness and transparency, but it also carries smart-contract bugs, volatility and very little consumer protection.
This definition is educational and not financial advice. Crypto is volatile and high-risk — always do your own research.
Related terms
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DAO
A DAO (decentralised autonomous organisation) is a group run by token-holder votes and smart contracts instead of a traditional management team.
BeginnerDYOR
DYOR means "do your own research" — a nudge to check things for yourself before acting.
BeginnerEthereum
Ethereum is the leading platform for programmable blockchains, with ether (ETH) as its native asset.