Key Concepts of Decentralized Finance
Decentralization: DeFi operates without central authorities like banks or financial institutions. Instead, it utilizes smart contracts on blockchain networks to execute transactions automatically.
Smart Contracts: These are self-executing contracts with the terms of the agreement directly written into code. Smart contracts automate processes, reducing the need for intermediaries and enhancing efficiency.
Blockchain aTechnology: Most DeFi applications are built on Ethereum due to its robust smart contract functionality, but other blockchains like Binance Smart Chain, Solana, and Avalanche are also becoming popular.
Interoperability: Many DeFi projects are designed to work together, allowing users to leverage multiple services across different platforms seamlessly.
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