DeFi, an abbreviation for decentralized finance, refers to a suite of financial products and services that operate in a decentralized, transparent, and permissionless manner, utilizing blockchain technology. The main goal of DeFi is to remove intermediaries such as banks, brokers, and other financial institutions from the financial system, allowing users to have more control over their assets and greater access to financial services.
What does the term “Bitcoin DeFi” mean? Bitcoin DeFi, short for Bitcoin Decentralized Finance, refers to the emergence of decentralized applications (DApps) on the Bitcoin blockchain after the implementation of the Taproot upgrade. Before Taproot,...
Is DeFi a Component of Web3? DeFi is a novel financial system that is rapidly gaining momentum within Web3. This system offers unprecedented value and utility that cannot be found in conventional financial systems. Web3...
What is a smart contract? The blockchain ecosystem employs smart contracts as programs that execute when specific conditions are met and are maintained on a blockchain. Smart contracts automate agreements, allowing all parties to reach...
