Demystifying DeFi: A simple guide to understand DeFi

DeFi stands for decentralised finance which represents a wide variety of financial tools that run on the web without intermediary control.

DeFi allows a user to use their crypto assets to lend, borrow, send, receive, trade and earn yield. The middleman in traditional finance is replaced by smart contracts.

A decentralised application(dapp) is an app built on a decentralised network such as Ethereum or Solana that combines a smart contract with a user interface. A dapp can be a social network, gaming platform…