Glossary - ChicksX

Decentralized Finance (DeFi) is a financial ecosystem using blockchain technology to offer services without traditional intermediaries like banks.

Decentralized Finance (DeFi) is a financial system built on blockchain technology. It allows users to access financial services without relying on traditional intermediaries like banks or brokers. Instead, DeFi uses smart contracts, which are self-executing contracts with terms written into code. These contracts automate and enforce transactions, providing transparency and security. DeFi platforms offer services such as lending, borrowing, trading, and earning interest on digital assets. Users maintain control of their assets and can engage in peer-to-peer transactions. This system aims to create a more accessible and efficient financial ecosystem, open to anyone with an internet connection.