Decentralized finance (DeFi) is a financial system built on top of blockchain technology that allows for financial services without traditional intermediaries DeFi is open, transparent, and secure, and offers greater financial inclusion and potentially more efficient and cost-effective services Potential drawbacks include complexity, lack of regulation, risk of losses, risk of hacking, and limited adoption DeFi tools competing with traditional finance include lending platforms, decentralized exchanges, stablecoins, and payment platforms Decentralized finance, or DeFi, is a financial system that is
