Decentralized Finance (DeFi) has ushered in a new era for cryptocurrency, attracting a large number of newcomers. It lets users avoid paying high fees by lending their money out and earning interest on the assets they own. The surge in DeFi initiatives demonstrates how far the DeFi revolution may go in disrupting established lending methods and giving customers more power. Developers are extracting value from protocols, rather than enterprises extracting value from users, thanks to the DeFi revolution. Cryptocurrencies and the broader blockchain ecosystem are helping to transform how we live our lives. Because of these new technologies, Web3 is being hailed as a permissionless and open innovation platform based on middleware blockchain protocols. They are displacing intermediary software-as-a-service (SaaS) firms and extracting more revenue as a result. Now, before going into further details, let us first understand what Web3 is. What is Web3? Web3 is supposed to liberate the world from monopolistic control. Web3 refers to a blockchain-based decentralized online ecosystem. Platforms and apps built on Web3 will not be owned by a centralized gatekeeper, but rather by users who will earn ownership stakes by contributing to the development and maintenance of those services. In 2014, Gavin Wood coined the term Web3 (originally Web 3.0). At the time, he had just finished working on Ethereum, the cryptocurrency that is second only to...
