question What is DeFi?

[kyoukage01 3181]

10 hours ago, Elzhota2 said:

Hello dear friend, I see here that your problem with the definition * Defi * persists and you do not understand or do not understand the technical part, my friend with all the respect you deserve I tell you that you will not be able to understand what a Defi is if you do not study the words that define the Defi in its entirety, you need to understand, don't expect a definition in easy words, you have to understand the words and the operation that this conceived from the beginning.

Please check out first the date this topic was created: August 7, 2020. Don't worry, I've learned much since then. This topic is not just for me: the topic is also for the benefit of newbie crypto users who still have no idea of what DeFi really is.

 

Maybe at a future time, I'm going to update this topic with more detailed articles (links) explaining DeFi itself and its various workings.

 

Edited July 12, 2021 by kyoukage01

[XcelToken Plus 7]

On 8/7/2020 at 7:06 AM, kyoukage01 said:

When was DeFi created?

DeFi was created in an August 2018 Telegram chat between Ethereum developers and entrepreneurs including Inje Yeo of Set Protocol, Blake Henderson of 0x and Brendan Forster of Dharma.

 

Regardless of the technology or platform used, DeFi systems are designed to remove intermediaries between transacting parties. Though the volume of trading tokens and money locked in smart contracts in its ecosystem has been growing steadily, DeFi is an incipient industry whose infrastructure is still being built out.

[kyoukage01 3181]

On 7/17/2021 at 1:14 PM, XcelToken Plus said:

DeFi was created in an August 2018 Telegram chat between Ethereum developers and entrepreneurs including Inje Yeo of Set Protocol, Blake Henderson of 0x and Brendan Forster of Dharma.

After a quick rummaging on Google to verify your statement, I got this:

Quote

"DeFi, the acronym of Decentralized Finance, was first coined in August 2018 by Brendan Forster, founder and CEO of crypto lending platform Dharma. After more than two years of development, the DeFi ecosystem has emerged in a variety of projects. Many products in the traditional financial system have been re-enacted through blockchain and smart contract technology. DeFi has brought unprecedented changes in the coin circle, among which the algorithmic stablecoin has attracted public attention the most as it has influenced traditional finance in DeFi like no other. At the beginning of 2021, a new algorithmic stablecoin named Basis Cash reached peak popularity with the arrival of the bull market, but it faced confidence crisis due to the defects in their algorithm. Just when the investors thought that the DeFi stablecoin 'vanished into the crowd', the emergence of Claim changed the public perception all over", said Seraphima Verkhovtceva, the CMO of Claim during a recent press conference.

source: https://www.newsfilecorp.com/release/82513/Claim-Agreement-Aims-to-Be-the-OneStop-Decentralized-Finance-DeFi-Service-Network

 

Looks like you got the answer correct. I'll update the topic post shortly to reflect on your answer. Thanks.

 

Edited August 1, 2021 by kyoukage01

[Dagamand007 12021]

On 07.08.2020 at 04:36, kyoukage01 said:

 

• Do we really have an urgent need for it? Why? (Open-ended question)
• Will it greatly affect the current low-end users of crypto? How? (Open-ended question)

Of course, there is no urgent need for this. But DeFi has performed well in the market and gives you the opportunity to earn extra money, especially since you can use a small budget for this.
In general, I consider DeFi to be a replacement for bank deposits, only more advanced and without intermediaries. Which is a very significant advantage.

[SmithJonson 0]

Have you ever heard about decentralized finance? If not, here’s the right video for you. In this video, you will find all you need to know about decentralized finance - DeFi: https://www.youtube.com/watch?v=JyhynRyYkzc .

Edited March 10, 2022 by SmithJonson

[e_abrams 9]

DeFi has a bright future, but at the same time it also has some serious problems. According to research reports, DeFi exchanges have contributed to 21% of the total volume of cryptocurrency related crime in 2020 – the shocking $99.2 million worth of assets have been stolen or laundered.  That problem needs to be addressed and solved if DeFi is to have a real future, I firmly believe.