Decentralized finance (often stylized as DeFi) provides financial instruments and services through smart contracts on a programmable, permissionless blockchain. This approach reduces the need for intermediaries such as brokerages, exchanges, or banks.[1] DeFi platforms enable users to lend or borrow funds, speculate on asset price movements using derivatives, trade cryptocurrencies, insure against risks, and earn interest in savings-like accounts.[2] The DeFi ecosystem is built on a layered architecture and highly composable building blocks.[3] While some applications offer high interest rates,[2] they carry high risks.[4] Coding errors and hacks are a common challenge in DeFi.[5][2]
https://en.m.wikipedia.org/wiki/Decentralized_finance
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