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mntl-block sticky-toc-widget" data-desktop-bp="70em"><div id="toc-wrapper_1-0" class="comp toc-wrapper mntl-toc mntl-block" data-offset="60" data-tracking-container="true"><div id="mntl-toc__inner_1-0" class="comp mntl-toc__inner mntl-block"><div id="mntl-toc__heading_1-0" class="comp mntl-toc__heading mntl-block js-toc-toggle"><span id="mntl-toc__heading-text_1-0" class="comp mntl-toc__heading-text mntl-text-block">Table of Contents</span> <div id="mntl-toc-toggle_1-0" class="comp mntl-toc-toggle mntl-block"><button id="mntl-toc-toggle__btn_1-0" class="comp mntl-toc-toggle__btn mntl-text-block js-mntl-toc-toggle" data-collapsed-text="Expand" data-expanded-text="Collapse">Expand</button></div></div> <div id="mntl-toc__mobile-toggle_1-0" class="comp mntl-toc__mobile-toggle mntl-block js-sticky-toggle"><span id="mntl-toc__heading-text_2-0" class="comp mntl-toc__heading-text mntl-text-block">Table of Contents</span> <svg class="icon icon-drawer-arrow " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-drawer-arrow" href="#icon-drawer-arrow"></use> </svg></div> <ul id="mntl-toc__list_1-0" class="comp mntl-toc__list mntl-toc__list-heading expert-content"><li id="mntl-toc__list-item_1-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_1-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-what-is-decentralized-finance-defi" rel="nocaes" id="mntl-toc__list-item-link_1-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">What Is DeFi?</span></a></div></li> <li id="mntl-toc__list-item_2-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_2-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-how-decentralized-finance-defi-works" rel="nocaes" id="mntl-toc__list-item-link_2-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">How DeFi Works</span></a></div></li> <li id="mntl-toc__list-item_3-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_3-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-goals-of-decentralized-finance" rel="nocaes" id="mntl-toc__list-item-link_3-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">DeFi Goals</span></a></div></li> <li id="mntl-toc__list-item_4-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_4-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-how-to-get-involved-in-defi" rel="nocaes" id="mntl-toc__list-item-link_4-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">How to Get Involved in DeFi</span></a></div></li> <li id="mntl-toc__list-item_5-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_5-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-what-is-an-example-of-defi" rel="nocaes" id="mntl-toc__list-item-link_5-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">What Is an Example of DeFi?</span></a></div></li> <li id="mntl-toc__list-item_6-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_6-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-decentralized-finance-uses" rel="nocaes" id="mntl-toc__list-item-link_6-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">Decentralized Finance Uses</span></a></div></li> <li id="mntl-toc__list-item_7-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_7-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-defi-hype" rel="nocaes" id="mntl-toc__list-item-link_7-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">DeFi Hype</span></a></div></li> <li id="mntl-toc__list-item_8-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_8-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-is-decentralized-finance-worth-it" rel="nocaes" id="mntl-toc__list-item-link_8-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">Is Decentralized Finance Worth It?</span></a></div></li> <li id="mntl-toc__list-item_9-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_9-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-concerns-about-defi" rel="nocaes" id="mntl-toc__list-item-link_9-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">Concerns About DeFi</span></a></div></li> <li id="mntl-toc__list-item_10-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_10-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-can-you-make-money-with-decentralized-finance" rel="nocaes" id="mntl-toc__list-item-link_10-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">FAQs</span></a></div></li> <li id="mntl-toc__list-item_11-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_11-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-what-is-decentralized-finance-for-dummies" rel="nocaes" id="mntl-toc__list-item-link_11-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">What Is Decentralized Finance for Dummies?</span></a></div></li> <li id="mntl-toc__list-item_12-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_12-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-the-bottom-line" rel="nocaes" id="mntl-toc__list-item-link_12-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">The Bottom Line</span></a></div></li></ul></div></div></div></div> </div><div class="loc article-pre-content"><ul id="breadcrumbs_1-0" class="comp breadcrumbs mntl-breadcrumbs mntl-block" data-tracking-container="true"><li id="mntl-breadcrumbs__item_1-0" class="comp mntl-breadcrumbs__item mntl-block"><a href="https://www.investopedia.com/cryptocurrency-4427699" rel="nocaes" id="mntl-text-link_1-0" class="mntl-text-link mntl-breadcrumbs__link" data-tracking-container="true" ><span class="link__wrapper">Cryptocurrency</span></a></li> <li id="mntl-breadcrumbs__item_2-0" class="comp mntl-breadcrumbs__item mntl-block"><a href="https://www.investopedia.com/blockchain-4689765" rel="nocaes" id="mntl-text-link_2-0" class="mntl-text-link mntl-breadcrumbs__link" data-tracking-container="true" ><span class="link__wrapper">Blockchain</span></a></li></ul> <header id="article-header_1-0" class="comp article-header mntl-block right-rail__offset js-toc-appear"><h1 id="article-heading_1-0" class="comp article-heading mntl-text-block">What Is Decentralized Finance (DeFi) and How Does It Work?</h1> <div id="sponsorship-wrapper_1-0" class="comp sponsorship-wrapper mntl-block"></div> <div id="article-meta_1-0" class="comp article-meta mntl-block" data-tracking-container="true"><div id="finance-bylines_1-0" class="comp finance-bylines mntl-bylines"><div id="mntl-bylines__group_1-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--author"><div id="mntl-bylines__item_1-0" class="comp mntl-bylines__item mntl-attribution__item mntl-attribution__item--has-date"> <span class="mntl-attribution__item-descriptor">By</span> <div data-tooltip="Rakesh Sharma is a writer with 8+ years of experience about the intersection between technology and business. Rakesh is an expert in investing, business, blockchain, and cryptocurrencies." tabindex="0" data-inline-tooltip="true"> <a href="https://www.investopedia.com/contributors/53840/" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="-1" >Rakesh Sharma</a> <div id="mntl-author-tooltip_1-0" class="comp mntl-author-tooltip mntl-tooltip mntl-group"> <div class="mntl-author-tooltip__top "> <div class="mntl-author-tooltip__image-wrapper"> <div class="img-placeholder" style="padding-bottom:100.0%;"> <img data-srcset="https://www.investopedia.com/thmb/oxkERp4OTFJQEGx0vsFD4_WkWYo=/90x0/filters:no_upscale():max_bytes(150000):strip_icc()/profilepic__rakesh_sharma-5bfc262dc9e77c00517eda0b.jpg 90w" data-sizes="90px" data-src="https://www.investopedia.com/thmb/WM3IAYMyXEgVXpNh0TtCVNR6K7E=/90x200/filters:no_upscale():max_bytes(150000):strip_icc()/profilepic__rakesh_sharma-5bfc262dc9e77c00517eda0b.jpg" class="lazyload mntl-author-tooltip__image" width="90" height="200" /> <noscript> <img src="https://www.investopedia.com/thmb/WM3IAYMyXEgVXpNh0TtCVNR6K7E=/90x200/filters:no_upscale():max_bytes(150000):strip_icc()/profilepic__rakesh_sharma-5bfc262dc9e77c00517eda0b.jpg" srcset="https://www.investopedia.com/thmb/oxkERp4OTFJQEGx0vsFD4_WkWYo=/90x0/filters:no_upscale():max_bytes(150000):strip_icc()/profilepic__rakesh_sharma-5bfc262dc9e77c00517eda0b.jpg 90w" alt="" width="90" height="200" class="img--noscript mntl-author-tooltip__image" /> </noscript> </div> </div> <a href="https://www.investopedia.com/contributors/53840/" rel="nocaes" id="finance-author-tooltip__link_1-0" class="finance-author-tooltip__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">Full Bio</span></a> <div id="finance-author-tooltip__social_1-0" class="comp finance-author-tooltip__social finance-social-nav mntl-social-nav" data-tracking-container="true"> <ul class="social-nav__list"> <li class="social-nav__item social-nav__item--linkedin"> <a href="https://www.linkedin.com/in/rakesh/" target="_blank" rel="noopener nofollow sponsored noskim" data-text="Follow" class="social-nav__link social-nav__link--linkedin" aria-label="Visit Rakesh Sharma's LinkedIn" > <svg class="icon icon-linkedin social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-linkedin" href="#icon-linkedin"></use> </svg> </a> </li> </ul> </div> <div class="mntl-author-tooltip__bio"> Rakesh Sharma is a writer with 8+ years of experience about the intersection between technology and business. Rakesh is an expert in investing, business, blockchain, and cryptocurrencies. </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/legal-4768893#editorial-policy" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >editorial policies</a> </div> </div></div> </div> <div class="mntl-attribution__item-date">Updated October 25, 2024</div></div> <div id="mntl-bylines__group_2-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--finance_reviewer"><div id="mntl-bylines__item_2-0" class="comp mntl-bylines__item mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Reviewed by</span> <div data-tooltip="<p>Amilcar has 10 years of FinTech, blockchain, and crypto startup experience and advises 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</ul> </div> <div class="mntl-author-tooltip__bio"> <p>Amilcar has 10 years of FinTech, blockchain, and crypto startup experience and advises financial institutions, governments, regulators, and startups.</p> </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/investopedia-financial-review-board-5076269" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >Financial Review Board</a> </div> </div></div> </div></div> <div id="mntl-bylines__group_3-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--fact_checker"><div id="mntl-bylines__item_3-0" class="comp mntl-bylines__item mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Fact checked by</span> <a href="https://www.investopedia.com/jiwon-ma-5218840" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="0" >Jiwon Ma</a> </div></div> </div></div></header> <div id="journey-accordion--pre-content_1-0" class="comp journey-accordion--pre-content journey-accordion mntl-block" data-tracking-container="true"><div id="journey-accordion-header_1-0" class="comp journey-accordion-header mntl-block js-drawer-trigger"><div id="journey-accordion-header__content_1-0" class="comp journey-accordion-header__content"> <div class="journey-accordion-header__content-mobile-subtitle"> Part of the Series </div> <div class="journey-accordion-header__content-title is-mini-journey"> A Primer on Investing in Transformative Technology </div> </div> <svg class="icon icon-caret " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-caret" href="#icon-caret"></use> </svg></div> <div class="journey-accordion__item "> <div class="journey-accordion__item-header"> <svg viewBox="0 0 13 8" xmlns="http://www.w3.org/2000/svg" class="journey-accordion__icon--accordion"> <path d="M6.5 0L0.5 6L1.91 7.41L6.5 2.83L11.09 7.41L12.5 6L6.5 0Z" /> </svg> Artificial Intelligence and 5G </div> <ol class="journey-accordion__sub-item"> <li class="journey-accordion__sublist-item "> <a href="https://www.investopedia.com/articles/stocks/10/primer-on-the-tech-industry.asp" rel="nocaes" > Guide to Investing in Transformative Technology </a> </li> <li class="journey-accordion__sublist-item "> <a href="https://www.investopedia.com/how-to-use-artificial-intelligence-in-your-investing-7973810" rel="nocaes" > How to Use Artificial Intelligence in Your Portfolio in 2024 </a> </li> <li class="journey-accordion__sublist-item "> <a href="https://www.investopedia.com/generative-ai-7497939" rel="nocaes" > Generative AI: How It Works, History, and Pros and Cons </a> </li> <li class="journey-accordion__sublist-item "> <a 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Bitcoins? </a> </li> </ol> </div> <div class="journey-accordion__item is-active"> <div class="journey-accordion__item-header"> <svg viewBox="0 0 13 8" xmlns="http://www.w3.org/2000/svg" class="journey-accordion__icon--accordion"> <path d="M6.5 0L0.5 6L1.91 7.41L6.5 2.83L11.09 7.41L12.5 6L6.5 0Z" /> </svg> Digital Payments </div> <ol class="journey-accordion__sub-item"> <li class="journey-accordion__sublist-item "> <a href="https://www.investopedia.com/the-future-of-fintech-4770491" rel="nocaes" > The Future of Fintech </a> </li> <li class="journey-accordion__sublist-item "> <a href="https://www.investopedia.com/investing/fintech-real-estate/" rel="nocaes" > 4 Fintech Companies Disrupting Real Estate (Z, FISV) </a> </li> <li class="journey-accordion__sublist-item "> <a href="https://www.investopedia.com/terms/f/financial-innovation.asp" rel="nocaes" > Financial Innovation: Definition, Role, Categories, and Examples </a> </li> <li class="journey-accordion__sublist-item "> <a href="https://www.investopedia.com/terms/d/digital-transaction.asp" rel="nocaes" > Digital Transaction Definition, How It Works, Benefits </a> </li> <li class="journey-accordion__sublist-item "> <a href="https://www.investopedia.com/terms/d/dual-interface-chip-card.asp" rel="nocaes" > Dual Interface Chip Card: What it Means, How it Works </a> </li> <li class="journey-accordion__sublist-item is-active"> <a href="https://www.investopedia.com/decentralized-finance-defi-5113835" rel="nocaes" > What Is Decentralized Finance (DeFi) and How Does It Work? </a> <div class="journey-accordion__sublist-item--current-article">CURRENT ARTICLE</div> </li> <li class="journey-accordion__sublist-item "> <a href="https://www.investopedia.com/tech/how-fintech-disrupting-wealth-management/" rel="nocaes" > How Fintech Is Disrupting Wealth Management </a> </li> </ol> </div> <div class="journey-accordion__item "> <div class="journey-accordion__item-header"> <svg viewBox="0 0 13 8" 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the Internet of Things (IoT)? How It Works and Benefits </a> </li> </ol> </div></div> </div><div class="loc article-content"><div id="article__primary-video-container--jw_1-0" class="comp article__primary-video-container--jw mntl-block"><div id="article__primary-video--jw_1-0" class="comp article__primary-video--jw mntl-jwplayer mm-video lazyload right-rail__offset aspectratio-16:9" data-bgset="https://cdn.jwplayer.com/v2/media/Q7aM1RcU/poster.jpg?width=720" data-sizes="auto"> <video class="mntl-jwplayer__video lazyload" preload="none" data-poster="https://cdn.jwplayer.com/v2/media/Q7aM1RcU/poster.jpg?width=720"></video> </div></div> <div id="article-body_1-0" class="comp article-body mntl-block" data-contain-tooltips="true"><div id="mntl-sc-page_1-0" class="comp mntl-sc-page mntl-block article-body-content" data-sc-sticky-offset="80" data-sc-ad-label-height="0" data-sc-ad-track-spacing="90" data-sc-min-track-height="250" data-sc-max-track-height="600" data-sc-breakpoint="50em" data-sc-load-immediate="1" data-sc-content-positions="[300, 1, 1, 1250, 1, 1, 1, 1]" data-bind-scroll-on-start="true"><span class="heading-toc" id="toc-what-is-decentralized-finance-defi"></span><h2 id="mntl-sc-block_1-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> What Is Decentralized Finance (DeFi)? </span> </h2> <p id="mntl-sc-block_2-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Decentralized finance (DeFi) is an emerging peer-to-peer financial system that uses blockchain and cryptocurrencies to allow people, businesses, or other entities to transact directly with each other. The key principle behind DeFi is to remove third parties like banks from the financial system, thereby reducing costs and transaction times. </p> <div id="mntl-sc-block_3-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_4-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> In the U.S., the Federal Reserve and Securities and Exchange Commission (SEC) define the rules for <a href="https://www.investopedia.com/terms/c/centralbank.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">centralized financial institutions</a> like banks and brokerages, which consumers rely on to access capital and financial services directly. DeFi challenges this centralized financial system by empowering individuals with peer-to-peer transactions. </p> <div id="mntl-sc-block_5-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_6-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_7-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-whatyouneedtoknow" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_1-0" class="comp mntl-sc-block-callout-heading mntl-text-block">Key Takeaways </h3> <div id="mntl-sc-block-callout-body_1-0" class="comp mntl-sc-block-callout-body mntl-text-block"><ul><li>Decentralized finance, or DeFi, is an emerging peer-to-peer system attempting to remove third parties and centralized institutions from financial transactions.</li><li>DeFi consists of cryptocurrencies, blockchain technology, and software that allows people to transact financially with each other.</li><li>DeFi is still in its infancy and subject to hacks and thefts because of sloppy programming and a lack of security testing before applications are launched.</li></ul></div></div></div> <figure id="mntl-sc-block_8-0" class="comp mntl-sc-block finance-sc-block-image mntl-sc-block-universal-image mntl-sc-block-image--no-theme no-theme mntl-sc-block-image inline-image figure-landscape figure-high-res"> <div class="figure-media"> <div class="img-placeholder" style="padding-bottom:66.6%;"> <img data-src="https://www.investopedia.com/thmb/F_lMbEKfu7Bj_3QpqhvoFjOOnJw=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/decentralized-finance-defi-5113835-3bd35e94d7414f9abd030bea7910b467.png" width="1500" height="1000" data-srcset="https://www.investopedia.com/thmb/HSRtyFJ8TqLuL9kj968V3XT2IIk=/750x0/filters:no_upscale():max_bytes(150000):strip_icc()/decentralized-finance-defi-5113835-3bd35e94d7414f9abd030bea7910b467.png 750w" data-sizes="750px" alt="Decentralization Finance" class="lazyload universal-image__image" data-expand="300" data-hi-res-src="https://www.investopedia.com/thmb/F_lMbEKfu7Bj_3QpqhvoFjOOnJw=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/decentralized-finance-defi-5113835-3bd35e94d7414f9abd030bea7910b467.png" id=mntl-sc-block-image_1-0 data-tracking-container="true" data-img-lightbox="true" data-click-tracked="true" /> <noscript> <img src="https://www.investopedia.com/thmb/F_lMbEKfu7Bj_3QpqhvoFjOOnJw=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/decentralized-finance-defi-5113835-3bd35e94d7414f9abd030bea7910b467.png" width="1500" height="1000" class="img--noscript universal-image__image" srcset="https://www.investopedia.com/thmb/HSRtyFJ8TqLuL9kj968V3XT2IIk=/750x0/filters:no_upscale():max_bytes(150000):strip_icc()/decentralized-finance-defi-5113835-3bd35e94d7414f9abd030bea7910b467.png 750w" sizes="750px" alt="Decentralization Finance" /> </noscript> </div> </div> <figcaption id="mntl-figure-caption_1-0" class="comp mntl-figure-caption type--mouse figure-caption figure-article-caption"> <span class="figure-article-caption-owner"><p>Investopedia / Joules Garcia</p></span> </figcaption></figure> <span class="heading-toc" id="toc-how-decentralized-finance-defi-works"></span><h2 id="mntl-sc-block_9-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> How Decentralized Finance (DeFi) Works </span> </h2> <p id="mntl-sc-block_10-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Through peer-to-peer financial networks, DeFi uses security protocols, connectivity, software, and hardware advancements. This system eliminates intermediaries like banks and other financial service companies. These companies charge businesses and customers for using their services, which are necessary in the current system because it's the only way to make it work. DeFi uses blockchain technology to reduce the need for these intermediaries. </p> <div id="mntl-sc-block_11-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_12-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Blockchain </span> </h3> <p id="mntl-sc-block_13-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> A blockchain is a distributed and secured database or ledger. In a blockchain, transactions are recorded in files called blocks and verified through automated processes. If a transaction is verified, the block is closed and encrypted; another block is created with information about the previous block and information about newer transactions. </p> <div id="mntl-sc-block_14-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_15-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The blocks are "chained" together through the information in each proceeding block, giving it the name <a href="https://www.investopedia.com/terms/b/blockchain.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">blockchain</a>. Information in previous blocks cannot be changed without affecting the following blocks, so blockchains are generally very secure if their networks are large and fast enough. This concept, along with other security protocols, provides the secure nature of a blockchain. </p> <div id="mntl-sc-block_16-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_17-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Using applications called wallets that can send information to a blockchain, individuals hold private keys to tokens or cryptocurrencies that act like passwords. These keys give them access to virtual tokens that represent value. Ownership of the tokens is transferred by 'sending' an amount to another entity via a wallet, whose wallet, in turn, generates a different private key for them. This secures their ownership of the token, and the blockchain design prevents the transfer from being reversed. </p> <div id="mntl-sc-block_18-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_19-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Applications </span> </h3> <p id="mntl-sc-block_20-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> DeFi applications are designed to communicate with a blockchain, allowing people to use their money for purchases, loans, gifts, trading, or any other way they want without a third party. These applications are programs installed on a device like a personal computer, tablet, or smartphone that make it easier to use. Without the applications, DeFi would still exist, but users would need to be comfortable and familiar with using the command line or terminal in the operating system that runs their device. </p> <div id="mntl-sc-block_21-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_22-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> DeFi applications provide an interface that automates transactions between users by giving them financial options to choose from. For example, if you want to make a loan to someone and charge them interest, you can select the option on the interface and enter terms like interest or collateral. If you need a loan, you can search for providers, which could range from a bank to an individual who could lend you some cryptocurrency after you agree on terms. </p> <div id="mntl-sc-block_23-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_24-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Some applications let you enter parameters for the services you're looking for and match you with another user. Because the blockchain is a global network, you can give or receive financial services to or from anywhere in the world. </p> <div id="mntl-sc-block_25-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_26-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_27-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-important" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_2-0" class="comp mntl-sc-block-callout-heading mntl-text-block"></h3> <div id="mntl-sc-block-callout-body_2-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>Decentralized finance does not provide full anonymity. Transactions do not include an individual's name but are traceable by anyone with the knowledge to do so. This includes governments and law enforcement, which, at times, are necessary for protecting an individual's financial interests.</p></div></div></div> <span class="heading-toc" id="toc-goals-of-decentralized-finance"></span><h2 id="mntl-sc-block_28-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Goals of Decentralized Finance </span> </h2> <p id="mntl-sc-block_29-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Peer-to-peer (P2P) financial transactions are one of the core premises behind DeFi, where two parties agree to exchange cryptocurrency for goods or services without a third party involved. </p> <div id="mntl-sc-block_30-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_31-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Using DeFi allows for: </p> <div id="mntl-sc-block_32-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_33-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li><strong>Accessibility</strong>: Anyone with an internet connection can access a DeFi platform, and transactions occur without geographic restrictions.</li> <li><strong>Low fees and negotiable interest rates</strong>: DeFi enables any two parties to negotiate interest rates directly and lend cryptocurrency or money via DeFi networks.</li> <li><strong>Security and Transparency</strong>: <a href="https://www.investopedia.com/terms/s/smart-contracts.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Smart contracts</a> published on a blockchain and records of completed transactions are available for anyone to review but do not reveal your identity. Blockchains are generally immutable, meaning they cannot be altered.</li> <li><strong>Autonomy</strong>: DeFi platforms don't rely on <a href="https://www.investopedia.com/ask/answers/030315/what-financial-services-sector.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">centralized financial institutions</a>. The decentralized nature of DeFi protocols mitigates the need for and costs of administering financial services.</li> </ul> <div id="mntl-sc-block_34-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_35-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_36-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-note" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_3-0" class="comp mntl-sc-block-callout-heading mntl-text-block no-title"></h3> <div id="mntl-sc-block-callout-body_3-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p><a href="https://www.investopedia.com/articles/financial-theory/08/peer-to-peer-lending.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Peer-to-peer lending</a> under DeFi doesn't mean there won't be any interest and fees. However, it does mean that you'll have many more options since the lender can be anywhere and anyone in the world.</p></div></div></div> <span class="heading-toc" id="toc-how-to-get-involved-in-defi"></span><h2 id="mntl-sc-block_37-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> How to Get Involved in DeFi </span> </h2> <p id="mntl-sc-block_38-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Becoming involved in decentralized finance might seem intimidating at first, but there are many ways to do so. The first thing you should do if you want to get into DeFi is to research the activities that interest you the most. You'll need a wallet, but because there are so many to choose from, you'll need to learn more about them and find the one that appeals to you. </p> <div id="mntl-sc-block_39-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_40-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Once you identify your wallet and activity, you can find a reputable exchange that provides the activity you want to get involved in or use, buy some cryptocurrency, and get started. For example, if you chose Coinbase, you'd take the following steps: </p> <div id="mntl-sc-block_41-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_42-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li>Set up a wallet that accepts DeFi apps (Coinbase Wallet already does)</li><li>Add cryptocurrency to your wallet by purchasing some on an exchange</li><li>Find a DeFi app for borrowing, lending, liquidity, yield farming, or other activities</li><li>Add your crypto to the app to begin</li> </ul> <div id="mntl-sc-block_43-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-what-is-an-example-of-defi"></span><h2 id="mntl-sc-block_44-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> What Is an Example of DeFi? </span> </h2> <p id="mntl-sc-block_45-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> DeFi is an all-inclusive term for any application that uses blockchain and cryptocurrency techniques or technology to offer financial services. Some of these applications can provide anything from basic services like savings accounts to more advances services like providing liquidity to businesses or investors. One of the more notable DeFi service providers is Aave, which is a "decentralized non-custodial liquidity market protocol" that allows anyone to participate as a liquidity supplier or borrower. </p> <div id="mntl-sc-block_46-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_47-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Aave lets you stake any of your crypto assets to earn interest income from users who might borrow your assets.<span class="ql-inline-citation" data-cite="5"></span> </p> <div id="mntl-sc-block_48-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-decentralized-finance-uses"></span><h2 id="mntl-sc-block_49-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Decentralized Finance Uses </span> </h2> <p id="mntl-sc-block_50-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Decentralized finance, originally conceived of as a way to bring financial services like loans and banking to <a href="https://www.investopedia.com/tech/how-blockchain-can-help-failing-economies/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">those who don't have access to them</a>, has morphed into an industry where you can take part in many different sectors or endeavors. Here are a few of the most popular: </p> <div id="mntl-sc-block_51-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_52-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li><strong>Decentralized exchanges</strong>: The top preference for defi app users is accessing decentralized exchanges. Exchanges like Uniswap and PancakeSwap have apps that let you interact with other cryptocurrency users.</li><li><strong>Liquidity providers</strong>: Liquidity is the ability to sell assets quickly, a problem many cryptocurrency users have encountered. Liquidity providers are generally pools where users place funds so exchanges can provide selling opportunities for their users.<span class="ql-inline-citation" data-cite="3"></span><span class="ql-inline-citation" data-cite="2"></span></li><li><strong>Lending/Yield Farming:</strong> There are hundreds of defi apps available that provide lending. Generally, they operate the same way as a liquidity pool, where users lock their funds in a pool and let others borrow them, receiving interest on their loans—called yield farming. Many provide flash loans, where no collateral is required from the borrower.</li><li><strong>Gambling/Prediction Markets</strong>: Everyday, millions of dollars in cryptocurrency are used in DeFi gambling and prediction apps like Polymarket, ZKasino, Horse Racing Slot Keno Roulett, Azuro, and JuicyBet.<span class="ql-inline-citation" data-cite="1"></span> Prediction markets are platforms that let you place bets on the outcome of nearly any event.<span class="ql-inline-citation" data-cite="4"></span></li><li><strong>NFTs</strong>: The market for non-fungible tokens has cooled somewhat, but they are still popular with niche investors and collectors.<br/></li> </ul> <div id="mntl-sc-block_53-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-defi-hype"></span><h2 id="mntl-sc-block_54-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> DeFi Hype </span> </h2> <p id="mntl-sc-block_55-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Just like other blockchain- and cryptocurrency-related projects, businesses, and activities, decentralized finance is subject to considerable hype and misinformation, hoping to attract users and their money. Cryptocurrency, blockchain, and all technologies associated with them are also subject to extreme price volatility. </p> <div id="mntl-sc-block_56-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_57-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Lots of Money in Crypto, But Not as Much as You'd Think </span> </h3> <p id="mntl-sc-block_58-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> There is a considerable amount of money flowing through cryptocurrency exchanges, but it isn't nearly as much as you might be led to believe. Most people still use the traditional financial systems we are all used to. For example, <a href="https://www.investopedia.com/tech/how-much-worlds-money-bitcoin/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">less than 1%</a> of all money is tied up in cryptocurrency and decentralized finance—a very small figure that should encourage you to do your research to learn if using or investing in DeFi apps, platforms, and cryptocurrency is worth it. </p> <div id="mntl-sc-block_59-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_60-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Crypto Winters </span> </h3> <p id="mntl-sc-block_61-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> A crypto-winter is a period where crypto prices continuously move down and then stay down—sometimes tens of thousands of dollars. The last one occurred between 2022 and 2023. Prices had been rising significantly before 2022 as investors turned to anything they could find following the initial outbreak of COVID-19 and the ensuing pandemic. During that time, they discovered Bitcoin was not only holding value; it was increasing as well—but this was most likely due to their own self-fulfilling prophecies and hype as they drove the price increases themselves. </p> <div id="mntl-sc-block_62-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_63-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> But toward the end of 2022, prices began declining and stayed there. Billions of dollars were lost during this time. During this period, there were no rumors of substance or any regulatory developments (in the U.S.) beyond a perceived campaign of persecution orchestrated by the Securities and Exchange Commission. However, when rumors began circulating about a Spot Bitcoin ETF approval in October 2023, the hyping began again, and prices rose. When the approval of 11 Bitcoin Spot ETFs was announced in January 2024, prices climbed steadily for a few months (supposedly ending the winter) until a sideways—yet volatile—market emerged again in March 2024. </p> <div id="mntl-sc-block_64-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-is-decentralized-finance-worth-it"></span><h2 id="mntl-sc-block_65-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Is Decentralized Finance Worth It? </span> </h2> <p id="mntl-sc-block_66-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> DeFi might be just what you're looking for regarding your finances. However, it might not—the decentralized finance industry is still in its infancy and evolving, making it somewhat of a gamble for most people. </p> <div id="mntl-sc-block_67-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_68-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The low amount of actual money invested in cryptocurrency and the effects that hype has on prices should make you consider whether investing in decentralized finance is worth it. If you have money you can afford to lose, the space can be very profitable—but the losses can be just as significant. </p> <div id="mntl-sc-block_69-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_70-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> If you don't have money to lose and are looking for ways to fund your retirement or grow your portfolio or net worth over time, defi and cryptocurrency should be the last investment you should consider. They are still too new and volatile to risk your future on.<br/> </p> <div id="mntl-sc-block_71-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-concerns-about-defi"></span><h2 id="mntl-sc-block_72-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Concerns About DeFi </span> </h2> <p id="mntl-sc-block_73-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Decentralized finance is constantly evolving. It is unregulated, and its ecosystem is vulnerable to faulty programming, hacks, and scams. For example, one of the main ways hackers and thieves steal cryptocurrency is through weaknesses in DeFi applications. </p> <div id="mntl-sc-block_74-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_75-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Laws have not yet caught up with advances in technology. Most current laws were crafted based on the idea of separate financial jurisdictions, each with its own set of laws and rules. DeFi’s borderless transaction ability presents essential questions for this type of regulation. For example: </p> <div id="mntl-sc-block_76-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_77-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li>Who is responsible for <a href="https://www.investopedia.com/terms/f/fincen.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">investigating</a> a financial crime that occurs across borders, protocols, and DeFi apps?</li> <li>Who would enforce the regulations?</li> <li>How would they enforce them?</li> </ul> <div id="mntl-sc-block_78-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_79-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-can-you-make-money-with-decentralized-finance"></span> <h2 class="mntl-sc-block-questionandanswer__question">Can You Make Money With Decentralized Finance?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>Yes, there are ways to make money using DeFi, such as yield farming or providing liquidity. However, there are risks involved, so it pays to do your research before locking money into DeFi.</p></div> </div> <div id="mntl-sc-block_80-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_81-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-is-decentralized-finance-safe"></span> <h2 class="mntl-sc-block-questionandanswer__question">Is Decentralized Finance Safe?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>DeFi is still in its infancy, with hacks and thefts common. There are many people using it to make money and transact, but in its current state it is not yet as safe as traditional finance methods.</p></div> </div> <div id="mntl-sc-block_82-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_83-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-how-is-defi-different-from-bitcoin"></span> <h2 class="mntl-sc-block-questionandanswer__question">How Is DeFi Different From Bitcoin?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>Decentralized finance is a blanket term for the global system of blockchains and applications that are being developed to allow people to transact directly with each other using cryptocurrencies such as Bitcoin. Bitcoin is a cryptocurrency that can be used in DeFi.</p></div> </div> <div id="mntl-sc-block_84-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_85-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-what-is-decentralized-finance-for-dummies"></span> <h2 class="mntl-sc-block-questionandanswer__question">What Is Decentralized Finance for Dummies?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>In a nutshell, DeFi is a way for people, businesses, or other entities to send and receive money directly to each other using their devices and cryptocurrency.</p></div> </div> <div id="mntl-sc-block_86-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-the-bottom-line"></span><h2 id="mntl-sc-block_87-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> The Bottom Line </span> </h2> <p id="mntl-sc-block_88-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Decentralized finance (DeFi) is an emerging financial technology that challenges the current centralized banking system. DeFi attempts to eliminate the fees banks and other financial service companies charge while promoting peer-to-peer transactions. </p> <div id="mntl-sc-block_89-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_90-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> DeFi, like the blockchains and cryptocurrencies it supports, is still in its infancy. Significant hurdles must be overcome before it can replace the existing financial system, which has its own issues that are difficult to resolve. 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