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<!DOCTYPE html><html lang="en"><head><meta charSet="utf-8"/><meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no"/><link rel="apple-touch-icon" sizes="120x120" href="/apple-touch-icon-120.png"/><link rel="icon" type="image/png" sizes="32x32" href="/favicon-purple-32x32.png"/><link rel="icon" type="image/png" sizes="16x16" href="/favicon--purple-16x16.png"/><link rel="mask-icon" href="/safari-pinned-tab.svg" color="#7d00ff"/><link rel="manifest" href="/manifest.json"/><meta name="msapplication-TileColor" content="#00000"/><link rel="alternate" hrefLang="x-default" href="https://www.moonpay.com/learn/defi"/><link rel="alternate" hrefLang="en" href="https://www.moonpay.com/learn/defi"/><link rel="alternate" hrefLang="de" href="https://www.moonpay.com/de/learn/defi"/><link rel="alternate" hrefLang="en-au" href="https://www.moonpay.com/en-au/learn/defi"/><link rel="alternate" hrefLang="en-gb" href="https://www.moonpay.com/en-gb/learn/defi"/><link rel="alternate" hrefLang="cs" href="https://www.moonpay.com/cs/learn/defi"/><link rel="alternate" hrefLang="es" href="https://www.moonpay.com/es/learn/defi"/><link rel="alternate" hrefLang="fr" href="https://www.moonpay.com/fr/learn/defi"/><link rel="alternate" hrefLang="ro" href="https://www.moonpay.com/ro/learn/defi"/><link rel="alternate" hrefLang="tr" href="https://www.moonpay.com/tr/learn/defi"/><link rel="alternate" hrefLang="it" href="https://www.moonpay.com/it/learn/defi"/><link rel="alternate" hrefLang="pt-br" href="https://www.moonpay.com/pt-br/learn/defi"/><link rel="canonical" href="https://www.moonpay.com/learn/defi"/><meta name="theme-color" content="#000000"/><link rel="shortcut icon" href="/favicon-purple.ico"/><meta name="thumbnail" content="/apple-touch-icon.png"/><meta name="facebook-domain-verification" content="50t81i1zdvbkupcfq8f60qc88u4epe"/><script type="application/ld+json">{ "@context": "https://schema.org", "@type": "Corporation", "name": "MoonPay", "legalName": "Moon Pay Limited", "description": "MoonPay is the new standard for fiat to crypto. We are a marketplace between crypto exchanges and users, facilitating instant purchases of cryptocurrencies.", "url": "https://www.moonpay.com", "logo": "https://www.moonpay.com/assets/logo.png", "sameAs": [ "https://twitter.com/moonpay", "https://www.crunchbase.com/organization/moonpay", "https://boards.greenhouse.io/moonpay", "https://www.linkedin.com/company/moonpay/" ] }</script><title>What is DeFi? An introduction to decentralized finance - MoonPay - MoonPay</title><meta name="description" content="An intro to decentralized finance (DeFi), its primary concepts, and how its real-world applications are transforming financial infrastructure."/><meta property="og:site_name" content="MoonPay"/><meta property="og:title" content="What is DeFi? An introduction to decentralized finance"/><meta property="og:description" content="An intro to decentralized finance (DeFi), its primary concepts, and how its real-world applications are transforming financial infrastructure."/><meta property="og:image" content="https://payload-marketing.moonpay.com/api/media/file/273735pj7h-2AQj6p9J2WpMIO2CTW3QDk?w=1000&fm=webp"/><meta property="og:url" content="https://www.moonpay.com/learn/defi"/><meta property="twitter:url" content="https://www.moonpay.com/learn/defi"/><meta name="twitter:title" content="What is DeFi? 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border-solid text-sm leading-tight px-4 py-3 rounded-full" href="/learn/topics?tag=basics"><span class="typography_textSM__Vu4zZ text-white">basics</span></a></div><div class="flex items-center gap-2"><svg width="32" height="32" viewBox="0 0 32 32" fill="none"><path d="M7.4 5h17.2a1 1 0 0 1 .7 1.7L16 16 6.7 6.7A1 1 0 0 1 7.4 5v0ZM7.4 27h17.2a1 1 0 0 0 .7-1.7L16 16l-9.3 9.3a1 1 0 0 0 .7 1.7ZM22 10H10M16 16v5" stroke="#fff" stroke-width="1.5" stroke-linecap="round" stroke-linejoin="round"></path></svg><span class="typography_textSM__Vu4zZ text-white">0 mins</span><span class="typography_textSM__Vu4zZ text-white">Published on 1/17/2024</span></div></div><h1 class="typography_xl__8RZ0W text-white font-normal">What is DeFi? An introduction to decentralized finance</h1><p class="typography_textXL__kef08 text-white font-normal mb-6 description mb-10 leading-veryRelaxed">An intro to decentralized finance (DeFi), its primary concepts, and how its real-world applications are transforming financial infrastructure.</p><p class="typography_textSM__Vu4zZ text-white mb-6 mt-auto xs:mb-0 font-medium">By Mohammad Musharraf</p></div><div class="BlogPost_featuredImage__hYscP"><img src="https://payload-marketing.moonpay.com/api/media/file/273735pj7h-2AQj6p9J2WpMIO2CTW3QDk" alt="DeFi (1)" class="BlogPost_image__2u7mY"/></div></div></div></header><section class="flex flex-col md:max-w-5xl mt-52 sm:mt-20 lg:mt-48 px-5 lg:px-15 container_container__a1yTb"><div class="BlogPost_BlogPostContent__5xDEH order-3 my-8 prose prose-slate md:prose-lg mb-20"><nav class=""><h2>Table of Contents</h2><ol class="list-decimal"><li><a href="#what-is-defi"><strong>What is DeFi?</strong></a></li><li><a href="#history-of-defi-and-ethereum"><strong>History of DeFi and Ethereum</strong></a></li><li><a href="#important-defi-concepts-you-should-know"><strong>Important DeFi concepts you should know</strong></a></li><li><a href="#how-is-defi-different-from-traditional-finance"><strong>How is DeFi different from traditional finance?</strong></a></li><li><a href="#popular-defi-applications-and-use-cases"><strong>Popular DeFi applications and use cases</strong></a></li><li><a href="#advantages-of-defi-over-traditional-finance"><strong>Advantages of DeFi over traditional finance</strong></a></li><li><a href="#what-are-the-risks-of-defi"><strong>What are the risks of DeFi?</strong></a></li><li><a href="#the-future-of-defi"><strong>The Future of DeFi</strong></a></li><li><a href="#frequently-asked-questions-faqs-about-defi"><strong>Frequently Asked Questions (FAQs) about DeFi</strong></a></li><li><a href="#begin-your-defi-journey-with-moonpay"><strong>Begin your DeFi journey with MoonPay</strong></a></li></ol></nav><p>In recent years, the worlds of <a href="/learn/web3"><span style="text-decoration:underline">web3</span></a> and finance have intertwined in a revolutionary transformation called DeFi (decentralized finance).</p><p><strong>DeFi</strong> is helping reshape the way we think about traditional financial systems and may offer a more inclusive, open, and transparent approach to managing, lending, and borrowing assets.</p><p>The relatively new financial model accounts for over <a href="https://defillama.com/" target="_blank" rel="noreferrer"><span style="text-decoration:underline">$56 billion</span></a> TVL (total valued locked), with an all-time high of <a href="https://www.coindesk.com/business/2023/08/23/defi-shrinks-to-multiyear-low-as-the-crypto-fueled-future-of-finance-falters/" target="_blank" rel="noreferrer"><span style="text-decoration:underline">$177 billion</span></a> in 2021 when it burst on the scene.</p><p>We will delve into the fascinating world of DeFi, providing a comprehensive introduction to what it is, its underlying principles, key components, and its impact on the global financial landscape.</p><p><strong>This article outlines some of the key concepts and real world applications in DeFi and explains how it differs from traditional finance (TradFi).</strong></p><h2 id="what-is-defi"><strong>What is DeFi?</strong></h2><p><strong>DeFi</strong> refers to “<strong>decentralized finance</strong>”, a sector in which all transactions take place <strong>without</strong> any <strong>centralized financial institutions</strong> like banks. Instead, self-executing computer codes called <a href="/learn/blockchain/what-are-smart-contracts"><span style="text-decoration:underline">smart contracts</span></a> manage these transactions.</p><p>Decentralized finance is built on <a href="/learn/blockchain">blockchain technology</a>, just like cryptocurrencies such as <a href="/learn/bitcoin">Bitcoin</a> and <a href="/learn/cryptocurrency/what-is-ethereum">Ethereum</a>. And just like those blockchains, decentralized finance stems from the idea that everyone should be in full control of their digital assets, and free to use them as they like.</p><p>In DeFi, anyone with an internet connection can participate in <a href="/learn/defi/what-are-dapps"><span style="text-decoration:underline">applications</span></a> like <a href="/learn/defi/decentralized-exchange"><span style="text-decoration:underline">decentralized exchanges (DEXs)</span></a>, <a href="/learn/defi/what-is-yield-farming"><span style="text-decoration:underline">yield farming</span></a>, <a href="/learn/defi/what-are-liquidity-pools"><span style="text-decoration:underline">liquidity pools</span></a>, <a href="/learn/defi/defi-flash-loans"><span style="text-decoration:underline">borrowing and lending platforms</span></a>, and much more.</p><h2 id="history-of-defi-and-ethereum"><strong>History of DeFi and Ethereum</strong></h2><p>In 2013, <a href="https://en.wikipedia.org/wiki/Vitalik_Buterin" target="_blank" rel="noreferrer"><span style="text-decoration:underline">Vitalik Buterin</span></a> first proposed the idea that cryptocurrencies can expand beyond simple transactions to include complex financial services. In the <a href="https://ethereum.org/en/whitepaper" target="_blank" rel="noreferrer"><span style="text-decoration:underline">Ethereum white paper</span></a>, he introduced the concept of smart contracts, which would enable developers to design decentralized apps.</p><p><a href="https://docs.soliditylang.org/en/v0.8.22/" target="_blank" rel="noreferrer"><span style="text-decoration:underline">Solidity</span></a>, the programming language of Ethereum, was conducive to writing the contract code for dApps and deploying them on the blockchain. Ethereum, therefore, inaugurated the decentralized finance movement and is still host to the majority of dApps. Currently, the Ethereum network dominates the DeFi sector with a <a href="https://defillama.com/chain/Ethereum" target="_blank" rel="noreferrer"><span style="text-decoration:underline">54% market share</span></a>. </p><p>This market dominance has some disadvantages, however. The <a href="/learn/cryptocurrency/what-are-ethereum-gas-fees"><span style="text-decoration:underline">transaction fees (gas)</span></a> have skyrocketed <a href="https://cointelegraph.com/news/ethereum-average-gas-fee-falls-down-to-1-57-the-lowest-since-2020" target="_blank" rel="noreferrer"><span style="text-decoration:underline">during periods of high network congestion</span></a> and led to more transaction processing time.</p><figure class="md:px-16 py-4"><img alt="A picture of Ethereum co-founder Vitalik Buterin." src="https://payload-marketing.moonpay.com/api/media/file/w8pfoja1owi-3VmjXAUMni9cannXEfORMB"/><figcaption class="text-center text-gray500 px-6 py-2">Ethereum co-founder Vitalik Buterin first introduced the concept of smart contracts  (<a href="https://www.cnbc.com/2023/09/22/vitalik-buterin-cnbc-interview-ethereum-founder-on-us-crypto-crackdown.html" target="_blank" rel="noreferrer noopener">Image source</a>)</figcaption></figure><p>Moreover, for most of its existence Ethereum has relied on the energy-intensive <a href="/learn/blockchain/proof-of-work-vs-proof-of-stake"><span style="text-decoration:underline">Proof of Work</span></a><span style="text-decoration:underline"> </span>consensus mechanism that leaves behind a high carbon footprint.</p><p>To overcome these shortcomings, Ethereum completed the upgrade to <a href="https://ethereum.org/en/upgrades" target="_blank" rel="noreferrer"><span style="text-decoration:underline">Ethereum 2.0</span></a> and a <a href="/learn/blockchain/proof-of-work-vs-proof-of-stake"><span style="text-decoration:underline">Proof of Stake</span></a> consensus model. Since the Ethereum mainnet <a href="/learn/cryptocurrency/ethereum-merge-eth-2"><span style="text-decoration:underline">“merged” with the Beacon Chain</span></a>, the blockchain network has reduced its energy emissions by <a href="https://ethereum.org/en/energy-consumption/" target="_blank" rel="noreferrer"><span style="text-decoration:underline">99.9%</span></a>.</p><h2 id="important-defi-concepts-you-should-know"><strong>Important DeFi concepts you should know</strong></h2><p>Although decentralized finance may sound complex, its core concepts are relatively simple to understand:</p><h3 id="1-smart-contracts"><strong>1. Smart contracts</strong></h3><p><a href="/learn/blockchain/what-are-smart-contracts">Smart contracts</a> are self-executing agreements written in code that automatically execute when specific, predetermined conditions are met.</p><p>In DeFi, smart contracts are used to facilitate lending, borrowing, trading, and other financial services. They replace traditional contracts and centralized intermediaries, making transactions faster and, in many cases, cheaper.</p><p>Smart contracts use <a href="/learn/cryptocurrency/top-decentralized-oracles"><span style="text-decoration:underline">Oracles</span></a> to provide external information via trusted data feeds. Oracle networks like <a href="/learn/cryptocurrency/what-is-chainlink"><span style="text-decoration:underline">Chainlink</span></a> (<a href="/buy/link"><span style="text-decoration:underline">LINK</span></a>) enable DeFi applications to <a href="/learn/cryptocurrency/what-is-chainlink"><span style="text-decoration:underline">access real-world data</span></a>, such as market prices, weather conditions, or scores from sporting events, and allow smart contracts to execute with correct information.</p><h3 id="2-yield-farming"><strong>2. Yield farming</strong></h3><p><a href="/learn/defi/yield-farming-vs-staking"><span style="text-decoration:underline">Yield farming</span></a> is the process by which digital asset holders generate passive income by providing liquidity to DeFi apps. It is similar to depositing funds in a bank's savings accounts, albeit with much higher interest rates than those offered by banks.</p><figure class="md:px-16 py-4 w-full"><img alt="An illustration of yield farming." src="https://payload-marketing.moonpay.com/api/media/file/69b1mzyacn-1YMowQpxFP1Khu3irw2iL0"/><figcaption class="text-center text-gray500 px-6 py-2">Yield farming allows users to earn passive income from crypto assets</figcaption></figure><p>In yield farming, liquidity providers deposit their <a href="/learn/cryptocurrency"><span style="text-decoration:underline">digital assets</span></a> in trading protocols to facilitate crypto trading. In return, farmers get Liquidity Provider (LP) tokens to <a href="/learn/cryptocurrency/what-is-crypto-staking"><span style="text-decoration:underline">stake</span></a> in DeFi platforms or participate in <a href="https://cryptorank.io/upcoming-ico" target="_blank" rel="noreferrer"><span style="text-decoration:underline">initial DEX offerings (IDOs)</span></a>.</p><p>Yield farmers also provide capital to smart contract-enabled lending platforms and have the ability to earn interest from lending digital assets. </p><h3 id="3-staking"><strong>3. Staking</strong></h3><p><a href="/learn/cryptocurrency/what-is-crypto-staking"><span style="text-decoration:underline">Staking</span></a> is the process by which users lock their cryptocurrencies to validate transactions in a <a href="/learn/blockchain/proof-of-work-vs-proof-of-stake"><span style="text-decoration:underline">Proof of Stake blockchain</span></a>. Stakers who deposit their crypto in a staking pool may earn rewards for keeping the <a href="/learn/blockchain"><span style="text-decoration:underline">blockchain</span></a> safe. Stakers also run the risk of losing some or all of their crypto through a penalty known as <a href="/learn/blockchain/proof-of-work-vs-proof-of-stake"><span style="text-decoration:underline">‘slashing’</span></a>.</p><figure class="md:px-16 py-4 w-full"><img alt="An image of how staking works." src="https://payload-marketing.moonpay.com/api/media/file/iv76cjm1k6f-6BY1xEupAsjYxmdicihiDi"/><figcaption class="text-center text-gray500 px-6 py-2">Crypto staking explained</figcaption></figure><p>The protocol will generally offer a percentage of fees and governance tokens for successfully validating legitimate transactions on the network and may confiscate tokens for illegitimate actions.</p><p>Staking is comparatively easier than yield farming but has fixed lock-in periods. </p><h3 id="4-liquidity-mining"><strong>4. Liquidity mining</strong></h3><p><a href="/learn/defi/what-are-liquidity-pools"><span style="text-decoration:underline">Liquidity mining</span></a> is the process by which <a href="/learn/bitcoin/bitcoin-mining"><span style="text-decoration:underline">miners</span></a> can earn interest by providing digital assets to a liquidity pool on a decentralized exchange (DEX). Some decentralized <a href="/learn/cryptocurrency/what-is-a-crypto-exchange">crypto exchanges</a> like <a href="/learn/defi/what-is-uniswap-complete-guide"><span style="text-decoration:underline">Uniswap</span></a> (<a href="/buy/uni"><span style="text-decoration:underline">UNI</span></a>) require an equal proportion of <a href="/learn/defi/token-swaps"><span style="text-decoration:underline">token pairs</span></a> in the liquidity pool while <a href="https://balancer.fi/" target="_blank" rel="noreferrer"><span style="text-decoration:underline">Balancer</span></a> allows a customizable pool.</p><figure class="md:px-16 py-4 w-full"><img alt="An image showing how to provide liquidity." src="https://payload-marketing.moonpay.com/api/media/file/z6dqrv1mtvh-1FPMGgliBGXtslcQf5NaoF"/><figcaption class="text-center text-gray500 px-6 py-2">Liquidity mining explained</figcaption></figure><p><a href="/learn/defi/what-are-liquidity-pools">Liquidity mining</a> is another popular passive income strategy for DeFi users. Many platforms offer enticing rewards to users like a percentage of trading fees and <a href="/learn/defi/what-are-governance-tokens"><span style="text-decoration:underline">governance tokens</span></a>. </p><p>Generally speaking, <a href="/learn/cryptocurrency/what-is-dca-dollar-cost-averaging">investing</a> in a liquidity pool with a high Annual Percentage Yield (APY) will generate more returns than one with a lower APY. However, there are always <a href="/learn/defi/what-are-liquidity-pools"><span style="text-decoration:underline">liquidity risks</span></a> such as impermanent loss, slippage, and smart contract bugs. </p><p>Simultaneously, DeFi projects may issue governance tokens for project users, <a href="/learn/defi/what-are-governance-tokens"><span style="text-decoration:underline">empowering them</span></a> to directly participate in <a href="/learn/defi/what-are-governance-tokens"><span style="text-decoration:underline">governance decisions</span></a>. Governance token holders have voting powers, with each token usually equivalent to one vote.</p><p>Users can vote on issues like adjusting transaction fees, adopting new rules, and general upgrades and modification to the protocol.</p><h3 id="5-token-swapping"><strong>5. Token swapping</strong></h3><p><a href="/learn/defi/token-swaps"><span style="text-decoration:underline">Token swapping</span></a> is the process by which crypto holders <a href="/swap"><span style="text-decoration:underline">exchange tokens</span></a> for other <a href="/learn/cryptocurrency"><span style="text-decoration:underline">cryptocurrencies</span></a>.</p><p>Swapping happens through smart contract-enabled decentralized exchanges that leverage an <a href="/learn/defi/what-is-an-automated-market-maker-amm"><span style="text-decoration:underline">Automated market maker (AMM)</span></a> for exchanging tokens. An Automated Market Maker (such as <a href="https://uniswap.org/" target="_blank" rel="noreferrer"><span style="text-decoration:underline">Uniswap</span></a>) is an underlying protocol in a <a href="/learn/defi/decentralized-exchange"><span style="text-decoration:underline">decentralized exchange</span></a> that replaces a traditional <a href="/learn/cryptocurrency/cex-vs-dex"><span style="text-decoration:underline">order book</span></a> with an automatic pricing algorithm, facilitating trustless trading. </p><h3 id="6-composability"><strong>6. Composability</strong></h3><p><a href="/learn/defi/what-is-composability"><span style="text-decoration:underline">DeFi composability</span></a> refers to the <a href="/learn/blockchain/blockchain-interoperability">interoperability</a> of DeFi platforms in which the value locked across different protocols is available for all decentralized applications (<a href="/learn/defi/what-are-dapps"><span style="text-decoration:underline">dApps</span></a>). Users can therefore leverage the value locked across protocols like <a href="https://aave.com/" target="_blank" rel="noreferrer"><span style="text-decoration:underline">Aave</span></a>, <a href="https://makerdao.com/en/" target="_blank" rel="noreferrer"><span style="text-decoration:underline">MakerDAO</span></a>, and <a href="https://dao.curve.fi/" target="_blank" rel="noreferrer"><span style="text-decoration:underline">Curve Finance</span></a>, and use it in other protocols. </p><p>Composability enables decentralized finance platforms to <a href="/learn/defi/what-is-composability"><span style="text-decoration:underline">unlock new revenue streams</span></a> as the liquidity no longer remains isolated. Thus, users can <a href="/swap"><span style="text-decoration:underline">trade crypto assets</span></a>, <a href="/learn/cryptocurrency/what-is-crypto-staking"><span style="text-decoration:underline">stake</span></a> them, <a href="/learn/defi/what-are-liquidity-pools"><span style="text-decoration:underline">deposit</span></a> tokens in liquidity pools, and <a href="/learn/defi/defi-flash-loans"><span style="text-decoration:underline">lend and borrow</span></a> cryptos across <a href="/learn/blockchain"><span style="text-decoration:underline">blockchain networks</span></a>.</p><h2 id="how-is-defi-different-from-traditional-finance"><strong>How is DeFi different from traditional finance?</strong></h2><p>Consider the following example to understand how decentralized finance functions differently from centralized institutions. </p><p>When Bob goes grocery shopping, he uses his debit card to pay for the bills. This seemingly simple payment process requires multiple steps. </p><p>First, the merchant forwards a request to an acquiring bank. The bank then forwards it to the card network, which requests payment from Bob's bank account. The money is then debited and transferred into the merchant account.</p><p>Since each intermediary charges a service fee, financial transactions become costly for the merchant. DeFi aims to bring down the transaction costs by facilitating a direct peer-to-peer <a href="/learn/bitcoin/how-to-pay-with-bitcoin"><span style="text-decoration:underline">payments</span></a> system without involving traditional banking or other financial institutions. </p><figure class="md:px-16 py-4"><img alt="A picture of the Bank of England." src="https://payload-marketing.moonpay.com/api/media/file/y0gzpox1dc-7DNfFKhDHBogMF6ksc89l0"/><figcaption class="text-center text-gray500 px-6 py-2">DeFi provides banking without the banks  (<a href="https://www.omfif.org/wp-content/uploads/2021/01/BoE-2020-newweb.jpg" target="_blank" rel="noreferrer noopener">Image source</a>)</figcaption></figure><p>A peer-to-peer network can also reduce friction points for people applying for loans or buying insurance. Users don't need to visit their local bank branch to submit a loan application and wait for approval.</p><p>Instead of relying on their credit score and paying hefty service fees, they can pay collateral and borrow money instantly via <a href="/learn/defi/defi-flash-loans"><span style="text-decoration:underline">DeFi loans</span></a>. </p><h2 id="popular-defi-applications-and-use-cases"><strong>Popular DeFi applications and use cases</strong></h2><p>Now that you know the core concepts of DeFi, here are some of its most common use cases:</p><h3 id="decentralized-exchange-dex"><strong>Decentralized exchange (DEX)</strong></h3><p>Most crypto users trade cryptocurrency assets on a <a href="/learn/cryptocurrency/cex-vs-dex"><span style="text-decoration:underline">centralized exchange (CEX)</span></a> in which a central entity has control over user funds. In Q3 of 2023, for example, centralized exchanges recorded $1.12 trillion in trading volume.</p><p>Users are beginning to realize, however, that CEXs require them to trust third parties, which goes against a fundamental principle of crypto. It can also be risky: some CEXs have <a href="https://cnbc.com/2022/07/17/how-the-fall-of-celsius-dragged-down-crypto-investors.html" target="_blank" rel="noreferrer"><span style="text-decoration:underline">kept users' funds when facing collapse</span></a>. </p><figure class="md:px-16 py-4"><img alt="A picture of the Uniswap logo." src="https://payload-marketing.moonpay.com/api/media/file/2o2a2an0rq-25o7iFzCJMjcCuQJSx4zBY"/><figcaption class="text-center text-gray500 px-6 py-2">Uniswap is the largest DEX by trading volume  (<a href="https://upload.wikimedia.org/wikipedia/commons/thumb/5/5a/Uniswap_Logo_and_Wordmark.svg/800px-Uniswap_Logo_and_Wordmark.svg.png" target="_blank" rel="noreferrer noopener">Image source</a>)</figcaption></figure><p>In smart contract-enabled DEXs, however, users can trade a particular digital asset without involving any intermediaries. This peer-to-peer (P2P) trading helps users retain sovereign control of their funds.</p><p>Of course, DEXs also carry <a href="/learn/defi/decentralized-exchange"><span style="text-decoration:underline">certain risks</span></a>, such as smart contract vulnerabilities, liquidity risks, network issues, <a href="/learn/defi/decentralized-exchange"><span style="text-decoration:underline">and more</span></a>.</p><p>The use of decentralized exchanges is thus rising: In 2022, DEXs recorded <a href="https://www.nansen.ai/guides/defi-statistics-in-2022#:~:text=Decentralized%20exchanges%20executed%20%24854%20billion,from%205%2C687%2C713%20unique%20trading%20addresses." target="_blank" rel="noreferrer"><span style="text-decoration:underline">$854 billion</span></a> in trading volume. Although this marks a downturn from <a href="https://binance.com/en/news/top/6658268" target="_blank" rel="noreferrer"><span style="text-decoration:underline">$1 trillion</span></a> in 2021, it still marks a steep rise of 642% from 2020. The data still demonstrates that <a href="/learn/cryptocurrency/cex-vs-dex"><span style="text-decoration:underline">DEX trading</span></a> grew more in the last year than <a href="/learn/cryptocurrency/cex-vs-dex"><span style="text-decoration:underline">CEX trading</span></a>, with <a href="https://defillama.com/dexs" target="_blank" rel="noreferrer"><span style="text-decoration:underline">DEX vs CEX dominance</span></a> currently sitting at 15.1%.</p><h3 id="lending-and-borrowing"><strong>Lending and borrowing</strong></h3><p>Unlike traditional financial systems in which banks manage lending and borrowing, in DeFi, smart contracts facilitate these services. Automating lending and borrowing services may help to reduce application processing time and high overhead charges. A user might be able to <a href="/learn/defi/defi-flash-loans"><span style="text-decoration:underline">instantly get a loan</span></a> without having to complete any paperwork.</p><figure class="md:px-16 py-4 w-full"><img alt="An image that shows how decentralized lending protocols work." src="https://payload-marketing.moonpay.com/api/media/file/e86wb58istj-6VHhKd6Tm90mSAIrD52dIS"/><figcaption class="text-center text-gray500 px-6 py-2">Decentralized lending explained</figcaption></figure><p>Some DeFi applications also offer flash loans to users. A <a href="/learn/defi/defi-flash-loans"><span style="text-decoration:underline">flash loan</span></a> is an uncollateralized loan in which traders borrow and return funds instantaneously. </p><h3 id="stablecoins"><strong>Stablecoins</strong></h3><p><a href="/learn/cryptocurrency/what-are-stablecoins"><span style="text-decoration:underline">Stablecoins</span></a> are a relatively new innovation that addresses the notoriously high crypto market <a href="/learn/cryptocurrency/bull-and-bear-markets"><span style="text-decoration:underline">volatility</span></a>. A stablecoin is a <a href="/learn/cryptocurrency"><span style="text-decoration:underline">cryptocurrency</span></a> that attempts to maintain a stable value by pegging it to a <a href="/learn/cryptocurrency/what-is-fiat-money">fiat currency</a> (US Dollar, Euro) or commodities like <a href="/learn/bitcoin/bitcoin-digital-gold"><span style="text-decoration:underline">gold</span></a>. </p><p>Some of the <a href="/learn/cryptocurrency/stablecoins-list"><span style="text-decoration:underline">most popular stablecoins</span></a> include <a href="/buy/usdt">Tether</a> (<a href="/price/usdt">USDT</a>), <a href="/buy/usdc">USD Coin</a> (<a href="/price/usdc">USDC</a>), and <a href="/buy/dai">Dai</a> (<a href="/price/dai">DAI</a>).</p><h3 id="wrapped-cryptocurrencies"><strong>Wrapped cryptocurrencies</strong></h3><p>Wrapped cryptocurrencies are a unique technology that strengthens DeFi composability. Wrapped cryptocurrencies refer to digital tokens whose <a href="/learn/bitcoin/why-does-bitcoin-have-value"><span style="text-decoration:underline">value</span></a> is pegged to another crypto on a different blockchain in a 1:1 ratio, like <a href="/learn/cryptocurrency/what-is-weth"><span style="text-decoration:underline">wrapped Ethereum (WETH)</span></a> or <a href="/learn/cryptocurrency/what-is-wrapped-bitcoin"><span style="text-decoration:underline">wrapped Bitcoin (WBTC)</span></a>. Wrapped tokens can work on non-native blockchain networks, making assets more <a href="/learn/blockchain/blockchain-interoperability">interoperable</a>. </p><figure class="md:px-16 py-4 w-full"><img alt="A picture of the New York Stock Exchange." src="https://payload-marketing.moonpay.com/api/media/file/6zt79tnra-6TznBW88Sf9ZjmKXPOuGhE"/><figcaption class="text-center text-gray500 px-6 py-2">DeFi users can can access financial services without traditional brokers  (<a href="https://www.nbcnews.com/business/markets/silence-wall-street-new-york-stock-exchange-prepares-all-electronic-n1166426" target="_blank" rel="noreferrer noopener">Image source</a>)</figcaption></figure><p>For example, wrapped Bitcoin (wBTC) can function on <a href="/learn/cryptocurrency/what-is-ethereum"><span style="text-decoration:underline">Ethereum</span></a> protocols, enabling Bitcoin holders to participate in the DeFi ecosystem. Some companies like <a href="https://dglab.com/en/works" target="_blank" rel="noreferrer"><span style="text-decoration:underline">DG Labs</span></a> and <a href="https://suredbits.com/" target="_blank" rel="noreferrer"><span style="text-decoration:underline">Suredbits</span></a> have even experimented with solutions that incorporate smart contract functionality into the <a href="/learn/bitcoin"><span style="text-decoration:underline">Bitcoin network</span></a>.</p><p>Instead of wrapping <a href="/price/bitcoin">BTC</a>, these projects are developing discreet log contracts to <a href="https://coindesk.com/business/2020/08/17/bitcoin-defi-may-be-unstoppable-what-does-it-look-like" target="_blank" rel="noreferrer"><span style="text-decoration:underline">facilitate derivatives trading</span></a> and <a href="https://coindesk.com/markets/2019/03/18/a-lightning-api-for-bitcoin-futures-data-has-launched" target="_blank" rel="noreferrer"><span style="text-decoration:underline">pay for futures contracts</span></a>.</p><p><em><strong>Did you know?</strong></em><em> There are now </em><a href="/learn/bitcoin/what-are-bitcoin-ordinals-nfts"><span style="text-decoration:underline"><em>Bitcoin NFTs</em></span></a></p><h3 id="decentralized-banking"><strong>Decentralized banking</strong></h3><p>DeFi offers miscellaneous banking services like buying <a href="https://hedera.com/learning/decentralized-finance/defi-insurance" target="_blank" rel="noreferrer"><span style="text-decoration:underline">insurance</span></a> or trading <a href="https://www.coindesk.com/coindesk-indices/2023/03/02/the-evolution-of-defi-and-the-emergence-of-defi-derivatives/#:~:text=DeFi%20derivatives%2C%20similar%20to%20their,contracts%20hosted%20on%20the%20blockchain." target="_blank" rel="noreferrer"><span style="text-decoration:underline">derivatives</span></a> and <a href="https://defiprime.com/derivatives" target="_blank" rel="noreferrer"><span style="text-decoration:underline">futures contracts</span></a>. The experience is similar to buying or selling stocks, but without the involvement of brokers.</p><h3 id="prediction-markets"><strong>Prediction markets</strong></h3><p>DeFi has made inroads into betting and prediction. Prediction markets are empowering users to rely on quantified forecasting as an essential tool to <a href="https://coindesk.com/layer2/2022/06/04/forecasting-prediction-markets-and-the-age-of-better-information" target="_blank" rel="noreferrer"><span style="text-decoration:underline">better predict future results</span></a>. Prediction markets can help to answer complex social questions and deliver robust information by weeding out faulty forecasters.</p><h2 id="advantages-of-defi-over-traditional-finance"><strong>Advantages of DeFi over traditional finance</strong></h2><p>Decentralized finance has an edge over centralized finance for a number of reasons:</p><h3 id="minimal-transaction-fees"><strong>Minimal transaction fees</strong></h3><p>In the absence of a financial institution, DeFi participants don't need to pay high fees for complex financial transactions. DeFi applications (<a href="/learn/defi/what-are-dapps"><span style="text-decoration:underline">dApps</span></a>) do, however, charge a small fee for the maintenance and upkeep of their platforms. </p><h3 id="trustless-setup"><strong>Trustless setup</strong></h3><p>With <a href="/learn/blockchain/what-are-smart-contracts"><span style="text-decoration:underline">smart contract</span></a>-enabled DeFi applications, users no longer need to trust traditional financial institutions with their money. Users retain control of all their cryptocurrency <a href="/learn/cryptocurrency"><span style="text-decoration:underline">assets</span></a> in a secure digital <a href="/learn/cryptocurrency/crypto-wallet"><span style="text-decoration:underline">wallet</span></a> and use their <a href="/learn/blockchain/public-key-vs-private-key"><span style="text-decoration:underline">private keys</span></a> for financial transactions. </p><h3 id="low-entry-barriers"><strong>Low entry barriers</strong></h3><p>Users don't need to go through an extensive onboarding process. A stable internet connection may be enough to start using decentralized financial applications from a mobile phone or computer.</p><h3 id="fast-transaction-settlement"><strong>Fast transaction settlement</strong></h3><p>Since the centralized financial system involves multiple intermediaries, the transaction processing and approval time can be quite high. In a peer-to-peer network, however, transaction settlement happens instantaneously and users can transfer their <a href="/learn/cryptocurrency"><span style="text-decoration:underline">crypto assets</span></a> in seconds.</p><h3 id="better-identity-protection"><strong>Better identity protection</strong></h3><p><a href="/learn/defi/what-are-dapps"><span style="text-decoration:underline">DeFi applications</span></a> may not not ask for a user's name, email, or any other personal information, thereby protecting the user's identity. <a href="https://www.researchgate.net/publication/338370170_SoK_A_Systematic_Study_of_Anonymity_in_Cryptocurrencies" target="_blank" rel="noreferrer"><span style="text-decoration:underline">Pseudonymous</span></a> usage on a public ledger prevents any possibility of theft of user data. </p><h2 id="what-are-the-risks-of-defi"><strong>What are the risks of DeFi?</strong></h2><p>Even with its clear advantages, there are still some drawbacks of decentralized finance compared to centralized finance:</p><h3 id="defi-hacks"><strong>DeFi hacks</strong></h3><p>Hackers can exploit a bug or other vulnerabilities in the smart contract code to steal investor funds. To date, DeFi hacks have accounted for over <a href="https://defillama.com/hacks" target="_blank" rel="noreferrer"><span style="text-decoration:underline">$7.2 billion</span></a> in stolen funds. In 2022 alone, more than <a href="https://www.chainalysis.com/blog/2022-biggest-year-ever-for-crypto-hacking/#:~:text=DeFi%20protocols%20as%20victims%20accounted,cross%2Dchain%20bridge%20protocols%20specifically." target="_blank" rel="noreferrer"><span style="text-decoration:underline">$3.1 billion</span></a> was hacked from DeFi protocols, representing 82.1% of all cryptocurrency thefts.</p><h3 id="minimal-consumer-protections"><strong>Minimal consumer protections</strong></h3><p>In the current financial system, banks maintain a private ledger that is open to scrutiny from regulatory bodies. With DeFi, however, transactions are mostly beyond the scope of regulatory bodies like the Securities and Exchange Commission (SEC) or the Federal Deposit Insurance Corporation (FDIC). Cryptocurrency investors, therefore, have little to no protection from <a href="/learn/web3/vocabulary-for-beginners"><span style="text-decoration:underline">rug pulls</span></a> or <a href="/learn/cryptocurrency/how-to-spot-and-prevent-cryptocurrency-scams"><span style="text-decoration:underline">fraud</span></a>.</p><h3 id="private-key-management"><strong>Private key management</strong></h3><p>DeFi users often use a <a href="/learn/blockchain/custodial-vs-non-custodial-wallets"><span style="text-decoration:underline">non-custodial wallet</span></a> to store their cryptocurrencies, making them sovereign owners of their assets. Losing these <a href="/learn/blockchain/public-key-vs-private-key"><span style="text-decoration:underline">keys</span></a>, however, means losing access to the wallet's funds. Users must therefore take <a href="/learn/web3/staying-safe-in-web3"><span style="text-decoration:underline">extra precautions</span></a> to safely store their keys.</p><figure class="md:px-16 py-4"><img alt="A picture of the Ledger Nano X hardware wallet." src="https://payload-marketing.moonpay.com/api/media/file/zvzwa31nuc-4OumFn8FpSOP5DwD7D9myi"/><figcaption class="text-center text-gray500 px-6 py-2">A non-custodial wallet safely stores cryptocurrency  (<a href="https://i.ytimg.com/vi/WlF5RjJB4b8/maxresdefault.jpg" target="_blank" rel="noreferrer noopener">Image source</a>)</figcaption></figure><p><em>Read our articles </em><a href="/learn/cryptocurrency/how-to-spot-and-prevent-cryptocurrency-scams"><span style="text-decoration:underline"><em>How to spot and avoid crypto scams</em></span></a><em> and </em><a href="/learn/cryptocurrency/crypto-security-basics"><span style="text-decoration:underline"><em>Crypto security basics: Staying safe in Web3</em></span></a><em> to learn about scams and how to stay safe while investing.</em></p><h3 id="market-volatility"><strong>Market Volatility</strong></h3><p>Decentralized finance relies on the cryptocurrency market, which can be highly <a href="/learn/cryptocurrency/bull-and-bear-markets"><span style="text-decoration:underline">volatile</span></a>. Price fluctuations can impact the value of assets locked in DeFi applications, leading to potential <a href="https://arxiv.org/pdf/2106.06389.pdf" target="_blank" rel="noreferrer"><span style="text-decoration:underline">liquidations</span></a> and unexpected <a href="https://cryptoslate.com/defi-total-losses-breach-77b-as-july-records-largest-loss-of-2023-with-389m-stolen/#:~:text=July%20marks%20the%20height%20of,month%2C%20which%20occurred%20in%20March." target="_blank" rel="noreferrer"><span style="text-decoration:underline">losses</span></a>.</p><h2 id="the-future-of-defi"><strong>The Future of DeFi</strong></h2><p>DeFi is one of the fastest-growing blockchain sectors, recording <a href="https://finance.yahoo.com/news/defi-market-rise-47-growth-114400683.html" target="_blank" rel="noreferrer"><span style="text-decoration:underline">47% growth</span></a> in one year. During the 2021 <a href="/learn/cryptocurrency/bull-and-bear-markets"><span style="text-decoration:underline">bull run</span></a>, the total value locked (TVL) in DeFi protocols surpassed <a href="https://cointelegraph.com/news/following-bitcoin-s-all-time-high-defi-tvl-hits-a-record-high-above-233b" target="_blank" rel="noreferrer"><span style="text-decoration:underline">$233 billion</span></a> from just <a href="https://coindesk.com/markets/2020/11/12/total-value-locked-in-defi-sector-hits-record-136b" target="_blank" rel="noreferrer"><span style="text-decoration:underline">$13.6 billion in 2020</span></a>. Since then, however, the TVL of decentralized finance has fallen from its high of <a href="https://www.nansen.ai/guides/defi-statistics-in-2022#:~:text=NFT%20Statistics%202022.-,Key%20Statistics,in%20dollar%20terms%20in%202022." target="_blank" rel="noreferrer"><span style="text-decoration:underline">$166.67 billion</span></a> at the start of 2022 to <a href="https://defillama.com/" target="_blank" rel="noreferrer"><span style="text-decoration:underline">$41.79 billion</span></a> in 2023</p><p>As <a href="/learn/defi/snapshot-of-defi-ecosystem">DeFi protocols</a> continue to innovate and become more decentralized, they hope to successfully decouple themselves from legacy market conditions. Once that happens, the DeFi market might bring more value to the global economy.</p><h2 id="frequently-asked-questions-faqs-about-defi"><strong>Frequently Asked Questions (FAQs) about DeFi</strong></h2><p><a href="https://uniswap.org/" target="_blank" rel="noreferrer"><strong>Is it safe to invest in DeFi?</strong></a></p><p>DeFi offers the potential for very high ROI, but high-profit percentages are often accompanied by greater risks. Users therefore need to do their own research before using or investing in any DeFi application. </p><p>It is often best to choose protocols that offer <a href="https://hackerone.com/bug-bounty-programs#:~:text=Bug%20bounty%20programs%20offer%20monetary,systems'%20security%20posture%20over%20time." target="_blank" rel="noreferrer"><span style="text-decoration:underline">bug bounty</span></a> programs, invite <a href="https://usa.kaspersky.com/resource-center/definitions/hacker-hat-types" target="_blank" rel="noreferrer"><span style="text-decoration:underline">white hat hackers</span></a>, are not fully anonymous, and conduct <a href="https://sites.duke.edu/thefinregblog/2023/06/08/decentralized-finance-defi-assurance-audit-adoption-and-capital-market-effects/" target="_blank" rel="noreferrer"><span style="text-decoration:underline">third-party audits</span></a>. These methods help decentralized protocols lower the risk of major theft.</p><h3 id="how-do-you-make-money-in-defi"><strong>How do you make money in DeFi?</strong></h3><p>Users can try to make money in DeFi by trading their assets on a decentralized crypto exchange and participating in lending, borrowing, yield farming, staking, or prediction markets.</p><p>Although these decentralized applications offer the opportunity to make money, there is no guarantee that they will return more than if a user simply decided to "<a href="/learn/web3/vocabulary-for-beginners"><span style="text-decoration:underline">hodl</span></a>" cryptocurrency. Furthermore, there always exists the chance that a user will suffer losses, due to factors such as <a href="/learn/defi/yield-farming-vs-staking"><span style="text-decoration:underline">impermanent loss</span></a>, potential <a href="/learn/cryptocurrency/how-to-spot-and-prevent-cryptocurrency-scams"><span style="text-decoration:underline">hacks and scams</span></a>, as well as general <a href="/learn/cryptocurrency/bull-and-bear-markets"><span style="text-decoration:underline">market conditions</span></a>,</p><h3 id="can-bitcoin-be-used-in-defi"><strong>Can Bitcoin be used in DeFi?</strong></h3><p>Initially, <a href="/learn/bitcoin"><span style="text-decoration:underline">Bitcoin</span></a> was not a part of the DeFi <a href="/learn/defi/snapshot-of-defi-ecosystem"><span style="text-decoration:underline">ecosystem</span></a>. However, Wrapped Bitcoin (wBTC), as well as other technologies like <a href="https://dci.mit.edu/smart-contracts#:~:text=By%20creating%20a%20Discreet%20Log,an%20ordinary%20multi%20signature%20output." target="_blank" rel="noreferrer"><span style="text-decoration:underline">discreet log contracts</span></a>, are starting to enable Bitcoin DeFi transactions.</p><h3 id="which-cryptocurrencies-can-you-use-in-defi"><strong>Which cryptocurrencies can you use in DeFi?</strong></h3><p>There is a growing number of cryptocurrencies that can be used in decentralized finance. Here are a few examples:</p><ul class="list-disc" start="0"><li class="" value="0"><a href="/learn/cryptocurrency/what-is-wrapped-bitcoin"><span style="text-decoration:underline">Wrapped Bitcoin (WBTC)</span></a></li><li class="" value="1"><a href="/buy/eth">Ethereum</a> (<a href="/price/ethereum">ETH</a>)</li><li class="" value="2"><a href="/buy/trx">Tron</a> (<a href="/price/tron">TRX</a>)</li><li class="" value="3"><a href="/buy/bnb">Binance Coin</a> (<a href="/price/binance-coin">BNB</a>)</li><li class="" value="4"><a href="/buy/matic">Polygon</a> (<a href="/price/polygon">MATIC</a>)</li><li class="" value="5"><a href="/buy/avax">Avalanche</a> (<a href="/price/avalanche">AVAX</a>)</li><li class="" value="6"><a href="/buy/sol">Solana</a> (<a href="/price/solana">SOL</a>)</li></ul><h3 id="what-are-the-most-popular-defi-platforms"><strong>What are the most popular DeFi platforms?</strong></h3><p>Although this list is by no means exhaustive, here are some of the most popular DeFi applications by total volume locked (TVL)</p><ol class="list-decimal" start="0"><li class="" value="0"><a href="https://lido.fi/" target="_blank" rel="noreferrer"><span style="text-decoration:underline">Lido</span></a></li><li class="" value="1"><a href="https://makerdao.com/en/" target="_blank" rel="noreferrer"><span style="text-decoration:underline">MakerDAO</span></a></li><li class="" value="2"><a href="https://aave.com/" target="_blank" rel="noreferrer"><span style="text-decoration:underline">Aave</span></a></li><li class="" value="3"><a href="https://portal.justlend.org/" target="_blank" rel="noreferrer"><span style="text-decoration:underline">JustLend</span></a></li><li class="" value="4"><a href="https://uniswap.org/" target="_blank" rel="noreferrer"><span style="text-decoration:underline">Uniswap</span></a></li></ol><h2 id="begin-your-defi-journey-with-moonpay"><strong>Begin your DeFi journey with MoonPay</strong></h2><p>DeFi can help you <a href="/learn/blockchain/what-is-a-crypto-faucet"><span style="text-decoration:underline">earn passive income</span></a> and grow your crypto portfolio.</p><p>To get started, simply <a href="/buy"><span style="text-decoration:underline">buy cryptocurrency </span></a>via MoonPay using your credit card or any other <a href="https://support.moonpay.com/hc/en-gb/articles/360017624078-What-are-your-supported-payment-methods" target="_blank" rel="noreferrer"><span style="text-decoration:underline">preferred payment method</span></a>. MoonPay's widget allows you to easily <a href="/buy/btc"><span style="text-decoration:underline">buy Bitcoin</span></a>, <a href="/buy/eth"><span style="text-decoration:underline">Ethereum</span></a>, and more than 50 other cryptocurrencies.</p><p>MoonPay also makes it easy to <a href="/sell"><span style="text-decoration:underline">sell crypto</span></a> when you decide it's time to cash out, including several tokens mentioned in this article like <a href="/sell/btc">BTC</a>, <a href="/sell/eth">ETH</a>, <a href="/sell/avax">AVAX</a>, <a href="/sell/sol">SOL</a>, <a href="/sell/usdt">USDT</a>, <a href="/sell/usdc">USDC</a>, <a href="/sell/trx">TRX</a>, and <a href="/sell/bnb">BNB</a>. Simply enter the amount of the token you'd like to sell and enter the details where you want to receive your funds.</p></div></section><section class="px-5 lg:px-15 container_container__a1yTb"><div class="border-t border-b border-gray-300 flex flex-col sm:flex-row justify-between sm:items-center py-6"><div class="grid grid-cols-2 grid-rows-2 sm:grid-flow-col sm:grid-rows-1 items-center gap-2"><button type="button" class="flex items-center pr-3 group hover:bg-slate-100 rounded-full"><div class="rounded-full border border-slate-500 group-hover:bg-slate-200 p-2"><svg width="28" height="28" fill="currentColor" viewBox="0 0 256 256" class="text-slate-600"><rect width="256" height="256" fill="none"></rect><path d="M122.3,71.4l19.8-19.8a44.1,44.1,0,0,1,62.3,62.3l-28.3,28.2a43.9,43.9,0,0,1-62.2,0" fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="16"></path><path d="M133.7,184.6l-19.8,19.8a44.1,44.1,0,0,1-62.3-62.3l28.3-28.2a43.9,43.9,0,0,1,62.2,0" 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Explore wallet types, setup steps, and tips for safely storing and sending XRP.</p></div><button type="button" class="inline-block text-black bg-purple text-white hover:bg-purple400 text-xl leading-normal px-8 py-4 rounded-md"><p>Read more</p></button></div></div></article></a></div><div class="swiper-slide"><a class="flex" href="/learn/cryptocurrency/what-is-pyusd-paypal-stablecoin"><article class="ArticleCard_card__5H0ix ArticleCard_narrow__XVWec ArticleCard_theme-grey__oelSS undefined md:h-136 mx-auto"><div class="ArticleCard_wrapper__Su6EU ArticleCard_thumbnailWrapper__DX1xZ"><img loading="lazy" class="ArticleCard_thumbnail__z9RSj" src="https://payload-marketing.moonpay.com/api/media/file/pyusd.png" alt="what is pyusd"/><div class="ArticleCard_categoryPillsWrapper__uGV_2"><button type="button" class="ArticleCard_categoryPill__767PM mr-2 inline-block text-black bg-purple text-white hover:bg-purple400 text-base leading-tight px-6 py-4 rounded-full">CRYPTOCURRENCY</button><button type="button" class="ArticleCard_categoryPill__767PM ArticleCard_extraCategoriesPill__1reBm inline-block text-black bg-purple text-white hover:bg-purple400 text-base leading-tight px-6 py-4 rounded-full">+1</button></div></div><div class="ArticleCard_textWrapper__tpoLa p-8"><div class="flex flex-col justify-between items-start h-full"><div class="max-w-md"><h2 class="typography_text2XL__7IoRq ArticleCard_title__txyc4 mb-4 text-purple500">What is PYUSD (PayPal USD)? | PayPal’s stablecoin explained</h2><p class="typography_sectionParagraph__asom_ mb-6 ArticleCard_description__0ljHB">Learn all about PayPal USD (PYUSD), the stablecoin built for seamless transactions and cross-border payments on the PayPal platform and beyond.</p></div><button type="button" class="inline-block text-black bg-purple text-white hover:bg-purple400 text-xl leading-normal px-8 py-4 rounded-md"><p>Read more</p></button></div></div></article></a></div><div class="swiper-slide"><a class="flex" href="/learn/cryptocurrency/airdrop-cryptocurrency"><article class="ArticleCard_card__5H0ix ArticleCard_narrow__XVWec ArticleCard_theme-grey__oelSS undefined md:h-136 mx-auto"><div class="ArticleCard_wrapper__Su6EU ArticleCard_thumbnailWrapper__DX1xZ"><img loading="lazy" class="ArticleCard_thumbnail__z9RSj" src="https://payload-marketing.moonpay.com/api/media/file/airdrops.jpg" alt="What is a crypto airdrop"/><div class="ArticleCard_categoryPillsWrapper__uGV_2"><button type="button" class="ArticleCard_categoryPill__767PM mr-2 inline-block text-black bg-purple text-white hover:bg-purple400 text-base leading-tight px-6 py-4 rounded-full">CRYPTOCURRENCY</button><button type="button" class="ArticleCard_categoryPill__767PM ArticleCard_extraCategoriesPill__1reBm inline-block text-black bg-purple text-white hover:bg-purple400 text-base leading-tight px-6 py-4 rounded-full">+1</button></div></div><div class="ArticleCard_textWrapper__tpoLa p-8"><div class="flex flex-col justify-between items-start h-full"><div class="max-w-md"><h2 class="typography_text2XL__7IoRq ArticleCard_title__txyc4 mb-4 text-purple500">Cryptocurrency Airdrop: What it is and how it works</h2><p class="typography_sectionParagraph__asom_ mb-6 ArticleCard_description__0ljHB">Is free crypto possible? 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rounded-full">CRYPTOCURRENCY</button><button type="button" class="ArticleCard_categoryPill__767PM ArticleCard_extraCategoriesPill__1reBm inline-block text-black bg-purple text-white hover:bg-purple400 text-base leading-tight px-6 py-4 rounded-full">+1</button></div></div><div class="ArticleCard_textWrapper__tpoLa p-8"><div class="flex flex-col justify-between items-start h-full"><div class="max-w-md"><h2 class="typography_text2XL__7IoRq ArticleCard_title__txyc4 mb-4 text-purple500">Fiat Money vs Commodity Money | What's the difference? </h2><p class="typography_sectionParagraph__asom_ mb-6 ArticleCard_description__0ljHB">Discover the key differences between fiat and commodity money, their advantages, limitations, and how they are used in global economies.</p></div><button type="button" class="inline-block text-black bg-purple text-white hover:bg-purple400 text-xl leading-normal px-8 py-4 rounded-md"><p>Read more</p></button></div></div></article></a></div></div><div 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type="application/json">{"props":{"pageProps":{"post":{"__typename":"BlogPost","slug":"/learn/defi","title":"What is DeFi? An introduction to decentralized finance","content":{"root":{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"In recent years, the worlds of ","type":"text","version":1},{"children":[{"detail":0,"format":8,"mode":"normal","style":"","text":"web3","type":"text","version":1}],"direction":"ltr","format":"","indent":0,"type":"link","version":3,"textFormat":8,"fields":{"url":"https://www.moonpay.com/learn/web3","linkType":"custom","newTab":false},"id":"6746871ea9d207604de20b42"},{"detail":0,"format":0,"mode":"normal","style":"","text":" and finance have intertwined in a revolutionary transformation called DeFi (decentralized finance).","type":"text","version":1}],"direction":"ltr","format":"","indent":0,"type":"paragraph","version":1,"textFormat":8,"textStyle":""},{"children":[{"detail":0,"format":1,"mode":"normal","style":"","text":"DeFi","type":"text","version":1},{"detail":0,"format":0,"mode":"normal","style":"","text":" is helping reshape the way we think about traditional financial systems and may offer a more inclusive, open, and transparent approach to managing, lending, and borrowing assets.","type":"text","version":1}],"direction":"ltr","format":"","indent":0,"type":"paragraph","version":1,"textFormat":1,"textStyle":""},{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"The relatively new financial model accounts for over ","type":"text","version":1},{"children":[{"detail":0,"format":8,"mode":"normal","style":"","text":"$56 billion","type":"text","version":1}],"direction":"ltr","format":"","indent":0,"type":"link","version":3,"textFormat":8,"fields":{"url":"https://defillama.com/","linkType":"custom","newTab":false},"id":"6746871ea9d207604de20b43"},{"detail":0,"format":0,"mode":"normal","style":"","text":" TVL (total valued locked), with an all-time high of ","type":"text","version":1},{"children":[{"detail":0,"format":8,"mode":"normal","style":"","text":"$177 billion","type":"text","version":1}],"direction":"ltr","format":"","indent":0,"type":"link","version":3,"textFormat":8,"fields":{"url":"https://www.coindesk.com/business/2023/08/23/defi-shrinks-to-multiyear-low-as-the-crypto-fueled-future-of-finance-falters/","linkType":"custom","newTab":false},"id":"6746871ea9d207604de20b44"},{"detail":0,"format":0,"mode":"normal","style":"","text":" in 2021 when it burst on the scene.","type":"text","version":1}],"direction":"ltr","format":"","indent":0,"type":"paragraph","version":1,"textFormat":8,"textStyle":""},{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"We will delve into the fascinating world of DeFi, providing a comprehensive introduction to what it is, its underlying principles, key components, and its impact on the global financial landscape.","type":"text","version":1}],"direction":"ltr","format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""},{"children":[{"detail":0,"format":1,"mode":"normal","style":"","text":"This article outlines some of the key concepts and real world applications in DeFi and explains how it differs from traditional finance (TradFi).","type":"text","version":1}],"direction":"ltr","format":"","indent":0,"type":"paragraph","version":1,"textFormat":1,"textStyle":""},{"children":[{"detail":0,"format":1,"mode":"normal","style":"","text":"What is DeFi?","type":"text","version":1}],"direction":"rtl","format":"","indent":0,"type":"heading","version":1,"textFormat":1,"tag":"h2"},{"children":[{"detail":0,"format":1,"mode":"normal","style":"","text":"DeFi","type":"text","version":1},{"detail":0,"format":0,"mode":"normal","style":"","text":" refers to “","type":"text","version":1},{"detail":0,"format":1,"mode":"normal","style":"","text":"decentralized finance","type":"text","version":1},{"detail":0,"format":0,"mode":"normal","style":"","text":"”, a sector in which all transactions take place ","type":"text","version":1},{"detail":0,"format":1,"mode":"normal","style":"","text":"without","type":"text","version":1},{"detail":0,"format":0,"mode":"normal","style":"","text":" any ","type":"text","version":1},{"detail":0,"format":1,"mode":"normal","style":"","text":"centralized financial institutions","type":"text","version":1},{"detail":0,"format":0,"mode":"normal","style":"","text":" like banks. 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