Ever wished your bank could be both secure and flexible?
Image: LERK, CC BY-SA 4.0, via Wikimedia Commons
Ever wished your bank could be both secure and flexible?
Imagine you're saving money for a vacation but need access to your funds quickly if an unexpected expense arises.
Decentralized finance (DeFi) lets you save money in a secure way on a public blockchain, and then borrow it when you need it without going through a bank.
Example
You deposit 1,000 in a DeFi savings account (like a bank savings account) and later borrow 500 when you need it for an emergency, all through smart contracts on a blockchain.
Remember this
DeFi simplifies financial services by removing the need for traditional banks and intermediaries.
Text adapted from Wikipedia, licensed under CC BY-SA 4.0.
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