DeFi is an ecosystem consisting of financial services built on blockchain infrastructure. Bank of America and ING consider it to be more disruptive than Bitcoin itself.
DeFi projects, built on decentralized networks with smart contract functionality, offer community-focused financial services that enable peer-to-peer transactions. In DeFi, operations are conducted autonomously by smart contracts, removing intermediaries from the process.
Decentralized applications (dapps) aim to democratize finance, enhance financial freedom and privacy, and circumvent censorship. Most dapps issue a cryptocurrency.
Today, DeFi is a $50+ billion market, with the Ethereum blockchain dominating the space as the most widely used underlying infrastructure.
