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RE: CRYPTO ACADEMY WEEK 7 HOMEWORK POST FOR @gbenga: DEFI ECOSYSTEMS AND PROJECTS/PROTOCOLS
Thanks for being a part of my class and for participating in this week's assignment. I hope you learned from the class as the aim of the school is to teach and allow people to learn alongside.
Remark
Copy/paste, Spinning isn't welcomed on the Steem blockchain. You should quote and reference posts that aren't yours. Also, the post should be written in your words and not changing of all or part of another author's content, it is regarded as spinning.
Your post
Spun content
Decentralized finance
Decentralized finance (commonly referred to as DeFi) is a blockchain-based form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead utilizes smart contracts on blockchains, the most common being Ethereum. DeFi platforms allow people to lend or borrow funds from others, speculate on price movements on a range of assets using derivatives, trade cryptocurrencies, insure against risks, and earn interest in savings-like accounts. Some DeFi applications promote high interest rates but are subject to high risk. By October 2020, over $11 billion (worth in cryptocurrency) was deposited in various decentralized finance protocols, which represented more than a tenfold growth during the course of 2020.
Please Prof @gbenga, can I make editing for you to review my work again