The Tech Quiz - Season 35
Hello friends, welcome to my post which I talked about DEFI
What is DEFI?
DEFI simply stands for decentralised finance. It is a blockchain-based network that is designed to allow users like you and me, to carry out financial transactions such as lending, borrowing, and investing using cryptocurrencies without the need a third parties.
Our financial institutions such as banks are controlled by many regulatory bodies as customers to gain access to your money will be asked to fill out forms and pass through some processes before getting your money. DEFI is simply an alternative approach to our traditional banking system and other investment entities.
In the DEFI industry, it is a cryptocurrency that is used rather than our traditional currency known as fiat currency, It is a cryptocurrency that you will use to perform whatever kind of transaction that you want to perform in a DEFI platform.
Share your favorite DEFI project.
https://app.uniswap.org/?intro=true
Uniswap is my favorite DEFI project that is like so much. Uniswap is an exchange that allows market markers to provide liquidity, which also allows everyone to deposit tokens into the trading pool.
By using Uniswap to trade, a user can earn a trading fee in return which you can choose the liquidity you want to supply based on how profitable you think it would be for you.
Besides using Uniswap for market marker making you can use it for trading several cryptocurrencies that are listed on a centralized exchange. Uniswap provides traders the opportunity to buy new cryptocurrency before it is listed on a centralized exchange.
What is the future of DEFI?
The future of DEFI is very bright as it looks so promising to revolutionize our financial industry. However, some of the key future of DEFI are:
Integration and Increase Adoption: As people are becoming aware of DEFI there will be mass adoption of DEFI.
Regulatory Development: If you look around the world you will notice that governments are now paying attention to the future of DEFI which means DEFI has a promising future to shape our banking system.
Institutional Involvement: institutional investors now have an interest in DeFi which means that their involvement in DeFi through bringing more capital and liquidity, can lead to a shift in the landscape, which means gradual moving from a centralized banking system to a decentralized banking system.
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