Diving into DeFi: Rapidly Growing Sector!

look the Statistics, how grow the sector remarkably!

Crypto locked in DeFi economy in 2019 and 2020

Month, Year	Amount locked in DeFi Economy($)
2019	$275 M
Feb, 2020	$1 B
July, 2020	$ 2.5 B
September, 2020	≥ $ 4 B

Till now, this sector is little and many people have no enough knowledge about it but this statistic shows, this sector is growing rapidly.

My experience

Truly speaking, I had no knowledge about DeFi system as well as word ``DeFi”. When I joined on steemit that time I started to read some article or contents about DeFi then gained some knowledge. till date I have no enough knowledge about it but I am learning about it. Now, the more I read, the more I learn regarding DeFi and this system amazed me. It’s a really revolutionary system in financial sector. Before joined on steemit, I did little transaction BTC and it was speedy, costless and easy. When I started blogging on steemit, I rewarded by steem and SBD. Then, I understood the freedom of transaction; The money is yours. So do the transaction whenever you want. There is no fixed time for this. Transaction and others cost also hinder our freedom.

Centralized traditional finance system

When we talk about Centralized t finance system, the word ‘bank’ will actually come to mind. Especially in a number of transactional matters and debt services Banks are a place of trust for those who want to do business or for any entrepreneur. From where the required amount of money can be obtained. In return the borrower has to calculate the interest. Some people's calculations are different again. Those who deposited money in the bank to convert the remaining part of their earned money into more money will get part of the interest. In other words, the main job of a bank is to make a profit by handing over the surplus money to the entrepreneurs in exchange for interest. Although the banking system has changed a lot over time. It has some limitation, costing to get banking services and sharing this cost among clients is a problem associated with the centralized system of banking. And there are so rules and regulations has to follow in Centralized traditional finance system.

I am excited about DeFi System

There are many features in Decentralized Finance (DeFi) system which is unique and revolutionary. I have knowledge only about traditional Centralized finance system.I always support faster services and automation but in traditional system rules, traditional Ledger system, cost and visit associated with many problem. Particularly, I like DeFi most for automation and faster transaction. Here the no middleman every token holder is governing the system.
Main features of DeFi

1. Decentralized function
2. Distributed Ledger Technology (DLT)
3. Decentralized governce by token holders
4. Faster and automated financial transaction
5. No cost, no unfairness

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Do I like steemit?

Truly speaking, I have no idea about any platform where users are rewarded by crypto for their contents other than steemit. This social platform brought a system which is unique to me. So, I can’t deny my love on this platform, it’s a pioneer. In this platform, it opens several opportunities for users. We can earn by our voices or thoughts, by curation, by delegation etc. There are different apps based on the same chain also gives us more freedom.
I used to few social networks and I spend huge time on it. I shared many thoughts but didn’t valued there. Although, my friends liked my thoughts but end of the day it’s a nothing to gain. So, it’s a two types social platform sharing thoughts without/with rewards but I like to spend my time on steemit which give me reward for my thoughts.
Two structures are awesome

1. Several ways to earn
2. Found it more secured

Is DeFi system risk free??

In recent years, we heard many news about hacks and attacks of this sector. Some investors are facing big losses. Many projects are launching everyday but some projects are fake scammers get benefited from it. Some newcomer suffers from losses which give negative news to them. According to me, every financial sector is sensitive so it needs legal framework for mitigate risk. Many investors have no enough knowledge and research to invest or work in this sector. So, DeFi experts needs to emphasize on safety measures from the bad people and should spread knowledge widely regarding DeFi.

Reference:
1. Reference
2. Reference