Entity: DEFI
DEFI, short for decentralized finance, refers to peer-to-peer financial services on public blockchains. It embodies the principles of challenge and defiance in the financial sector.
DEFI
Etymology
The term DEFI is derived from the words 'challenge' and 'defiance', reflecting its disruptive nature in the financial industry.
Definition
DEFI encompasses decentralized financial services, functions, or applications that operate on a blockchain without the need for traditional financial intermediaries.
Historical Context
The concept of DEFI gained traction with the rise of cryptocurrencies and blockchain technology, offering alternatives to traditional financial systems.
Cultural Significance
DEFI represents a shift towards democratizing finance, providing access to financial services to individuals globally.
Related Concepts
- Blockchain
- Cryptocurrency
- Peer-to-peer lending
See Also
DEFI encompasses decentralized financial services, functions, or applications that operate on a blockchain without the need for traditional financial intermediaries.