Good day my Steemians friends, I believe you all are doing great. I am here again to participate in this wonderful content TITLE!! THE TECH QUIZ - SEASON 35. Thank you so much @malikusman1 for organizing this beautiful content. Now let's get into business 👇
WHAT IS DEFI?
Source
The Decentralized finance (DEFI) is an emerging financial technology services that challenges the current centralized banking system.
It can also be seen as a new developed financial technology based on secure distributed ledgers similar to those used by cryptocurrencies.
Is a financial service on blockchains that opposed to centralized financial service that's provided through banks or any other traditional financial institutions. It allows participants use cryptocurrency to create most service that traditional banks offers with government issued Fiat currencies borrow, lend, earn, interest, trade assets and more of it.
DEFI service seems to be faster simple and more cheaper than banks services with a new advantages services that is being offered everyday.
SHARE YOUR FAVORITE DEFI PROJECT.
The are many DEFI platforms, but what we are looking at is the trusted and a fast reliable platform. To me I can only trust something when it works for me.
My favorite DEFI project is BINANCE. Binance is a cryptocurrency exchange and it's one of most popular DEFI exchanges on the stake.
Binance provide high liquidity, with good customer support and a blazing fast stakes transactions speed, making it very flexible and ideal choice for users that's wants to quickly execute trade and earn.
Secondly, BINANCE offers low (0.1%) trading fee with a wide variety of altcoins to choose from.
WHAT IS THE FUTURE OF DEFI
With the look of things you don't need a prophet to tell you how great DEFI would be in times ahead. Currently, a lot of people are financially stabled now because of DEFI. The market sizes of DEFI was value $22 billion in 2022 but now it's growing to $46.61 billion.
DECENTRALIZED FINANCE, which is DEFI, is already processing it future. Imagine in a world where you don't need a Bank before you save money, lend money and even pay for things. That's exactly what DEFI is making it possible.
Thanks so much for going through my post. 🙏
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