Without the need to go via a conventional financial institution, DeFi makes it simpler for people to get financial services. For those who are underbanked or unbanked, this may be extremely advantageous.
Blockchain technology, on which DeFi is founded, offers transparency and traceability. Users are able to track where and how their money is being spent as a result.
DeFi is interoperable, which means that different platforms and applications can work together seamlessly.
By supplying liquidity to DeFi protocols, yield farming is a new way to earn incentives. This may be a successful strategy for creating passive income.
Since DeFi is still in its early stages, there is a tonne of space for fresh thinking and innovation.
DeFi is a decentralised system, which implies that no single entity is in charge of running it. This increases its resistance to hacking and other threats.
Because DeFi is programmable, programmers can construct smart contracts that streamline transactions and do away with middlemen.
Compared to conventional financial services, DeFi transactions often have lower fees, which can help customers save money.
DeFi transactions typically happen more swiftly than conventional banking transactions, allowing users to access their money more immediately.
No matter where a person is on the globe, DeFi is available to them as long as they have an internet connection. This could make it easier for people to access financial services and close the wealth divide.