Decentralized finance, or DeFi, is a catch-all name for financial services provided by public blockchains. It has the same characteristics as cryptocurrencies in that it is worldwide, anonymous, peer-to-peer, and most importantly, available to anyone. Traditional banking services (earn interest, borrow, lend, and more) are available through this system, but it is considerably faster, with no paperwork and no intermediaries. As a result, more open, free, and fair financial markets emerge.
Generally, users use DeFi via software called DApps, most of which currently run on the Ethereum blockchain. The latter allows the creation of many financial applications. Unlike a traditional bank, there is no administrative procedure. DeFi is open source, which means, users can develop their own DApp by mixing and matching existing protocols to create unique applications.
Check what the Kromatika DApp offers!
There are no swap fees, no front-running bots, and no price slippage.
