I got tagged on Quora to answer this question, which I did.
This made me realize that there are many people out there who do not understand the concept of DeFi, especially folks new to crypto. I'll find time to do a full article, but for now, let's get this issue sorted out.
What is DeFi?
Decentralized Finance, DeFi for short refers to financial services or applications that run on a public blockchain. That's it!
Common DeFi apps or services today are crypto exchange platforms called Decentralized Exchanges (DEX). These DeFi applications or services, facilitate cryptocurrency transactions without a need for intermediaries or middlemen such as banks.
Therefore, DeFi depends largely on cryptocurrencies which are decentralized means of exchange.
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