DeFi: Decentralized Finance
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Financial tools and services for the peer to peer economy
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Tools and services include (but are not limited to!):
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Lending and Borrowing
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Insurance
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Exchanges
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2020 has arguably been the "year of DeFi", with respect to the velocity of applications/services being developed and deployed, particularly on the Ethereum blockchain.
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DeFi is the term frequently heard in the media; there is a companion abbreviation CeFi, which is Centralized Finance.
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CeFi: Crypto products and platforms managed by a centralized organization that custodies your assets and centralizes all components of, decisions about and activities on the platform
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Coinbase, Celsius, Binance, BlockFi, Nexo: Trust the Company
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Decentralized Finance -- crypto products and platforms buils on a blockchain that are non-custodial and many of the components and activities are decentralized.
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Kyber Network, Maker, Uniswap, Opyn: Trust the Protocol
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Non-Custodial, Decentralized price oracles, decentralized platform and developemen:
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CeFi