What is a Defi app? [Video]

In this article, we will discuss what is a DeFi app in detail. So, let’s start.

DeFi or decentralized finance refers to using decentralized blockchain technology for financial services such as financial transactions, trading, money lending, etc. 

Blockchain technology ensures that a decentralized financial system is running on secure protocols and smart contracts that no single authority owns and is unalterable by any party.

Read our blog for more detail on what is DeFi.

What is a DeFi App?

DeFi applications are decentralized finance platforms in the form of mobile apps and websites that individuals can access to carry out deFi activities through smart contracts.

Different blockchain protocols such as ethereum, stellar, etc. are used to develop such DeFi apps. These DeFi apps are based on open-source code to ensure transparency.

Each DeFi app runs on a smart contract that dictates how to conduct financial transactions using it.