DeFi is short for Decentralized Finance. Finance includes digital assets, protocols, smart contracts, and dApps built on a blockchain.
Given the flexibility and amount of development, the Ethereum platform is the primary choice for the DeFi application, but that doesn’t mean it’s the only blockchain platform.
Think of DeFi as an open financial ecosystem where you can build various small financial tools and services in a decentralized manner. Since these are applications built on a particular blockchain, they can be combined, modified, and integrated according to your needs. Just like a lego
DeFi is offering you control of your own assets.
Though many new-age banks and fintech firms promise to provide more control to the users, in reality, you are still trusting in them to manage your funds. The objective of DeFi is to give you full control of your assets, and it can because of decentralization and blockchain technology.
Anyone can store, trade, and invest their assets in blockchain securely and earn a much higher return than from the traditional financial system. Since there no intermediaries handling your asset, you have complete control over your investments.
The various products involved in DeFi are also collectively referred to as open finance since it’s an ecosystem where blockchains, digital assets, open protocols are integrated with conventional financial structures
Decentralized finance (DeFi) is changing the way people interact with their money.
As the saying goes, if you don’t hold the private keys to the wallet, then they aren’t your coins. So, be sure to perform these steps from a wallet that you hold the private keys to. And, don’t forget to keep them backed up somewhere safe
And one of the most trusted and secure wallet, trusted by millions of people is Trust wallet.
Trust Wallet is an easy to use, multi cryptocurrency wallet which can connect with and trade over decentralised exchanges (DEX), all you need to do is download from playstore if you’re using an Android device or download from app store if using an ios device, then create wallet, you will be given a 12 phrase word, please keep it save,
DEX.AG is a decentralized exchange or DEX aggregator that gets you the best price available from several of the most popular DEXes. It even splits your trade across multiple DEXes if it improves the price, all in one transaction. Make sure to leave a little ETH leftover for gas fees
DeFi Pulse is a site where you can find the latest analytics and rankings of DeFi protocols. The DeFi Pulse Earn Income page compares the interest rates you can earn from DeFi lending protocols.
Enter the asset and amount you wish to lend to find which lending protocol has the best interest rate. Pick a protocol and click the ‘Next’ button which will redirect you to that app/service. Compound finance is currently the most popular lending protocol. Follow the app’s instructions to begin lending out your DAI and start earning interest.
A crypto-collectible is a cryptographically unique, non-fungible digital asset. Unlike cryptocurrencies, which require all tokens to be identical, each crypto-collectible token is unique or limited in quantity.
Typically, crypto-collectibles are visualized as real-life objects such as pets or avatars. Each token has variations in specific attributes and there are limits to the number of tokens that can be generated. crytokitties