Understanding Defi on binance

I need a brod knowledge on defi, binance dex and binance itself as an exchange, am still new to crypto world so I need response in my level of understanding.

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Let me keep it very lay…

See DeFi (Decentralized Finance) as being your own bank. Not having to trust your funds in the hands of centralized authorities.

DEX (Decentralized Exchange) is a form of DeFi. Where you trade your crypto without any exchange operator, no sign-ups, no identity verification and no withdrawal fees. Example Binance DEX

Binance Exchange is the very opposite of Binance DEX. It is centralized with exchange operator, sign-ups, KYC, and withdrawal fees

This is just my few explanations…
Do well to do your ground research.

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A clear way to put it.

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Wow!! Thanks for the explanations brother. Now am so much interested in it. Now I understand what its all about???

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Okay so please can u explain what it’s for me. Thanks

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Well understood, u can’t get it simpler than this

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Very good explanation

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Excellent contribution. It should be clarified that the DEFI with a type of loan where you generate interest, if you are a lender. Everything has its risk, since you have a frozen capital and you are exposed to volatility playing against you. One strategy is to do a market analysis in the medium and long term, where you feel you are favored, regardless of the variation that may be seen in the coming months.

As for the issue of the Exchange. As I explain it @Mike2microbe there are two ways (Decentralized and Centralized), Although we are all in favor of Decentralized Exchange and it is popular, it still does not take the lead over Centralized, because although it does not charge FREE withdrawal, if you have to pay the FREE for every purchase and sale you make. See the price of transactions, that still does not favor its massive use, so it is a strong point that it favors the Centralized Exchange, which although it has custody of your capital, charges you a minimum FREE for purchase and sale. This topic is very interesting and requires further investigation.

I hope you believe in everything we say or express, they are simple opinions and presentations of how we interpret the information collected. Be the protagonist of your own decisions !!

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@Mike2microbe You are really well informed!!!

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Really an interesting topic is DeFi @Chr15t14n90

Of course, in addition to DEX as a form of DeFi, other most popular and fast growing sector of DeFi is borrowing and lending platforms.

Similar to a bank, users deposit money and earn interest from other users borrowing their assets. But in this case, the assets are digital and smart contracts connect the lenders to the borrowers, enforce the terms of the loans, and distribute the interest. And it all happens without the need to trust one another or middleman bank.

And, by cutting out the middlemen, lenders can earn higher returns, and more clearly understand the risks thanks to the transparency blockchain provides.

DeFi can’t be exhausted in a minute or two. Research more, friends.
:trust:

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Yes, now the ETH Blockchain is leading that part of the DEFI, we have to wait to have how the different blockchains respond, or the new ones that emerge.

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Very much so.
Blockchains are not resting on it at all. Notably, as example, SRM being built on Solana blockchain…though still interoperable with ethereum blockchain.

DeFi, IMO, is here to stay.

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Done penjelasan yang sangat baikđź‘Ť

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