DeFi (Decentralized Finance)

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DeFi is a shorthand term for decentralized finance.

Overview

DeFi is a cryptocurrency industry movement that aims to recreate traditional banking services without centralized technologies. Bitcoin itself is a quintessential example of DeFi; most other cryptocurrencies have relied on central issuers or organizers.

DeFi is implemented through dApps, which are usually built on either a blockchain like Ethereum or a tangle like IOTA.[1]

DeFi Network

A website called defi.network, which was established by a group of DeFi-oriented startups, created what it calls an "Open Community of Decentralized Finance Platforms." The stated key principles of the group are interoperability, accessibility and inclusion, and transparency. Members of the DeFi network develop their software as open source projects to make it easier for developers working on other projects or companies to use each others software.

Among the members listed on its website are the derivatives platforms dY/DX, bZx and Market Protocol. Coinbase is also listed as a wallet provider, CDx as an insurance provider, Dharma as a crypto loans service, and Maker as a stablecoin.[2]

References