What is DeFi, and how is it transforming the financial?

DeFi, or decentralized finance, refers to financial software that operates on blockchain technology, enabling individuals to engage in a wide array of financial activities without relying on traditional financial institutions like banks or governments. By utilizing smart contracts and decentralized applications (DApps), users can manage digital assets, access financial services, and conduct transactions independently, primarily on the Ethereum network. DeFi represents a significant shift in the financial sector, providing a decentralized alternative that helps mitigate issues such as corruption, congestion, and high fees associated with traditional banking paybis.com/blog/glossary/what-is-defi/. As the DeFi market continues to grow, it could potentially reach close to one billion dollars in value within the next five years, driven by increasing adoption and the desire for more secure and efficient financial solutions. For more insights into the evolving financial landscape, visit Paybis.