Dropee question of the day code 19 December What does “DeFi” stand for?
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Updated Dec 19, 2024
Today's Dropped Question of the Day Code 19 December 2024
We have the answer to Dropee Question of the Day Code December 19, 2024 puzzle. This answer will help you finish the puzzle you’re working on.
Here is the today's dropee question of the day code Answers for 19 December.
QUESTION: What does “DeFi” stand for?
ANSWER: Decentralized Finance
Decentralized Finance, or DeFi, refers to a financial ecosystem built on blockchain technology that operates without relying on traditional centralized institutions such as banks or brokerages. Instead, DeFi uses smart contracts—self-executing agreements written in code—to facilitate transactions and manage financial services like lending, borrowing, trading, and investing.
This decentralized approach enables greater accessibility, transparency, and control for users, as they can interact directly with the system without intermediaries. By leveraging blockchain networks, DeFi platforms ensure security, immutability, and a global reach, making financial services available to anyone with an internet connection.
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