Now decentralized finance or DeFi is a fast growing area within the blockchain and cryptocurrency which uses blockchain technology to develop decentralized open and transparent financial services like lending, borrowing, trading and insurance. Decentralized exchanges empower users to trade digital assets directly with one another without relying on essential authority to facilitate the transactions. Lending and borrowing platforms in DeFi create an open marketplace for people to lend their digital assets to others or borrow assets from them. Since DeFi platforms eliminate intermediaries like banks and payment processors, transactions can be executed with reduced fees and in a shorter time frame.

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