By using DeFi lending protocols, you can put your crypto holdings to obtain a loan. Normally, when you buy crypto tokens and plan to hold them for some time, there is no utility of these coins in the interim. This is a segment of DeFi which is rapidly growing. DeFi is a peer-to-peer financial service that works purely on a Blockchain platform with little or no intermediaries,” says Gaurav Dahake, CEO and co-founder, Bitbns. The existing financial ecosystem falls into the centralized finance category, including centralized banks such as the RBI (Reserve Bank of India) which decide the inputs around the repo rate. “Decentralized Finance or DeFi means removing any intermediary that acts or grants permission for doing any financial activities. Such applications involve no regulatory body or central bank or any one person for that matter and are completely decentralized and void of any control by a single entity. DeFi is a broad term that includes a lot of different functionalities and applications.
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