The Alchemist
DeFi
What is DeFi?
DeFi, short for Decentralized Finance, refers to a blockchain-based financial ecosystem that aims to recreate and innovate upon traditional financial services like lending, borrowing, and trading using decentralized, trustless, and often open-source protocols.
Is deFi safe?
DeFi platforms can offer innovative financial services but also come with risks such as smart contract vulnerabilities, liquidity issues, and potential for hacks, so users must exercise caution, do thorough research, and follow best security practices to mitigate these risks when engaging in DeFi activities.