The total amount of assets locked in various Decentralized Finance solutions (DeFi) has sky-rocketed to a whopping $22.46 billion according to data provided by DeFi pulse that watches the industry closely.
The traditional financial system has too many intermediaries, lack of liquidity, absence of transparency, and is influenced heavily by several external factors. A DeFi development solution is antifragile, distributes more power to users, and transferring funds is quicker and cheaper.
What Is DeFi Development?
DeFi development involves the creation of financial applications on existing blockchain networks. It maintains a high level of transparency and ensures fast processing of transactions without the presence of any intermediaries in the system. It offers various services like loans, yield farming, crypto staking, asset management, insurance, margin trading, and decentralized exchange of assets. The lack of adequate access and the absence of blockchain awareness are roadblocks to the growth of decentralized finance platforms.