Decentralized Finance platforms represent the banks of the next generation. It is a viable substitute for the current highly centralized financial system that propagates inequality, discrimination, and lacks transparency. Some of the popular DeFi platforms existing in the market are Uniswap, Compound, MakerDAO, Yearn.Finance, and Augur.
The Unique Aspects Present in Decentralized Finance Platforms
It is an open system that provides permissionless access to everyone in the world without imposing any restrictions or limitations.
All the activities can be known by the participants by accessing the transparent blockchain network.
The new trends include wealth management, token development, asset tokenization, insurance, and prediction markets.
The assets are easily programmable and the system is highly resistant to transaction censorship.
DeFi platforms also offer decentralized governance, decision making, and voting rights to the users.
A lot of innovative Decentralized Finance platforms are emerging now changing the future of money forever. More adoption of blockchain technology by business firms will increase the number of use cases for DeFi in the future.