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DeFi: Explaining next generation decentralized finance

The Decentralized Finance (DeFi) revolution is creating next-generation financial products. By utilizing free software and decentralized processes, DeFi integrates a toolset and products that enables everyone around the world to trustlessly and transparently use financial services. Simply put, it seeks to remove all middlemen in order to have a global financial system for the world.

DeFi FAQ:

What is the meaning of DeFi?
Decentralized Finance. Also labeled as “Open Finance”

What is DeFi’s trying to achieve?
It offers a toolset to enable any person to engage in finance anywhere on the world while maintaining full custody of the asset(s) concerned. In addition, DeFi seeks to enable trustless relationships in peer-to-peer and distributed fashions for financial products.

How did DeFi come into being?
Although many Ethereum-based projects include high-seated funding origins, lately in 2018 the actual word #DeFi appeared.

Why the majority of DeFi products are based on Ethereum?
Thanks to advanced smart contract scripting and sophisticated token specifications, Ethereum has rapidly emerged as DeFi’s defacto platform. In addition, Ethereum has the highest number of active developers with a solid base to build on top of wallets, exchanges and communities.

How do I track DeFi’s expansion?
Most community members use sites such as DeFi Pulse, MakerScan and Loan Scan as common reference points.

What’s TVL about?
Total Locked Value (TVL) is used as a reference point by many DeFi tracking sites. Simply put, TVL is the number of resources staked in an unique protocol at the moment. This value is not intended to reflect the amount of outstanding loans, but instead the total sum of underlying supply secured through a specific application.

What should I do to begin?
Web 3.0 wallets such as Metamask, Ledger Nano S or Coinbase Wallet are used by the vast majority of Dedecentralized projects. Just generate your own wallet and send to that wallet a small amount of supported digital assets like Ether ($ETH), US Dollar Coin ($USDC) or Dai ($DAI) to get going!
It is worth noting that you need to maintain control of your assets for using the services for the vast majority of DeFi services. This implies that it will not be enough for wallets living on secondary exchanges like Binance or Coinbase.

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