what is defi?

DeFi, short for Decentralized Finance, represents a movement to recreate traditional financial systems and services using blockchain technology, removing the need for intermediaries like banks. DeFi applications encompass a wide range of financial services, including lending, borrowing, trading, and earning interest on cryptocurrencies. These services are typically built on blockchain platforms like Ethereum and operate through smart contracts, ensuring transparency, security, and accessibility for users worldwide.