Decentralized finance

🧬 AI profile — grown from 6ic coverage Decentralized finance, or DeFi, refers to a category of financial services and systems built on blockchain technology, allowing for peer-to-peer transactions and lending without the need for intermediaries. DeFi's role in recent developments revolves around creating scalable, accessible, and transparent financial systems, but it faces challenges in achieving widespread adoption and usability. This conundrum hinders DeFi's ability to compete with traditional financial systems.