Sep 15, 2022 09:33 AM 0 Answers
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These optimists contend that because DeFi replaces human intermediaries and trust mechanisms with public blockchains and open-source software, it’s cheaper (fewer fees), more efficient (faster transaction times) and more transparent (less opportunity for corruption) than the traditional financial system.

They say it democratizes investing, placing tools in people’s hands that only professional investors had access to before. And because you can participate in crypto anonymously and without a bank’s approval, they say, DeFi is a way to provide financial services to people who aren’t well-served by the conventional banking sector, and avoid many of the discriminatory practices that have kept minorities from accessing financial services in the past.

Ultimately, the optimists say, DeFi will become safer and more robust over time, as more people use it and some of the early problems are ironed out. And just as they believe that web3 will replace greedy tech platforms with user-owned collectives, they believe that DeFi will replace today’s banks and brokerages with a better, fairer system.

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