DeFi: financial system revolution

Even though DeFi has existed since 2017, the system has only recently begun to develop - in the summer of 2020. And right now, it continues to develop! In a month, from the end of August to the end of September, DeFi-market capitalisation increased by 50% to reach $10.7 billion. The trading volume of decentralised exchanges increased by almost 30% in the past month, and by 5200% in a year.

Decentralised finance (DeFi) is a system based on blockchain technology in which all financial transactions can be carried out. The system is as transparent and universal as possible and will be used everywhere in the future.

Reasons for the sharp rise in DeFi's success:

Transfer of major players of the financial system to DeFi. For example, recently, the CEO of Binance, a major crypto exchange, announced the creation of a $100 million fund that will support DeFi projects and strengthen the exchange's interaction with the DeFi system. Also, 75 of the world's largest banks are already testing blockchain technology to accelerate payments.

Fast transaction execution without data requests. According to INSOL, there is a legal requirement that the borrower must provide his data to the lender to assess the ability of the borrower to repay the debt. DeFi does not have such requirements: everything comes down to a clear agreement and maintaining confidentiality through smart contracts.

System security and availability. DeFi allows financial transactions without intermediaries: exchanges, banks, and other financial bodies. It is not possible to change or delete the agreements. If you have transferred money to a friend, no one will be able to steal it for him. Besides, you do not need to have special knowledge to conduct financial transactions in the DeFi system!

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