If you are like many thousands of people from around the world, you are probably intrigued by the many decentralized finance projects that are coming to light in recent weeks. DeFi is one of the most captivating concepts to take the financial world by storm in recent memory. Although, we shouldn’t be completely surprised by this. Cryptocurrency in general is meant to give more power to the people. However, it’s what DeFi is doing with that concept and the lengths they are going to in order to prove it that is what is so amazing.
If you want to learn more about the problem that traditional finance has caused and what DeFi is doing to help solve it, then you are in the right place. We are going to go through the chain of events that has led to decentralized finance and how the world of finance is changing.
The first thing that you should know about DeFi vs traditional finance is why DeFi is needed in the first place. Decentralized finance was brought about because traditional finance has repeatedly found themselves in the driver's seat when it comes to consumer finances. This arrangement gives the user very little control over their finances. Years of mistrust and abuse have led to people seeking a different way to do their finances.
DeFi came along to solve many of these problems. Instead of imposing more and more restrictions upon users on what they could do with their own money, DeFi has decided to provide people with the control they need over their finances. This has attracted millions of people to DeFi projects and has led to their popularity today.