Thread by @iamchrisani

UNDERSTANDING DEFI

Evolution has always been one of the ways of surviving. Technology has driven the rate of evolution rapidly such that if you do not adapt to the new change, you may either cease to exist or lag behind.

One of the areas that is fast evolving is the financial market. With the onset of Blockchain and decentralisation, the Cryptocurrency market is fast becoming the new money market.

Because of this change, Centralised Financial Services like Traditional Banks can no longer

keep up with the demands of this market. This led to the creation of Decentralised Financial Services a.k.a. DeFi

What is DeFi?

DeFi is short for “decentralized finance”. It is an umbrella term for Blockchain applications that aim to remove middlemen

from all financial transactions - Banks, Brokerages or Exchanges.

Take a short example of when you want to send a money to someone, here's the basic path the money follows:

YOU >>> YOUR BANK >>> 3RD PARTY INTERMEDIARY >>> RECEIVER'S BANK >>> RECEIVER

With DeFi, the pathway is more like this:

YOU >>> RECEIVER

This makes your transactions much faster with less paperwork and less transaction fees

Over the next couple of days on this platform and via Cryptohub , I'll be giving you an exposure to DeFi

If you'll love to follow on this series and learn more about DeFi, drop a comment below and share with the hashtag #DeFiwithChrisAni

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Understanding Cefi and Defi

https://twitter.com/iamchrisani/status/1482293500788019202?t=GstheveDDNZFyx4PH_Pu5w&s=19