Understanding Ethereum and its role in DeFi 
1/ Ethereum is a global, open-source platform for decentralized applications. It allows for the creation of smart contracts that control digital value through a set of predefined criteria.
2/ These smart contracts are the building blocks of decentralized applications (Dapps) that provide financial services, known as DeFi.
3/ The native currency of Ethereum is Ether (ETH) which can be used for everyday transactions and to pay for the execution of smart contracts on the network.
4/ In the DeFi ecosystem, Ether is the preferred asset choice used as the collateral underlying many DeFi Dapps. It provides safety and transparency to this financial system.
5/ With its ability to execute smart contracts and its native currency Ether, Ethereum is quickly becoming the backbone of the decentralized finance movement.
6/ It's important to note that smart contracts work on the “if this, then that” principle, whenever a specific condition is fulfilled, the smart contract will carry out the operation as programmed.
7/ This is creating a trustless transaction and bypassing the need for a third-party intermediary.
8/ didn't understand a think?
watch this video for better understanding.
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for more insights on Ethereum and its role in the world of decentralized finance #Ethereum #DeFi #smartcontracts #cryptocurrency
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for more insights on Ethereum and its role in the world of decentralized finance #Ethereum #DeFi #smartcontracts #cryptocurrency
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