1/ ππ Buckle up, friends! We're about to take a ride to the moon
ππ Let's talk about one of the hottest things in web3: Decentralized Finance (#DeFi).
(Thread 𧡠Alert π¨)
ππ Let's talk about one of the hottest things in web3: Decentralized Finance (#DeFi).
(Thread 𧡠Alert π¨)
2/ π€ First off, what is DeFi?
DeFi refers to a new financial system built on blockchain technology that operates without traditional intermediaries like banks, brokerages, or exchanges.
In simpler terms, it's finance without the fat cats! π
DeFi refers to a new financial system built on blockchain technology that operates without traditional intermediaries like banks, brokerages, or exchanges.
In simpler terms, it's finance without the fat cats! π
3/ π°πΈ DeFi applications allow users to lend, borrow, trade, and store their assets without relying on centralized institutions.
And the best part?
It's all done through smart contracts, meaning that all transactions are transparent, automated, and secure.
And the best part?
It's all done through smart contracts, meaning that all transactions are transparent, automated, and secure.
4/ π DeFi has been gaining massive popularity in the crypto space for good reason.
The potential to earn high returns on investments, access to financial services for those without bank accounts, and overall financial freedom are just a few of the reasons why.
The potential to earn high returns on investments, access to financial services for those without bank accounts, and overall financial freedom are just a few of the reasons why.
5/ π The total value locked (TVL) in DeFi protocols grew from $1 billion in 2020 & reached ATH of over ~$249 billion in Nov 2021.
But thanks to the wolfs, pigs & bears, the TVL went crashing down.
But thanks to the wolfs, pigs & bears, the TVL went crashing down.
6/ πHowever, we recently saw the TVL bounce back, crossing $50 billion for the first time since FTX Collapse.
This meteoric rise in adoption is a testament to the power of DeFi and its potential to revolutionize the financial industry.
This meteoric rise in adoption is a testament to the power of DeFi and its potential to revolutionize the financial industry.
7/ π The rise of DeFi represents a major shift in how we think about finance and the role of intermediaries.
It's exciting to see how this technology is changing the game and giving power back to the people.
It's exciting to see how this technology is changing the game and giving power back to the people.
8/ So, get ready to jump on board, because DeFi is here to stay! π₯
#DeFi #DecentralizedFinance #cryptocurrency #Finance #web3
#DeFi #DecentralizedFinance #cryptocurrency #Finance #web3
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