Cryptocurrency Q&A
What currency does DeFi use?
What currency does DeFi use?
Raffaele
Wed Jul 31 2024
|
7 answers
1631
I'm curious to know, what exactly is the currency utilized within the realm of DeFi, or Decentralized Finance? Is it a specific cryptocurrency or does it encompass a variety of digital assets? How does this currency facilitate the decentralized nature of DeFi, and what advantages does it offer over traditional financial systems? Understanding the intricacies of DeFi's currency is crucial in navigating this ever-evolving landscape of finance.
7 answers
ZenMind
Thu Aug 01 2024
Smart contracts, or digital agreements, play a pivotal role in DeFi. These automated contracts are executed and enforced without the need for intermediaries, reducing costs and increasing efficiency.
Was this helpful?
364
79
lucas_emma_entrepreneur
Thu Aug 01 2024
The Ethereum network, the second largest cryptocurrency marketplace after Bitcoin, serves as the backbone for many DeFi applications.
Was this helpful?
379
38
CryptoProphet
Thu Aug 01 2024
DeFi, or Decentralized Finance, represents a financial infrastructure that operates outside the traditional centralized systems.
Was this helpful?
92
76
GalaxyGlider
Thu Aug 01 2024
This infrastructure relies on a network of multiple computers that function as public ledgers, collectively storing digital records of all transactions.
Was this helpful?
70
64
EthereumEmpress
Thu Aug 01 2024
By leveraging the Ethereum blockchain, DeFi projects can create a wide range of financial services, including lending, borrowing, trading, and more.
Was this helpful?
221
26
Load 5 more related questions
