Definition ∞ DeFi applications are decentralized financial services built on blockchain technology that operate without traditional intermediaries like banks. These applications offer services such as lending, borrowing, and trading using smart contracts. They aim to provide open and permissionless financial systems.
Context ∞ DeFi applications frequently dominate crypto news due to their rapid innovation and potential to restructure financial services. Reports often highlight their rapid growth in total value locked and the development of new financial instruments. However, security concerns, regulatory uncertainty, and scalability limitations remain significant discussion points.
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