Definition ∞ A DeFi platform is a decentralized application or protocol built on blockchain technology that offers financial services without intermediaries. These platforms enable activities such as lending, borrowing, and trading using smart contracts. They provide open, permissionless access to financial instruments. Users maintain control over their assets through cryptographic keys.
Context ∞ The rapid expansion of DeFi platforms presents both opportunities for financial innovation and challenges related to security and regulation. Discussions frequently address the risks associated with smart contract vulnerabilities and the potential for market manipulation. Regulatory bodies are currently working to establish appropriate frameworks for these novel financial systems. Future growth depends on improved user security and clearer operational guidelines.
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