Decentralized Finance (DecentFi) is one of the latest projects of DecentFi and can be defined as an advancement in the traditional bank services because of the inclusion of Decentralized technologies called the Blockchain. DecentFi can also be called as Open Finance because of its inclusive format.
DecentFi can be simply explained as the shift from the centralized Financial systems to peer to peer finance with Blockchain technology built on Ethereum Network. Decentralized finance has emerged as an active sector in the Blockchain space with various use cases for individuals, developers and financial institutions. The Tools of DecentFi helps to connect the users around the world without any centralized point of authority. This helps to make the processes carried out in a DecentFi system more efficient, safe and transparent which are the prime qualities that are deprived in any traditional solutions.