DeFi Intermediate
DeFi, or decentralised finance, means financial services such as lending, trading and earning yield, run on public blockchains without a bank or broker in the middle.
In place of an institution, DeFi relies on smart contracts anyone can use. That can bring openness and transparency, but it also carries smart-contract bugs, volatility and very little consumer protection.
This definition is educational and not financial advice. Crypto is volatile and high-risk — always do your own research.