Cryptocurrency is a decentralized currency that is not backed by any government or central bank. It has become increasingly popular in recent years in countries with hyper-inflation or where the population disagrees with government policies.

The rise of cryptocurrency has also led to the emergence of a new type of blockchain-based technology known as Defi, or Decentralized Finance. Defi is a set of protocols and applications that allow users to access financial services without needing to rely on a middleman or third-party financial institution. This means that Defi is an open financial system that enables anyone to access financial services without the need for a traditional financial institution. An institution which in many cases extracts considerable charges and costs out of each transaction. This is made possible through the use of blockchain technology, which allows users to securely and transparently send and receive digital assets without the need for a central authority or third-party financial institution. Therefore, Defi has the potential to revolutionize the way people access and use financial services. It has the potential to provide access to financial services to individuals and businesses that may not have access to traditional financial services due to geography, cost, or other factors. Many believe Defi also has the potential to create a more inclusive financial system that is not only more cost effective, but also more efficient and transparent. Defi protocols are currently most frequently built on the Ethereum blockchain. Ethereum is a decentralized platform that runs smart contracts, which are self-executing computer programs that allow users to interact with the blockchain without needing to trust a third-party intermediary. The types of applications currently made possible by DeFi include decentralized exchanges, peer-to-peer lending platforms, stablecoins, and insurance protocols.