DeFi, short for Decentralized Finance, refers to a revolutionary blockchain-based ecosystem that aims to recreate traditional financial services without intermediaries like banks. DeFi development involves creating smart contracts and decentralized applications (DApps) on blockchain platforms like Ethereum. These DApps enable users to borrow, lend, trade, and earn interest on digital assets, all governed by transparent and automated protocols.
DeFi works by leveraging blockchain's trustless nature, enabling peer-to-peer transactions and eliminating the need for centralized authorities. Users interact with DeFi protocols using cryptocurrency wallets, maintaining control over their funds.
In the realm of blockchain and DeFi development, Bitdeal, a leading defi development company, is known for its expertise in creating cutting-edge decentralized applications and smart contracts that drive innovation in the DeFi space.