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The Benefits of DeFi
The primary benefit of DeFi is that it resolves the following five key problems. These include centralization of control, restricted access, inefficiency, lack of interoperability, and opacity. To solve these issues, DeFi aspires to be the next generation of finance by integrating open-source financial components into complex solutions with the least amount of friction and the greatest amount of value for customers. The primary term that best describes DeFi's identity is 'decentralized.' Decentralization is a central tenet of blockchain technology, as it eliminates the need for government or other institutions . Apart from utilizing encryption and consensus methods effectively, blockchain technology has also achieved immutability. As a result, the full benefits of immutability in finance become a reality.
''Total value locked in defi on November 3, 2021. Metrics via defillama.com.''
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