Cette page est uniquement destinée à des fins d'information. Certains services et fonctionnalités peuvent ne pas être disponibles dans votre juridiction.

What is DeFi?

OKX Learn
OKX Learn
Date de publication : 06 déc. 2022
Date de mise à jour : 18 juil. 2024
Lecture de 2 min.

A collection of decentralized blockchain-based protocols offering similar services to the traditional financial industry

Short for decentralized finance, DeFi is an emerging industry enabled by blockchain and smart contract technology. Those building the sector’s applications attempt to recreate services found in the traditional financial industry in a more trustless and permissionless fashion, without reliance on trusted intermediaries. 

Since decentralized applications primarily consist of combinations of smart contracts, most of the applications that we consider to be DeFi are built on Ethereum and other blockchain networks that support sufficiently sophisticated programming languages. Ethereum remains the largest DeFi ecosystem by far, but examples of other prominent platforms supporting decentralized finance include Solana, Avalanche, Polkadot and Cosmos. 

The DeFi sector’s roots can be traced back to 2017. That year, many projects launched initial coin offerings to raise development funds. Although many ICOs failed and some were outright scams, a handful went on to become the dominant DeFi applications of today.   

During 2020, interest in DeFi started to ramp up considerably. Uniswap’s development of peer-to-contract trading and Synthetix incentivizing liquidity providers with rewards catalyzed the niche, inspiring others to borrow these concepts. As a result, during mid-2020 — a period affectionately referred to as DeFi summer — the total value of all cryptocurrencies committed to the sector’s smart contracts surpassed $1 billion for the first time. By mid-September, the figure exceeded $10 billion, and it rose to almost $90 billion by the following May. 
Today, the DeFi sector includes lending platforms, such as Aave and Compound; decentralized exchanges, such as SushiSwap and Uniswap; derivatives exchanges, such as Synthetix and dYdX; and stablecoins, such as MakerDAO’s DAI. Built using coded smart contracts, these platforms are often interoperable, enabling novel functions and occasionally leading to catastrophic vulnerabilities.

Articles connexes
Afficher plus
EIP-6963 Learn thumbnail
Ethereum
Protocols
EIP-6963: Delivering better Web3 UX with multi-injected provider discovery
When we're using browser extensions to choose an Ethereum provider, how can we make the process is stable and user-controlled, given the unpredictable loading order of EIP-1193 standards? Enter EIP-6963.
28 oct. 2024
DApps generic thumb
DApps
What is a decentralized app: how DApps differ from traditional apps
Picture an app that isn't controlled by a single company and allows you to take back control of your data and privacy. This is what decentralized apps (DApps) are all about. Whether for decentralized finance (DeFi), gaming, or social, there’s a DApp for everyone. As such, the technology underpins many of today's most positively disruptive projects.
28 oct. 2024
Débutant
Best of Web3 thumb
DeFi
Altcoin
What is Berachain: a Layer-1 blockchain with Proof of Liquidity consensus
Sometimes, crypto projects with a meme-like concept can evolve to take on a new life with greater utility. One example is Berachain, which began life as the Bong Bears NFT project. At the 2024 edition of Token2049 in Singapore, Berachain’s anonymous co-founder, Smokey the Bera, explained that the team had noticed problems with how a number of blockchain networks worked today. Specifically, they realized that in many cases, liquidity and security weren’t aligned at the chain level. That led to Bong Bears taking on a new life as a Layer-1 blockchain that integrates with the Ethereum virtual machine (EVM).
28 oct. 2024
Débutant
Security privacy thumbnail
Mining
Security
What is a nonce in crypto?
Put simply, a nonce in crypto is a number that’s used once in a very specific way within the blockchain. Think of it as a unique one-time code that plays a key role in adding new data to the blockchain.In most blockchain networks, including Bitcoin, the nonce helps solve the complex puzzle that allows new blocks to be created. But here’s the thing — you don’t need to be a math whiz or a tech expert to grasp the basics. The nonce is part of how blockchain stays secure, making sure that all the transactions are valid and the network operates smoothly.
28 oct. 2024
Intermédiaire
DApps generic thumb
DApps
What is Fantom (FTM): uncovering the Sonic migration catalyst
As one of the original Layer-1 blockchains in the crypto space, Fantom has been through numerous highs and lows since its introduction in 2018. Despite nagging adoption concerns, co-founder Andre Cronje and the non-profit Fantom Foundation have seemingly managed to raise Fantom from the ashes thanks to the hype surrounding Sonic. With its Sonic rebranding, Fantom has managed to position itself as a major contender in the blockchain world thanks to its improved scalability.
28 oct. 2024
Intermédiaire
Layer-2 generic thumb
Layer2
DeFi
What is Unichain: Uniswap's Layer-2 solution for Ethereum scalability
The Uniswap decentralized exchange provided a simple and accessible route to token trading for users when it arrived in 2018. Now, Uniswap has launched Unichain, a platform that aims to address some of the growing pains of decentralized finance (DeFi) on Ethereum. The project's technology is considered by many to be an upgrade, and one that allows for smoother and more efficient transactions.
25 oct. 2024
Intermédiaire
Afficher plus
Inscrivez-vous vers OKX