What are the key differences between decentralized and centralized finance?
An example of an AI chatbot conversation about decentralized vs centralized finance.
What are the key differences between decentralized and centralized finance?
Centralized finance (CeFi) relies on intermediaries like banks, while decentralized finance (DeFi) operates on blockchain without intermediaries.
What are the advantages of using decentralized finance?
DeFi offers greater transparency, lower fees, and increased accessibility, allowing anyone with internet access to participate.
Are there any risks associated with decentralized finance?
Yes, risks include smart contract vulnerabilities, lack of regulation, and potential for market volatility.
How does liquidity work in decentralized finance?
Liquidity in DeFi is provided by users who supply assets to liquidity pools, earning fees in return for their contributions.
Can you give examples of popular DeFi platforms?
Sure! Popular DeFi platforms include Uniswap, Aave, and Compound, each offering unique services like trading and lending.
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