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With almost $20.46 billion locked in DeFi protocols , the popularity of DeFi applications has definitely escalated by considerable margins. Decentralized finance loanshave taken center stage among other DeFi applications with many popular platforms such as Compound, Aave, and Maker. Let us take a deep dive into DeFi lending in the following discussion.
In the basic sense, DeFi basically refers to the ecosystem of financial services built on the foundation of blockchain technology .
DeFi offers freedom from intervention of third-party intermediaries in access to financial services. Any account of DeFi loans explained properly would show you how DeFi aims at offering a transparent, permissionless , and open-source financial services ecosystem.
It is also important to note that smart contracts serve as the foundation for DeFi due to their self-executing nature
The decentralized finance lending platforms focus on offering crypto loans with a trustless approach, users could lock their crypto assets on the lending platforms without worrying about any intermediaries.
Borrowers can take DeFi loans directly from the decentralized platform through P2P lending.
In addition, the DeFi lending protocol also helps the lender in earning interest on the crypto assets they have locked in the protocol. Interestingly, DeFi lending protocols have shown formidable levels of growth in comparison to other decentralized applications.
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