Understanding DeFi

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