3. Decentralized Autonomous Organizations(DAOs)
In DeFi, DAOs are the centralized financial institutions' counterparts, making them one of the pillars of decentralized finance use cases. Centralized financial entities play a significant role in the traditional system.
These organizations function as administrative bodies that oversee basic financial operations like fundraising, asset management, and governance implementation.
On the other hand, DAOs are decentralized by nature and do not follow the boundaries set by central governments or agencies.
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