DeFi explained: What is decentralised finance and could it be a death sentence for banks?

DeFi, short for decentralized finance, is another buzzword that has entered our lexicon, joining the likes of Bitcoin, cryptocurrency, NFTs, blockchain and the metaverse. So, what is it? Today, most of the financial transactions in the economy are digital. We’re still using banknotes and coins on occasions but it’s marginal. It’s a logical step that this mainly digital finance evolves in a decentralized way, says Marc Zeller, Head of Developer Relations at Aave. Backers of DeFi will tell you that this new system will remove the need for banks and traditional financial third parties to process all kinds of transactions.

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OODA Analyst

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