DeFi represents all financial instruments built on the blockchain, more often Ethereum. They are based on open source protocols or modular structures.
Decentralization is not always appropriate, and many DeFi applications take this into account. They offer hybrid digital assets / traditional financial services, such as BlockFi. An alternative term is “open finance”, in which an ecosystem of integrated digital assets, blockchains and open protocols merges with traditional financial structures.
The idea is that DeFi will replace the traditional technologies of the current financial system with open source protocols that meet the same needs. This is a promising idea, its potential is estimated at billions of dollars.
DeFi proponents compare this phenomenon to how the Internet has replaced traditional media channels.
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