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A good read on DeFi in the WSJ. Important, as assets deposited as collateral on DeFi platforms, have grown to more than $100 billion, of which about $64 billion is on Ethereum, according to DeFi Pulse. A year ago, there were only about $1 billion of DeFi assets on Ethereum.
Like traditional banks, DeFi applications allow users to borrow, lend, earn interest, and trade assets and derivatives, among other things. The collection of services is often used by people seeking to borrow against their crypto holdings to place even larger bets. There are two key differences from mainstream banks: All services are for digital currencies instead of government-issued ones such as the dollar and the euro, and there is no intermediary or centralized system through which transactions are processed.
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