, 2022-12-04 09:08:20,
The system that controls the financial times in our society is always being updated and improved; one such upgrade with revolutionary features is Decentralized Finance or DeFi.
DeFi is a 21st-century financial technology that transforms the current centralized banking system; this implies that financial services are no longer subject to third-party authorization, interference, or manipulation. Banks handle peoples’ money in the centralized banking system, but with DeFi, every financial asset is held on a Blockchain-based digital ledger and accessible through a wallet.
It operates via peer-to-peer technology made possible by a blockchain network and a digital asset.
DeFi is a reward-based experience, unlike the banking system, where people can earn interest just for holding a specific asset, lending or borrowing assets, etc. DeFi means accessibility to everyone online, eliminates taxes and fees as charged by the banking system, and it also means that everyone who is on the internet can use it.
DeFi is a more transparent and secure financial system; as a result, it has quickly gained significant interest and acceptance. No one’s identity or data is compromised, and the system is controlled by immutable smart contract protocols.
One such DeFi platform, in addition to XRP and XTZ, is Oryen Network.
A new player in the market, Oryen Network, is poised to raise the bar for DeFi thanks to its patented auto-staking technology.
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