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If you want to know what DeFi is, we could define it as a set of financial services that use smart contracts to carry out transactions. These are executed in an automated way, without intermediaries such as banks or lawyers and they do so thanks to blockchain technology.

5 definitions about DeFi

Since it is a new concept and, many times, difficult to understand, let’s turn to what other authors say:
 
Cointelegraph: “The term DeFi or Decentralized Finance is the evolution of the well-known FinTech that were born in the 20th century. Its objective is to offer a whole series of services built on a decentralized infrastructure that allows user interaction with the platform directly, leaving intermediaries behind.”
 
Bitcoin Mexico: “DeFi is an open financial ecosystem of decentralized finance that includes digital assets, protocols, smart contracts and dApps built on blockchain.”
 
Crypto Plaza: “DeFi is a concept that it created in 2019, to name those open source financial initiatives or projects, with non-permissive architectures, which is governed and executed in a totally decentralized and public way.”
 
Criptonovato: “DeFi refers to financial services provided by DAO (Decentralized Autonomous Organizations) avoiding intermediaries through smart contracts”
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