GETTING STARTED WITH DeFi
Decentralised Finance, often abbreviated as DeFi, represents a revolutionary shift in the world of finance. DeFi is a collective term for a set of financial services and applications built on blockchain technology, aiming to eliminate intermediaries like banks and provide open, permissionless access to financial tools. In essence, DeFi empowers individuals to control their finances, offering a decentralized alternative to traditional financial systems.
KEY MILESTONE
Bitcoin's Emergence (2009): Bitcoin, the first cryptocurrency, laid the foundation for DeFi by introducing a trustless, peer-to-peer system of transferring value.
Ethereum's Launch (2015): Ethereum brought smart contracts, enabling developers to create decentralized applications (DApps) and set the stage for DeFi projects.
The Rise of ICOs (2017): Initial Coin Offerings raised capital for DeFi projects, sparking innovation but also regulatory concerns.
Decentralized Exchanges (DEXs) (2017 onwards): Platforms like Uniswap and SushiSwap provided decentralized trading and liquidity provision services.
Lending and Borrowing Platforms (2018 onwards): DeFi lending protocols like MakerDAO and Aave allowed users to earn interest on deposits and borrow against their assets.
Yield Farming Craze (2020): Yield farming projects like Compound and Yearn.Finance incentivized liquidity provision, attracting a surge of users.
The DeFi Boom (2020-2021): Total Value Locked (TVL) in DeFi skyrocketed, crossing billions of dollars, showcasing DeFi's growing influence.
~Altaaf
