DeFi
Also called: decentralised finance
Financial services run by smart contracts on a public blockchain, not by a company. You use them from your own wallet.
DeFi in more detail
DeFi is short for decentralised finance: financial services run by smart contracts on a public blockchain, not by a company. You use them from your own wallet.
A bank or an exchange is a company that holds your money and keeps the records. In DeFi, a smart contract does the job. Lesson 7 described a smart contract as a program stored on a blockchain that runs exactly as written.
Most DeFi runs on Ethereum and networks built on it.
All 128 terms · Checked against the lesson's sources on 10 October 2026.
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