DeFi is also known as an open financial platform and covers end-to-end financial services including lending, borrowing and trading. It is a decentralised application based on Ethereum, and the term decentralised finance generally refers to the use of decentralised applications built using blockchain.
DeFI, which is built on cryptocurrency platforms such as Ethereum and Cosmos, cuts out human middleman paperwork and replaces it with smart contracts. This open finance project is in line with the objective of creating a single ecosystem in which all elements can easily interact.