The Steemit Crypto Academy Week 7: Introduction to Defi and Yield Farming


Hello friends I am so excited to be here today to discuss with you people my homework task7 base on the topic Introduction to Defi and Yield Farming. The task is mentioned below.

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Task7
Write on a Decentralized Finance Ecosystem as well as project/protocol in the Ecosystem.

Decentralized finance commonly referred to as (Defi) Defi Refers to the use of decentralized network such as open source applications and protocols built on smart contracts of block chains to create a decentralized financial service or product which is often transparent and built on a permissionless block chain.

In addition to simplify and elaborate Defi. It is a form of finance that does not require centralized finance to make Transaction that is the traditional form of transaction or payment. Defi It uses smart contracts of block chain. Here bank is not require you do not need to go to the bank spend some time to fill form in the name of protocol to make withdrawal or payment. Defi doesn't require your BVN or national ID card before I transaction can be made. Defi doesn't require you to see an accountant or bank manager before transaction can be made that is no middle man involved as we all know that bank require physical transaction but Defi do not so no middle man involved.

All you need to do a block chain financial product to attend to your financial activities. and the most common which is Ethereum.

Also Decentralized finance (Defi ) is still new in existence compared to the centralized finance which uses the traditional form of transaction but here are the

amazing advantages of Defi which you most know
• Decentralized mode of Governance which means no government regulations involved to still in existence it function without government rules and regulations as our bank do.
• No kyc required also no BVN or even National ID card require it doesn't require you to fill form before transaction can be made as our bank do.
• Trustless which means it is very transparent in terms of transaction no risk or fear involved since no middle man involved so it's safer than banks that have existed for long yet lack full trust.
• No middle man involved before transaction can be made so it make it easier and simple.

The history of Defi can be dated back in 1995 by Nick Szabo. As we all know that Bitcoin does not require middle man so it is similar to Defi infact it is regarded as Defi coin because no middle man involved before transaction can be made.

Decentralized Ecosystem comprises of different projects from different sectors that enable people to get access in to the decentralized financial services it makes it easy for transaction to be made without the involvement of middle man. There are various platform in the Defi ecosystem but i will mention few Decentralized Exchange and market place: Dec poloni Dex Binance uniswap curve etc

Project/protocol in the Ecosystem Yield farming or yield Agriculture is one of the new thing done by Defi which purpose is to lock up a token as to provide liquidity in the liquidity pool. This project uses different platform in the Ecosystem such as Uniswap curve etc.

Conclusion thank you all for reading my homework task7 post i appreciate.


Comments 1


Hello professor please sir you have not up voted my post

29.03.2021 21:15
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