Decentralized Finance, or DeFi, is a modern form of contract resolution that uses public decentralized ledgers, called blockchains, instead of a centralized clearing house or intermediary. Transactions are directly made peer-to-peer between the parties to the contract rather than through a single point, such as a traditional securities exchange. DeFi Day will recognize and celebrate these innovative financial products.
December Fifth marks the perfect day to recognize Decentralized Finance since the “De” and the “Fi” are the first two letters in both the date and in the concept, making 12/5 easy to remember. The holiday will be observed annually on this day.
The best way to celebrate DeFi Day is to learn more about the technology and how it is destined to change the way we interact financially. Key concepts and terms for DeFi are Etherium, Smart Contracts, Blockchains, DApps and WEB3. The links in the reference section, below, discuss these terms in more detail. Although Bitcoin is the first word that comes to mind for most people when they think of blockchain and crypto, Wikipedia credits the lesser-known MakerDAO application as being the first significant DeFi use case.
So, ’tis the season to free yourself from the chains of archaic financial systems, and, as the weather starts to turn cold, grab some hot cocoa and celebrate the wonders of Decentralized Finance on December 5th.
References
Decentralized finance | Wikipedia
en.wikipedia.org/wiki/Decentralized_finance
Decentralized Finance (DeFi) Definition | Investopedia
investopedia.com/decentralized-finance-defi-5113835
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